§ 74-118. Payment of assessment in installments.

Payment of assessment may be made in five installments, to wit: One-fifth in cash within 30 days of the date of the assessment, the balance in four equal annual payments, beginning one year after the initial payment, each payment to be evidenced by a promissory note bearing interest at the rate of 12 percent per annum from the date of the assessment until paid. The promissory notes shall provide that upon a default in payment of any note for a period of 30 days, the city shall have the right to declare the balance due on the assessment to be due and payable. Upon default of payment, the city shall have the right to collect the balance due by suit on the promissory note or notes, or, in lieu thereof, shall have the right to have execution issued against the property for the full balance of the assessment, with interest to date, and proceed to collect as allowed by law.

(Code 1976, § 19-107)