Sec. 315.070. INSTALLMENTS. (a) The governing body may order the assessments payable in not more than six installments and prescribe the amount, time, and manner of payment of the installments.
(b) The last payment may not be deferred beyond the fifth anniversary of the municipality's acceptance of the completed lighting improvement.
(c) The ordinance shall prescribe the rate of interest, not to exceed seven percent a year, to be charged on deferred payments.
(d) The ordinance may provide for the maturity and collection of all deferred payments on the default of an installment of principal or interest.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle E - Municipal Streets
Chapter 315 - Artificial Lighting
Subchapter D. Payment of Costs
Section 315.061. Authority to Assess Costs
Section 315.062. Method of Assessment
Section 315.063. Adjustment of Equities
Section 315.064. Statement of Ownership and Costs
Section 315.065. Notice of Hearing
Section 315.068. Waiver of Objection
Section 315.069. Assessment Order
Section 315.071. Discharge of Obligation
Section 315.073. Priority of Lien