48-599. Certification of unpaid assessments; payments by installment; interest; payments in advance

A. The superintendent, at the time he certifies the list of assessments unpaid to the clerk, shall write the word " certified" on the record of the assessment opposite each assessment included in the list, and thereupon all assessments of twenty-five dollars or over shall cease to be payable in cash except as provided in subsection F of this section and shall thereafter be payable only in equal annual installments on December 1, in each year preceding January 1 on which the bonds become due. The governing body may provide a plan whereby the annual installment may be collected in partial payments prior to the time the installment is due, and the lien of each assessment on the property assessed shall continue and remain in full force and effect for two years after the last installment on the assessment becomes due, or until the assessment is fully paid.

B. An uncollected installment shall be added to the succeeding installment and, together with interest and penalties, shall be payable therewith.

C. The number of installments in which the assessment is payable shall correspond to the number of years in which there are bonds to be paid, but the total number of installments shall not exceed twenty-five.

D. All assessments of twenty-five dollars or more not paid before the certification of assessments unpaid to the clerk shall bear interest from the date of the warrant at the same rate as that specified for the bonds in the resolution of intention. Except as provided in subsection F of this section, the interest shall be payable on June 1 and December 1 of each year, immediately before the interest becomes due on the bonds, but the governing body may provide a plan whereby the interest may be collected in partial payments prior to the date it becomes due.

E. The governing body may provide for receiving payment of the installments of the assessment before they become due, and using the proceeds thereof in redeeming such bonds as may be presented for redemption by the owners thereof, or for investing the proceeds in improvement bonds for other work or other satisfactory investment, but no investment of such funds shall be made so as to prejudice the prompt payment of the bonds on the date they become due.

F. Any loan repayment agreement between the municipality and the water infrastructure finance authority of Arizona pursuant to section 48-622 may be secured by unpaid assessments certified in the manner prescribed by section 48-597. The loan repayment agreement may provide for different due dates for annual installments of principal, different interest payment date, different dates of delinquency and different dates for holding the sales pursuant to sections 48-601, 48-602 and 48-603. The loan repayment agreement may also provide for mailed notice to all owners in lieu of the publication requirements prescribed by section 48-600 and 48-601.