7-14-4721. Assessments converted to bond liability. (1) The treasurer, at the time the treasurer certifies the list of unpaid assessments to the clerk and recorder, shall write the word "certified" on the record of the assessment opposite each assessment included in the list, and all assessments of $25 or more cease to be payable in cash and are payable only in equal annual installments on December 1 in each year in which the bonds become due. The governing body may provide a plan for collection of the annual installment in partial payments prior to the time the installment is due, and the lien of each assessment on the property assessed remains in full force and effect for 2 years after the last installment on the assessment becomes due or until the assessment is fully paid.

(2) The number of installments in which the assessment is payable must correspond to the number of years in which there are bonds to be paid, but the total number of installments may not exceed 25.