§ 13.25.020. Installment payment of assessments.

Provided that the village in its sole discretion determines that the security is adequate, facilities assessments due under the terms of this chapter may be paid in not more than five equal annual installments of principal and interest, the first of which shall be due no later than six months following the date of application for service together with interest on the principal balance remaining unpaid from time to time at a rate of not less than six percent per annum. Payments shall be first applied to unpaid interest and the balance, if any, to unpaid principal. Installment obligations shall be evidenced by a promissory note secured by a mortgage on the premises served by the water or wastewater systems as the case may be. The village may, in its discretion, permit the subordination of any such mortgage to one or more other mortgages on the premises served by the water or wastewater systems.

(Ord. 2002-11 § 1 (part), 2002)