Section 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.