§ 20-3-208. TERM OF FRONT FOOT ASSESSMENT; EXTINGUISHMENT OF ASSESSMENT.

(a)

All front foot benefit assessments shall run for an equal term of years; provided, however, that any property owner may, at any time, extinguish the same by payment of the principal balance due, together with interest accrued, without penalty or discount.

(b)

Where the property owner desires to extinguish the benefit charge or assessment prior to completion of construction of the project, the county shall estimate the property owner's proportionate share (represented by the number of assessable front feet) which, together with interest at the rate of six (6) percent per annum from the date of levy, shall be the amount required for extinguishment. In estimating the cost for purposes of extinguishment, the county may add thereto a reasonable margin to protect itself against possible increases in the cost of construction and loss of interest.

(c)

All sums received shall be deposited by the Director of Budget and Finance to the construction fund to pay the expenses of constructing such water supply, sewerage, and drainage systems or parts thereof or to the general and operating fund to pay operating and other expenses from such fund, including principal of and interest on bonds in accordance with § 20-4-104 of this article.

(1988 Code, § 35-217) (Bill No. 126, § 2, 9-28-1990; Bill No. 49-96, § 21, 7-1-1996; Bill No. 30-03, § 1, 7-1-2004)