Section 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.