§ 242. Assessments payable in installments. 1. The supervisor shall
present the returned assessment roll to the town board at its next
meeting. If obligations shall have been issued to finance the
improvement, in whole or in part, the town board shall divide the amount
of the unpaid assessment against each parcel of land into such annual
installments as shall be necessary to completely amortize the principal
amount of such obligations as they shall mature. A special assessment
roll shall be prepared setting forth such amortization, specifying the
owner of each parcel of land and the amount of each annual installment
which shall be assessed against such parcel.

2. There shall be added to the amount of each installment, interest at
the highest rate borne by the obligations so issued. The original
assessment roll or data file as authorized by article fifteen-C of the
real property tax law returned by the collector or receiver of taxes,
together with the special assessment roll for the payment of the
assessments in installments, shall be filed in the office of the town
clerk.

3. Whenever assessments shall be payable in installments, each
installment thereof shall become a lien at and only from the time the
same becomes payable upon the parcel of real estate upon which the same
shall be assessed, prior and superior to all other claims, liens, assets
or interests therein, except the lien of an existing tax or assessment.