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MO522-C Page 202 . 17 <br /> installment is payable, and to each subsequent installment shall <br /> be added interest for one year on all unpaid installments, or <br /> alternatively, any assessment may be made payable in equal annual <br /> installments, including principal and interest, each in the <br /> amount annually required to pay the principal over such period <br /> with interest at such rate as the resolution determines, not <br /> exceeding the maximum period and rate specified above. In the <br /> latter event, no prepayment shall be accepted under subdivision 7 <br /> of this Section without payment of all installments due to and <br /> including December 31 of the year of prepayment, together with <br /> the original principal included in such installments, computed on <br /> an annual amortization basis . <br /> b. When payment of an assessment is deferred, as authorized in <br /> this subdivision, interest thereon for the period of deferment <br /> may be made payable annually at the same times as the principal <br /> installments payable on account of assessable real property; <br /> except, that interest accruing shall not begin to run until the <br /> notice provided in subdivision 202 . 10(1)c of this Chapter has <br /> been properly given and thirty (30) days thereafter have elapsed. <br /> c.. The Council shall provide for the payment of these amounts and <br /> shall take appropriate action to that end. <br /> Subd. 4 . Notice of Installment: If the assessment is not paid in <br /> a single installment, the City Finance Director/Treasurer shall <br /> annually mail to the owner of any right of way and, as long as <br /> the property is publicly owned, to the owner of any public <br /> property, a notice stating that an installment is due and should <br /> be paid to the City Finance Director/Treasurer. <br /> Subd. 5 . Collection from Railroads and Public Utilities: The City <br /> may collect the amount due on account of the right of way of any <br /> railroad or privately owned public utility by distress and sale <br /> of personal property in the manner provided by law in case of <br /> taxes levied upon personal property or by suit brought to enforce <br /> the collection of this indebtedness unless a different method of <br /> collecting such amounts is provided for by a contract between the <br /> owner of any right of way and the City. ( 1988 Code §26 . 10) <br /> Subd. 6 . Partial Prepayment of Assessments: Any person desiring <br /> to partially prepay any assessment for a public improvement, the <br /> assessment roll of which has been certified to the Ramsey County <br /> Auditor for collection with general taxes, the County Treasurer <br /> and the County Auditor are hereby authorized to establish <br /> whatever procedure is necessary to make possible the payment of <br /> said balance to said County officials in lieu of paying same to <br /> the Municipal Finance Director/Treasurer as provided for by <br /> subdivision 7 of this Section. The County officials are hereby <br /> designated as agents of Mounds View to collect such assessments, <br /> and the mechanics therefor shall be set up by the County Auditor, <br /> County Treasurer and the Municipal Clerk-Administrator so that <br /> the intent and purpose of this Chapter can be accomplished. (1988 <br /> Code §20.04) <br /> Subd. 7 . Payment of Remaining Unpaid Installments: Any person <br />