§3389. Installment payments; notes evidencing deferred payments

The governing authority of the municipality, however, may provide in the ordinance accepting the work and making the assessment, that the property owners, availing themselves of the privilege within thirty days after the passage of the ordinance or resolution, may pay in cash ten per cent of the amount of their indebtedness and pay the balance in equal annual installments over a period not to exceed fifteen years from the date of said passage. Where the paving is done on petition of the property owners as provided in Section 3385 of this Sub-part, they shall pay in cash ten per cent of the amount of their indebtedness, and may request in their petition that the balance be paid in equal annual installments over some fixed period of time not to exceed fifteen years from the date of passage of the assessment ordinance or resolution, and if such petition is accepted and approved by the governing authority of the municipality, the deferred payments shall be made accordingly.

As evidence of the deferred payments in either case, the property owners shall sign and execute promissory notes payable to the order of the municipality in equal annual installments covering the period of time allowed for payment of said balance as set forth in the assessment ordinance or resolution, said notes to be paid on or before maturity, at the option of the property owner, bearing interest not to exceed six per cent per annum from date of said notes, payable annually, and ten per cent attorneys fees if placed in the hands of an attorney for collection after maturity, which notes when paraphed by the municipal clerk or secretary to identify them with the ordinance or resolution levying the assessment, shall carry with them in the possession of any bona fide owner the lien and privilege provided by existing laws.

Amended by Acts 1950, No. 525, §4; Acts 1952, No. 280, §1; Acts 1954, No. 606, §1.