A. The council shall by ordinance:
(1)establish the time and terms of paying the business improvement benefit fee or installments on the fee;
(2)set any rate or rates of interest upon deferred payments of the fee, which shall commence from the last date of publication of the ordinance ratifying the assessment;
(3)fix penalties to be charged for delinquent payment of an assessment;
(4)establish procedures and guidelines for the classification of property for the fee;
(5)set a reasonable charge to recover the municipality's expense for the assessment, collection and administration of the fee; and (6) provide for the control and investment and order the expenditure of all money pertaining to the district. B. The same interest rate shall be set for fees which are payable over the same tim
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A. The council shall by ordinance: (1) establish the time and terms of paying the business improvement benefit fee or installments on the fee; (2) set any rate or rates of interest upon deferred payments of the fee, which shall commence from the last date of publication of the ordinance ratifying the assessment; (3) fix penalties to be charged for delinquent payment of an assessment; (4) establish procedures and guidelines for the classification of property for the fee; (5) set a reasonable charge to recover the municipality's expense for the assessment, collection and administration of the fee; and (6) provide for the control and investment and order the expenditure of all money pertaining to the district. B. The same interest rate shall be set for fees which are payable over the same time period. No rate or rates of interest in excess of twelve percent a year upon such deferred payments of the fee shall become effective unless the state board of finance or any successor thereof at any time approves a higher interest rate in writing based upon the determination of the state board of finance that the higher rate is reasonable under existing or anticipated bond market conditions, which approval shall be conclusive. C. After the publication of the ordinance ratifying the assessment, as provided in the Business Improvement District Act, the assessment together with any interest or penalty accruing to the assessment is a lien upon the tract or parcel of land so assessed. Such a lien is coequal with the lien for general real property taxes and the lien of other improvement districts and all other liens, claims and titles. Unmatured installments are not deemed to be within the terms of any general covenant or warranty. All purchasers, mortgagees or encumbrancers of a tract or parcel of land so assessed shall hold the tract or parcel of land subject to the lien so created. D. Within sixty days after the publication of the assessment roll for a district, the municipal clerk shall prepare, sign, attest with the municipal seal and record in the office of the county clerk a claim of lien for any unpaid amount due and assessed against a tract or parcel of land. E. Any tract or parcel so assessed shall not be relieved from the assessment or lien by the sale of the tract or parcel of land for general taxes or any other assessment.