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<br />ORDINl\NCE NO.
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<br />cor.t.:lincd therein; l::'xccpt that the payment---of
<br />t.he t ir st in st a llment. of any .:::lssessm(~nt levied
<br />upon unimprvvcc1 property may be deferred unt.il
<br />d dcsiyni.lt.ed flltll['" year or until the platting
<br />of the ~ropc:rLY or the construction of irnprove-
<br />m<.~n ts thoreOll, upon such, terms and conditions, and '",
<br />tklS(,J ui'u:' ~t.:ch st;:lnd;trds and criteria as mdY be
<br />provided by n)solution of the council. In dny
<br />event. e\'<..:r'/ ,1:3;:;essmenL, t.he payment of which is
<br />:;() dl'fen'cd, when it t.ecomes payable, shall be
<br />dlVid(~d i!lln Ll numh(!r of installments such that
<br />the L,lst in~;tdllment thereof will. be payable not
<br />more tl".an thirty years .:l.ftcr th(' lt~vy of the
<br />.:::lS~<..:5smcnt. ^ll~sScssments shall bear interest at.
<br />S'.lC-1\ l-.:ltc 2<"; t.he resolution~etermines, noL -
<br />exceedinq 8_!,,~r_tH~ft~-p~r""-af'lfhiH\th~ maximum permitted ::',
<br />by l.:lvJ, ex,:=ept. that the rate may' in any event equal:,_::
<br />the aV\2ra'lf' annual interest rate on bonds 'issued. _::;.
<br />to f ir.::.;'.:- _ ;;.i1,,== irrlp_"~':cment for which the assessments
<br />are levieu. '1'0 tht:: ,fir$t installment of each ' ,
<br />'''assessment shall be added, int:.,~,t~~_~t on the ent{re ,-
<br />assessment from a date speci'f{ed inthe':-r-esolution~:;~:':"-
<br />levying the <lssesSmcnt.,' not earlier ..than the dat-e
<br />of the resoll1tion, until December 31 of the year
<br />'n which the first installment is payable, and to
<br />uach subsequent ~nstallffient shall be added interest
<br />"e}r one ye.:lr- on a 11 unpa id installments; or,
<br />..1ll~Cn1;ltively. any assessment. may be made payable
<br />in equal dl1ll'JCll ,installment.s :including p~incipal
<br />an~ interest, each in the am6unt annually required~"
<br />to ~3Y the principal over 9uch period with interes~
<br />ilt sucr. r<1te as th2 resolut.io:l d-;tennines, not
<br />exceeding th0 maximum period and rate specified
<br />above. In the latter event, no prepayment shall
<br />be i1c,:;,..:pted under :;ubdivision 3 without pu:.-'ment
<br />of :111 i nsL"lllments due to arid including December 31
<br />of the year of prepayn~nt, together with the ,
<br />ori'JillLl1 r:-rincipal amour.t reduced onl~ by the'
<br />amounts of principal included in such installments,
<br />conputed on .:In annual amortization basis. \-ihen
<br />payment of .:::In assessment is deferred, as authorized
<br />in this subdivision, interest. thereon for the ,
<br />per iod of (~eferment may be 'in.~de payable annually','<'
<br />at the same times as tne'principbl installments c'
<br />of the assessment would have been payable if not' -
<br />dcfcrrcd; or intercst for t.his period may be added
<br />to the prlllc;pal amount of the assessment when it
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