§ 5-5. Deferred payments.

(a) In general.

Whenever any street, avenue, lane, or alley, or part thereof, shall be graded, paved, or curbed, in accordance with this subtitle, the Director of Transportation may, if it appears advisable to the Director, provide in the statement of benefit assessments that the payment of the amount so assessed may, at the option of the owners of the respective lots of ground assessed:

(1) be deferred for such definite period of time as the said Director shall determine, not to exceed 5 years from the date of the delivery of the statement aforesaid, to the Director of Finance, as hereinafter provided;

(2) with interest on the deferred payments as the Director of Transportation determines to be just and proper.

(b) Continuing lien.

The assessments so made shall be and continue liens on the respective lots of ground from the date of the award of the contract for the grading, paving, and curbing of such street, lane, or alley, or part thereof, until paid.