(a) A municipality may provide by resolution or ordinance for the issuance of notes in payment of the costs of a local improvement project, payable out of special assessments for the improvement. The notes shall bear interest at a rate or rates authorized by the resolution or ordinance, and shall be redeemed either in cash or bonds for the improvement project.
(b) Notes issued against assessments shall be claims against the assessments that are prior and superior to a right, lien or claim of a surety on the bond given to the municipality to secure the performance of its contract for a local improvement project, or to secure the payment of persons who have performed work or furnished materials under the contract.
(c) The municipal treasurer may accept notes against special assessments on conditions prescribed by the governing body in payment of
(1) assessments against which the notes were issued in order of priority;
(2) judgments rendered against property owners who have become delinquent in the payment of assessments; and
(3) certificates of purchase when property has been sold under execution or at tax sale for failure to pay the assessments.
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