Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of same, as follows:

Section 1.  Notwithstanding any general or special law to the contrary, the town of Falmouth may assess and collect interest on an unpaid balance of a sewer betterment assessment at a rate up to 2% of the net rate of interest chargeable to the town for the project to which the assessment relates.

Section 2. Notwithstanding any general or special law to the contrary, the town of Falmouth may apportion all future sewer assessments or unpaid balances of assessments over a period not to exceed thirty (30) years, and may structure the payments so that the amounts payable in the several years for principal and interest combined are as nearly equal as practicable. These equal  payments may be further apportioned and collected by the town on quarterly tax bills at the option of the town. An owner of land assessed may pay the total remaining principal amount due without a prepayment penalty.

Section 3. This act shall take effect upon its passage.