§ 29-8-121 — Installment payments

Failure to pay the whole assessment
within said period of thirty days shall be conclusively considered to be an election
on the part of all persons interested, whether under disability or otherwise, to pay in
such installments. In case of such election, the assessment shall be payable in
equal annual or semiannual installments of principal, the first of which installments
shall be payable as prescribed by the governing body, and the last installment
within not more than twenty years, with interest in all cases on the unpaid principal,
payable annually or semiannually at a rate not exceeding the maximum net
effective interest rate authorized by the governing body. The number of
installments, the period of payments, the date of the initial payment, and the
maximum net effective interest rate shall be determined by the governing body and
set forth in the resolution required by section 29-8-115.

Legislative History

Source: L. 71: p. 995, � 1. C.R.S. 1963: � 89-23-21.