(a) The first installment of such assessment, together with interest upon the whole assessment from the date of the passage of the assessing ordinance or resolution to the first of the next September, shall be due and payable on or before the 1st day of September, next succeeding the passage of the ordinance or resolution; provided, that if such assessing ordinance or resolution is not passed prior to the 1st day of July, the first installment of the assessment shall be due and payable with interest from the date of passage to the 1st day of September of the following year.

(b) In case any installment or interest is not paid when due, the unpaid installment and the unpaid interest thereon shall draw interest at the rate of twelve percent (12%) per annum from maturity until paid, except as hereinafter otherwise provided.

(c) With respect to assessments levied by any city, such assessments and interest whether collected by the city or the county treasurer shall be paid to the city treasurer, who shall keep the same in a separate special fund for the purpose of paying the bonds and interest coupons thereon issued against such assessments.

(d) With respect to assessments levied by any board of county commissioners, the same shall be collected by the county treasurer who shall keep the same in a separate special fund and shall disburse the same in the payment of bonds and interest coupons thereon issued against such assessments.

(e) After the payment of all bonds and interest thereon, any surplus remaining in the fund shall be used by the city or the board of county commissioners for the purpose of repairing or maintaining the limited access facility and for no other purpose whatsoever.

Laws 1968, c. 415, § 1323, operative July 1, 1968.