A. The resolution confirming and levying may require payment of assessments in one sum or in installments, but no sum or installment may exceed 25 percent of the assessed value of the property against which it is levied, and no assessment payment shall be due sooner than 60 days after enactment of the resolution confirming and levying assessments.

B. Installment payments shall bear interest. In the resolution confirming and levying assessments, the assembly shall set the rate of interest. Installment payments shall be applied first to accrued interest, then to principal.

C. Within 30 days of enactment of the resolution confirming and levying assessments, the director of finance shall mail a statement to the owner of record of each property assessed. The statement shall designate the property, the assessment amount, the time payments are due, and the penalties for past due payments.

D. Penalties and interest on past due assessment payments are the same as for real property taxes. Assessments are liens upon the property assessed and are prior and paramount to all liens except municipal tax liens. They may be enforced in the manner provided for real property tax liens. [Ord. 2006-11 §2; Ord. 85-31-O §1, 1985; Ord. 80-29-O §1, 1980].