§ 14-1434 Assessments from year to year to pay bond maturities. Where a sewerage system to serve part of a village has been financed and constructed pursuant to a resolution of its board of trustees authorizing such improvement at the joint expense of such village, the United States of America and the lands benefited and determining the portion of such expense to be borne by such lands, and where such village has issued bonds maturing in annual installments over a period of fifteen or more years to pay such portion, and such board has adopted a resolution that the respective amounts of such installments and interest be assessed from year to year upon such lands, such amounts shall be so assessed and no part of such expense shall otherwise be or become a lien upon any such lands. Such board shall annually compute the amount necessary to pay such principal and interest due and to become due during the fiscal year and apportion and assess the same upon such lands in proportion as nearly as may be to the benefit which each parcel thereof will derive from the construction of such sewerage system. After making such apportionment such board shall give notice of the completion thereof and that at a specified time and place a hearing will be held to consider and review the same. Such board shall meet at the time and place so specified and hear objections to such apportionment and modify, correct and file the same in the office of the village clerk whereupon the same shall be deemed final and conclusive unless, within fifteen days, an appeal is taken therefrom. Such board may cause any amount so assessed upon any such parcel to be collected in the manner provided by law for the collection of assessments for local improvement or cause the same to be included in an annual tax levy upon such parcel. An assessment heretofore made as provided herein shall be deemed valid for all purposes.

Where lateral sewers are constructed at the expense of the village and property benefited, as an addition to the sewerage system constructed with federal aid, special assessments may be levied for such laterals from year to year and the cost thereof apportioned as though said laterals had constituted a part of the original sewerage system constructed with federal aid. Nothing contained in this section shall be construed to prevent the financing of such expense, in whole or in part, pursuant to the local finance law.