(1) The council by ordinance shall levy assessments on parcels of real property specially benefited by local improvements. Upon enactment of such an ordinance, the finance officer by first class mail shall give notice of the assessments to the owners of the assessed parcels. The notice shall state that each assessment may be paid in full, without interest, within ten days after the date of the assessment ordinance and that, if the assessment is not so paid, interest on the unpaid balance of the assessment will accrue as prescribed in the assessment ordinance until the assessment is paid, unless payment of the assessment is deferred in accordance with chapter 7 of this code. The notice shall also state that the assessment may be paid in installments according to the terms set forth in the assessment ordinance, and shall include an application for so paying the assessment.

(2) Unless otherwise specified by this code or by assessment ordinance, reference in this code to making assessment or lien payments in installments shall mean paying the obligation in up to 119 monthly installments or twenty (20) semi-annual installments including principal and interest at the rate set under section 2.022 of this code.

(3) In addition to any deferral, extension or modification of payments authorized by this chapter, an assessment may be modified, compromised or canceled as provided in section 2.582 of this code.