§ 37-7-119 — Assessment for construction; time of payment; interest

At the time of the confirmation of such assessments, it shall be
competent for the court to order the assessment for construction
to be paid in not more than twenty (20) installments, of such
amounts and at such times as will be convenient for the
accomplishment of the proposed work, or for the payment of
principal and interest of such notes or bonds of said district,
as the court shall grant authority to issue for the construction
of said work. The court may also, by such order, fix a date on
which the first installment of the assessments of construction
shall become due, not more than five (5) years after the date of
the order, and each of said installments shall draw interest at
a rate not to exceed seven percent (7%) per annum from the date
of said order.