A. The first installment of the assessment, together with interest upon the whole assessment from the date of the passage of the assessing ordinance to the first day of the next September, shall be due and payable in cash on or before the first day of September next succeeding the passage of the assessing ordinance. If the assessing ordinance is not passed prior to the first day of July in any year, the first installment of the assessment shall be due and payable in cash with interest from the date of the passage of the assessing ordinance to the first day of September of the following year.

B. The assessments shall be payable as the several installments become due, together with the interest thereon, to the municipal clerk, who shall give proper receipts for the payments, and credit the payments upon the Street Assessment Record. In case any installment or interest is not paid when due, the installment so matured and unpaid and the unpaid interest thereon shall draw interest at the rate of twelve percent (12%) per annum from maturity until paid, except as otherwise provided.

C. No statute of limitations shall commence to run against any installment until after the maturity of all installments.