§ 14-1434 Assessments from year to year to pay bond maturities. Where
a sewerage system to serve part of a village has been financed and
constructed pursuant to a resolution of its board of trustees
authorizing such improvement at the joint expense of such village, the
United States of America and the lands benefited and determining the
portion of such expense to be borne by such lands, and where such
village has issued bonds maturing in annual installments over a period
of fifteen or more years to pay such portion, and such board has adopted
a resolution that the respective amounts of such installments and
interest be assessed from year to year upon such lands, such amounts
shall be so assessed and no part of such expense shall otherwise be or
become a lien upon any such lands. Such board shall annually compute
the amount necessary to pay such principal and interest due and to
become due during the fiscal year and apportion and assess the same upon
such lands in proportion as nearly as may be to the benefit which each
parcel thereof will derive from the construction of such sewerage
system. After making such apportionment such board shall give notice of
the completion thereof and that at a specified time and place a hearing
will be held to consider and review the same. Such board shall meet at
the time and place so specified and hear objections to such
apportionment and modify, correct and file the same in the office of the
village clerk whereupon the same shall be deemed final and conclusive
unless, within fifteen days, an appeal is taken therefrom. Such board
may cause any amount so assessed upon any such parcel to be collected in
the manner provided by law for the collection of assessments for local
improvement or cause the same to be included in an annual tax levy upon
such parcel. An assessment heretofore made as provided herein shall be
deemed valid for all purposes.

Where lateral sewers are constructed at the expense of the village and
property benefited, as an addition to the sewerage system constructed
with federal aid, special assessments may be levied for such laterals
from year to year and the cost thereof apportioned as though said
laterals had constituted a part of the original sewerage system
constructed with federal aid. Nothing contained in this section shall be
construed to prevent the financing of such expense, in whole or in part,
pursuant to the local finance law.