§ 10-7. Deferred payments.

(a) In general.

Whenever any footway is improved, graded, paved, repaved, or repaired, the Director of Transportation may authorize payment of the assessed amount, if it is for more than $100, to be made, at the option of the property owner, in equal annual payments, plus interest on the unpaid balance.

(b) Interest and Term — General.

Except as provided in subsection (c) of this section:

(1) interest accrues at the rate that the Director of Transportation, with the concurrence of the Board of Estimates, determines to be just and proper; and

(2) the number of years over which installments may be paid is as set by the Director of Transportation, not to exceed 5 years from the date of the assessment report to the Director of Finance.

(c) Interest and Term — Work under streetscape plan.

For work done under a streetscape plan approved in accordance with Subtitle 10A of this article:

(1) interest accrues at the rate specified in the plan; and

(2) the number of years over which installments may be paid is as specified in the plan, not to exceed 10 years from the date of the assessment report to the Director of Finance.

(d) Continuing lien.

The assessments continue as liens on the respective lots of ground from the date the work was completed until paid.