RS 3359 - Installment payments; notes evidencing deferred payments
The governing authority of the municipality, however, may provide in the ordinance accepting the work and making the assessment, that the property owners availing themselves of the privilege within thirty days after the passage of the ordinance or resolution, may pay in cash ten per cent of the amount of their indebtedness and pay the balance in nine equal annual installments, and as evidence of the deferred payments, the property owners shall sign and execute nine promissory notes, payable to the order of the municipality, each for ten per cent of the amount due by him, dated thirty days after the passage of the ordinance accepting the work, maturing respectively on or before one to nine years, both inclusive, from date, or sooner, at the option of the owner, bearing a maximum rate of six per cent per annum interest from date, interest payable annually, and ten per cent attorney's fees if placed in the hands of an attorney for collection after maturity, which notes when paraphed by the municipal clerk or secretary to identify them with the ordinance levying the assessment, shall carry with them in the possession of any bona fide owner the lien and privilege above provided.
Amended by Acts 1954, No. 603, §1.