§ 280-v. Alternative method of assessment. Notwithstanding the provisions of the preceding section, if the notice of public hearing to be held by the governing body pursuant to section two hundred eighty-e shall contain a statement that the cost of the improvement will be assessed in proportion as nearly as may be to the benefit which each lot or parcel of land will derive therefrom, such cost shall be assessed, levied and collected as hereinafter provided. The governing body may and is hereby authorized, to issue, pursuant to the local finance law, the obligations of the county in such an amount as said governing body may estimate to be sufficient to pay the entire cost of the improvement, but not in excess of the maximum amount proposed to be expended for the improvement as stated in the notice of hearing published pursuant to section two hundred eighty-e. Notwithstanding any other inconsistent provision of law to the contrary and in the event such obligations are issued, no down-payment shall be required, and the period of probable usefulness shall be ascertained and governed by the type of work or improvement as follows:

1. Construction work of steel, stone or concrete, thirty years;

2. Construction work of wood, or part wood, twenty years; and

3. Dredging work, fill work, dune restoration or other work or improvements, to which items one and two above do not apply, five years. The period of probable usefulness for such dredging, fill, dune restoration or other work or improvements shall apply even though easements on land on which such work is done have a duration of less than five years.

In preparing the annual estimate of revenues and expenditures pursuant to section three hundred fifty-three of this chapter, the administrative head or body shall include, in addition to all costs of operation and maintenance for the next succeeding fiscal year, sums sufficient to pay the annual installment of principal of, and interest on, obligations issued as aforesaid. The administrative head or body shall thereupon annually assess the amount of the estimate of expenditures, less the estimate of revenues including financial aid and assistance made available by the state or federal government as set forth in the estimate so prepared, on the lots and parcels of land in the district in proportion as nearly as may be to the benefit which each lot or parcel will derive therefrom and shall prepare an assessment roll which shall describe each such lot or parcel of land in such manner that the same may be ascertained and identified and shall show the name or names of the reputed owner or owners thereof, and the aggregate amount of the assessment levied upon such lot or parcel of land. Provided, however, that for a hurricane protection project such assessment shall be at a rate not to exceed twenty per centum of the net annual cost to the county for such improvement when such lot or parcel is publicly used or owned and not to exceed seventy per centum of such cost when the lot or parcel is privately owned. Provided further, that for single purpose flood or shoreline erosion control projects, such assessment shall be at a rate up to one hundred per centum of the net annual cost to the county whether such lot or parcel is publicly or privately owned. The assessment roll shall be submitted to the budget officer at the same time as the estimate is submitted, for transmittal with the tentative budget to the clerk of the governing body. The assessment roll shall remain on file in the office of the clerk and be open to public inspection during business hours. The governing body shall hold a public hearing on the assessment roll. Notice of such public hearing shall be published at least once in the official newspapers stating that said assessment roll has been completed and that at a time and place to be specified therein the governing body will meet and hear and consider any objections which may be made to the roll. The first publication of the notice of the completion of the roll shall be not less than five days before the date specified for the hearing. At the time and place specified, the governing body shall meet and hear and consider any objections to the assessment roll, and may change or amend the same as it deems necessary or just so to do and may affirm and adopt the same as originally proposed or as amended or changed, or it may annul the same and order the administrative head or body to proceed anew and to prepare another roll or the governing body may prepare such new roll. No such amended, changed or new roll shall be adopted unless the governing body shall hold a hearing thereon in the manner and upon the notice prescribed for the original hearing. It shall be the duty of the governing body to levy the sum apportioned to and assessed upon each such lot or parcel of land at the time and in the manner provided by law for the levy of state, county or town taxes. Such sums so levied shall be collected by the local tax collectors or receivers of taxes and assessments and shall be paid over to the county treasurer in the same manner and at the same time as taxes levied for general county purposes. The county treasurer shall keep a separate account of such moneys and they shall be used only for purposes of the county district for which collected. Nothing herein shall prevent the public hearing on the assessment roll from being held simultaneously with the hearing on the county budget held pursuant to section three hundred fifty-nine of this chapter. If the cost of establishment of the county district and the providing of an improvement therein has been assessed, levied and collected pursuant to the provisions of this section, then the cost of any improvement made pursuant to section two hundred eighty-s shall be assessed, levied and collected pursuant to the provisions of this section. If the cost of establishment of the county district and the providing of an improvement therein has been assessed, levied and collected pursuant to the provisions of section two hundred eighty-u, then the cost of any improvement made pursuant to section two hundred eighty-s shall be assessed, levied and collected pursuant to the provisions of section two hundred eighty-u.