[Adopted as Secs. 11-5 through 11-9 of the
1963 Code]
There is hereby created a Revolving Road Fund,
for the purpose of paying the principal and interest on any unmatured
bonds of the Town sold for the purpose of establishing this fund.
There shall be deposited into the Revolving
Road Fund all money which shall be collected by the Town as the result
of any assessments for the laying out, constructing, extending, enlarging
or repairing of roads, sidewalks and curbs in the Town.
No money shall be withdrawn from the Revolving
Road Fund except for the repayment of money that has been advanced
to this fund for the payment of principal and interest on any bonds
which have been issued for use by this fund, or any other money borrowed
for this purpose, or by an appropriation authorized by the Town Council
for the laying out, constructing, extending, enlarging or repairing
of roads, sidewalks or curbs. Such appropriation shall include authority
for the assessment of the cost of the specified improvement against
the benefited properties.
At the option of any person assessed, the amount
or balance of any assessment may be paid in five or fewer equal annual
installments, commencing with the due date of the assessment as payment
of the first installment. When the payment of each installment is
made, interest on the unpaid balance shall also be paid. Such interest
shall be at a rate to be set in the assessment ordinance and shall
not exceed 1% per year above the rate of interest paid on the most
recent issue of bonds issued to supply capital for the Revolving Road
Fund. If, by any yearly anniversary of the assessment due date, the
full amount of the annual installment then due, with all interest
to such date, is not paid, the entire balance shall then be due and
payable forthwith at an interest rate of 6% on the unpaid balance.
The option of installment payment shall be irrevocably
indicated by execution of a signed statement prepared by the Tax Collector
and received by him by the due date of the assessment, together with
payment of the first installment.
