All assessments for gravel projects shall be payable in equal annual amounts extending over such period as may be determined by the governing body, not exceeding three years, and shall bear interest at an annual rate of not more than two percentage points above the average net annual interest rate on any warrants for the total amount of the assessments remaining unpaid. Anyone may pay such assessments in one single payment, and anyone who has paid any one or more installments may pay the balance in one payment. When the assessment against any lot or tract has been paid, the lien against the lot or tract shall be canceled and annulled.

Terms Used In North Dakota Code 40-54-08

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
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