(a) Annually, on or before July 1, the Treasurer shall issue and present a warrant to the legislative body of each member requiring that the amount of such assessment be paid beginning in accordance with the schedule of payments adopted by the Board.

(b) The legislative body of each member shall draw an order on the municipal treasurer for the amount of such assessment, and the municipal treasurer shall pay to the Authority Treasurer the amount of such order.

(c) If any member shall fail to pay when due any assessment against it by the Authority, it shall incur an additional charge that the Board determines will be reasonable. However, the charge shall not exceed eight percent plus interest. Interest shall be charged at a rate the Board determines to be reasonable, not exceeding what may be permitted by general law. (Added 2013, No. M-17 (Adj. Sess.), § 2, eff. May 20, 2014.)