AN ACT REGULATING SEWER BETTERMENT ASSESSMENTS IN THE TOWN OF RICHMOND.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
SECTION 1. Notwithstanding any general or special law to the contrary, the town of Richmond may charge interest on an unpaid balance of a sewer assessment at a rate equal to 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 board of assessors of the town of Richmond may, and at the request of the owner of the land assessed shall, (1) apportion all sewer assessments or unpaid balances of assessments into a number of equal payments equal to the number of years for which bonds for a project are issued and (2) structure the payments so that the amounts payable in the several years for principal and interest combined are as nearly equal as practicable or, in the alternative, to provide for a more rapid amortization of the principal amount of the betterment assessments if the debt service on the bonds issued for the project was so structured. These payments may be further apportioned and collected by the town on quarterly tax bills or a single tax bill at the option of the town. An owner of land assessed may pay the total amount due without a prepayment penalty.
SECTION 3. This act shall take effect upon its passage.