(a) Installments.--If an ordinance is passed providing for a public improvement, the expense of which is to be defrayed by an assessment against properties benefited by the improvement, either by the front foot or benefit conferred method, the ordinance shall specify the length of time over which the installments may be extended and whether payments are to be made by equal annual or more frequent installments. If the provisions of section 21A01(b)(2) (relating to authority to assess) and this subsection conflict, the provisions of section 21A01(b)(2) shall prevail to the extent of the conflict.

(b) Commencement of payments and rate of interest.--The ordinance shall set a time when the installment payments shall commence and shall set forth the rate of interest for the installments which shall not be more than 6% per year.

(c) Installment agreement.--The borough shall enter into a written installment agreement with each property owner, subject to the requirements of the ordinance pertaining to the agreements and this chapter.

(d) Unpaid installments.--If an installment remains unpaid for 60 days after it has become due and payable, the entire unpaid assessment, plus unpaid accrued interest and any costs, shall be due and payable, and the borough solicitor shall proceed to collect it by filing a lien in the same manner as municipal claims are filed or by action in assumpsit.

(e) Prepayment.--A property owner upon whom an assessment has been made may pay all or as many of the installments before they are due, with interest and costs to the due date of the next installment.