RS 3426 - Installment payments; notes evidencing deferred payments
The governing authority of the municipality 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, may pay in cash twenty per cent of the amount of their indebtedness, and pay the balance in four equal annual installments. As evidence of the deferred payments the property owners shall execute four promissory notes payable to the order of the municipality, each for twenty per cent of the amount due by him, dated thirty days after the passage of the ordinance accepting the work, maturing respectively, one, two, three and four years from date, or sooner at the option of the owner, bearing a maximum rate of six per cent yearly interest from date 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 city clerk or secretary to identify them with the ordinance levying the assessment, shall carry with them in the possession of any owner the lien and privilege above provided.
Amended by Acts 1954, No. 656, §1.