Within ten days after the ordinance levying assessments has been passed, the finance officer shall send by registered or certified mail a notice of assessment to the record owners of the assessed real property. The notice of assessment shall state the date of the assessment ordinance and that on the failure of the owner of the property assessed to pay the assessment within ten days the assessment shall become a lien against the assessed property. Failure of the owner to make application for payment in installments within ten days of the notice or to pay the assessment in full within 60 days from the date of entering the assessment on the city lien docket records, shall subject the lien to foreclosure. The notice shall further set forth a description of the property assessed, the name of the owner of the property and the amount of each assessment. Interest shall be paid on all assessments from the date of entry of the assessment on the city lien docket records.