7-84-414 - Prepayment.
7-84-414. Prepayment.
(a) Assessments payable in installments may be paid prior to the due date of any such installment.
(b) The whole or any part of the assessment may be paid without interest within sixty (60) days after the ordinance levying the assessment becomes effective. If the assessment is paid in part, the unpaid balance shall be payable in substantially equal installments over the period of time installments are payable as provided in the assessment ordinance.
(c) After such sixty-day period and if the ordinance levying the assessment so provides, all unpaid installments of assessments levied against any piece of property, but only in their entirety, may be paid prior to the dates on which they become due, but any such prepayment must include an additional amount equal to the interest that would accrue on the assessment to the next succeeding date on that interest is payable on any special improvement bonds issued in anticipation of the collection of the assessment, plus such additional amount as, in the opinion of the governing body of the municipality, is necessary to assure the availability of money to pay interest on the special improvement bonds as interest becomes due, and any premiums that may become payable on redeemable bonds that may be called in order to utilize the assessment thus paid in advance.
(d) The municipality may allow, in its discretion, discounts for prepayment of assessments, or installments of assessments; provided, that such discounts do not impair the ability of the municipality fully to fund the bonds issued in pursuance of the authority granted by this chapter.
[Acts 1971, ch. 268, § 28; T.C.A., § 6-3928.]