§ 2-307. When special assessments payable; installments; interest on special assessment liens; delinquent interest; all interest to constitute a lien on property.

(a)

The special assessments shall be payable at the time and in the manner set forth in the resolution and may be made payable in equal installments of principal over a period not to exceed 20 years.

(b)

The principal balance of all special assessment liens which remains unpaid after 30 days from the date of confirmation of the special assessment shall bear interest at the rate of eight percent per annum on the entire unpaid principal balance from the date of confirmation.

(c)

If the initial principal installment remains unpaid for a period of two years from the date of confirmation of the special assessment, or if any installment subsequent to the initial principal installment remains unpaid for two years after the due date of said installment, interest at 18 percent, rather than at eight percent, shall be charged on the entire outstanding principal balance of the special assessment for the period of time beginning two years from the date of confirmation of the special assessment or the due date of said unpaid installment until the entire principal and interest are paid in full.

(d)

All interest shall also constitute a lien against the property assessed of equal dignity to the principal amount of the lien.

(e)

The POD shall keep complete records relating to the amount payable for the liens and interest and may from time to time send a statement of the principal and interest due upon such liens to the name and address of the record owners of the property upon which the liens exist as said names and address are shown upon the records of the county property appraiser.

(Code 1992, § 2-261)