§ 3.5. Tax bills.

The Council shall assess by ordinance the total cost of construction against the property within the district. The assessing ordinance shall state the assessment against each lot or parcel within the district, the time and manner of payment, the rate of interest to be charged upon deferred installments, the penalty upon delinquent installments, and that each assessment shall be payable in five (5) equal annual installments commencing one (l) year after the date of the adoption of the assessing ordinance. The owner of property assessed with the cost of improvements may pay the full assessment without interest within thirty (30) days from the date of the adoption of the assessing ordinance, or may pay any unmatured installment of an assessment by paying the same together with interest to the next installment due date. Such assessments shall constitute liens against the property until paid.