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25 <br />more than nine (9) per cent per annum from the date of confirmation of the <br />assessment roll. <br />(22) The property owner or street railway or railroad hereinbefore mentioned in <br />this section shall have an option and privilege of paying for the improvements <br />hereinbefore provided in cash as provided in the preceding subsection or in not <br />less than twelve (12) equal monthly installments nor more than ten (10) equal <br />annual installments as may have been determined by the original resolution <br />ordering the improvement or improvements. Nothing in this subsection shall <br />preclude the payment of assessments in advance ofthe maturity or installment <br />schedule affixed by the city council. If paid in installments, such installments shall <br />bear interest at a rate fixed by the city council of not more than nine (9) per cent <br />per annum from the date of the confirmation of the assessment roll. If any <br />assessment is not paid in cash, the first installment thereof with interest thereon <br />shall become due and payable thirty (30) days after the publication or posting of <br />the notice required by the preceding subsection and one subsequent installment <br />and interest thereon shall be due and payable on the same day of the same <br />month in each successive year until the assessment is paid in full; provided, <br />however, that if the council shall so direct, such installments shall become due <br />and payable on the same date when property taxes of the city are due and <br />payable. If any installment with interest thereon is not paid when due, it shall be <br />subject to the same penalties as are now prescribed by law for unpaid taxes, in <br />addition to the interest herein provided for. The whole assessment may be paid <br />at any time by the payment of the full amount due with accrued interest. <br />(22.1) (a) Notwithstanding subsection 22 of this section, the city council may <br />allow payment of assessments over an extended period of time, not to exceed <br />twenty (20) years, and at a reduced interest rate where the property owner <br />demonstrates special financial hardship. In case of an assessment for water or <br />sewer improvements, the special payment provisions shall apply until the earlier <br />of (i) when the owner makes application for connection to receive water or sewer <br />service; or (ii) such time as a fee interest in theproperty is transferred or <br />conveyed, whether voluntarily or involuntarily, and whether during the lifetime of <br />the owner or by devise or descent. In case of an assessment for street paving, <br />sidewalks, or other improvements, the special payment provisions shall apply <br />until such time as a fee interest in the property is transferred or conveyed, <br />whether voluntarily or involuntarily, and whether during the lifetime of the owner <br />or by devise or descent. At the time of application for connection or the time of <br />transfer or conveyance, as applicable, the unpaid balance of the assessment <br />shall become .immediately due and payable in full. For purposes of this <br />subsection, a lease, mortgage, or deed of trust shall not be considered as a <br />transfer or conveyance of a fee interest in the property. In no event may the due <br />date of the unpaid balance of the assessment extend beyond the lifetime of the <br />owner. <br />(b) As a prerequisite to exercising the authority granted by this <br />subsection, the city council shall define what constitutes a special, <br />financial hardship, and may amend this definition from time to time. <br />(c) The authority granted by this subsection shall be exercised only upon <br />written application of the owner of property subject to the assessment. <br />The application must be filed with the city clerk no later than fifteen (15) <br />days after confirmation of the assessment roll. The application shall be on <br />