§ 280-v. Alternative method of assessment. Notwithstanding the
provisions of the preceding section, if the notice of public hearing to
be held by the governing body pursuant to section two hundred eighty-e
shall contain a statement that the cost of the improvement will be
assessed in proportion as nearly as may be to the benefit which each lot
or parcel of land will derive therefrom, such cost shall be assessed,
levied and collected as hereinafter provided. The governing body may and
is hereby authorized, to issue, pursuant to the local finance law, the
obligations of the county in such an amount as said governing body may
estimate to be sufficient to pay the entire cost of the improvement, but
not in excess of the maximum amount proposed to be expended for the
improvement as stated in the notice of hearing published pursuant to
section two hundred eighty-e. Notwithstanding any other inconsistent
provision of law to the contrary and in the event such obligations are
issued, no down-payment shall be required, and the period of probable
usefulness shall be ascertained and governed by the type of work or
improvement as follows:

1. Construction work of steel, stone or concrete, thirty years;

2. Construction work of wood, or part wood, twenty years; and

3. Dredging work, fill work, dune restoration or other work or
improvements, to which items one and two above do not apply, five years.
The period of probable usefulness for such dredging, fill, dune
restoration or other work or improvements shall apply even though
easements on land on which such work is done have a duration of less
than five years.

In preparing the annual estimate of revenues and expenditures pursuant
to section three hundred fifty-three of this chapter, the administrative
head or body shall include, in addition to all costs of operation and
maintenance for the next succeeding fiscal year, sums sufficient to pay
the annual installment of principal of, and interest on, obligations
issued as aforesaid. The administrative head or body shall thereupon
annually assess the amount of the estimate of expenditures, less the
estimate of revenues including financial aid and assistance made
available by the state or federal government as set forth in the
estimate so prepared, on the lots and parcels of land in the district in
proportion as nearly as may be to the benefit which each lot or parcel
will derive therefrom and shall prepare an assessment roll which shall
describe each such lot or parcel of land in such manner that the same
may be ascertained and identified and shall show the name or names of
the reputed owner or owners thereof, and the aggregate amount of the
assessment levied upon such lot or parcel of land. Provided, however,
that for a hurricane protection project such assessment shall be at a
rate not to exceed twenty per centum of the net annual cost to the
county for such improvement when such lot or parcel is publicly used or
owned and not to exceed seventy per centum of such cost when the lot or
parcel is privately owned. Provided further, that for single purpose
flood or shoreline erosion control projects, such assessment shall be at
a rate up to one hundred per centum of the net annual cost to the county
whether such lot or parcel is publicly or privately owned. The
assessment roll shall be submitted to the budget officer at the same
time as the estimate is submitted, for transmittal with the tentative
budget to the clerk of the governing body. The assessment roll shall
remain on file in the office of the clerk and be open to public
inspection during business hours. The governing body shall hold a public
hearing on the assessment roll. Notice of such public hearing shall be
published at least once in the official newspapers stating that said
assessment roll has been completed and that at a time and place to be
specified therein the governing body will meet and hear and consider any
objections which may be made to the roll. The first publication of the
notice of the completion of the roll shall be not less than five days
before the date specified for the hearing. At the time and place
specified, the governing body shall meet and hear and consider any
objections to the assessment roll, and may change or amend the same as
it deems necessary or just so to do and may affirm and adopt the same as
originally proposed or as amended or changed, or it may annul the same
and order the administrative head or body to proceed anew and to prepare
another roll or the governing body may prepare such new roll. No such
amended, changed or new roll shall be adopted unless the governing body
shall hold a hearing thereon in the manner and upon the notice
prescribed for the original hearing. It shall be the duty of the
governing body to levy the sum apportioned to and assessed upon each
such lot or parcel of land at the time and in the manner provided by law
for the levy of state, county or town taxes. Such sums so levied shall
be collected by the local tax collectors or receivers of taxes and
assessments and shall be paid over to the county treasurer in the same
manner and at the same time as taxes levied for general county purposes.
The county treasurer shall keep a separate account of such moneys and
they shall be used only for purposes of the county district for which
collected. Nothing herein shall prevent the public hearing on the
assessment roll from being held simultaneously with the hearing on the
county budget held pursuant to section three hundred fifty-nine of this
chapter. If the cost of establishment of the county district and the
providing of an improvement therein has been assessed, levied and
collected pursuant to the provisions of this section, then the cost of
any improvement made pursuant to section two hundred eighty-s shall be
assessed, levied and collected pursuant to the provisions of this
section. If the cost of establishment of the county district and the
providing of an improvement therein has been assessed, levied and
collected pursuant to the provisions of section two hundred eighty-u,
then the cost of any improvement made pursuant to section two hundred
eighty-s shall be assessed, levied and collected pursuant to the
provisions of section two hundred eighty-u.