In case of such election to pay in installments, the assessments shall be payable in two or more installments of principal, the first of which installments shall be payable as prescribed by the board in not more than five years and the last in not more than twenty years, with interest in all cases on the unpaid principal. The number and amounts of payment of installments, the period of payment, and the rate and times of payment of interest shall be determined by the board and set forth in the assessing resolution. The times of payment of installments shall be the same as the times of payment for installments of property taxes as specified in section 39-10-104.5 (2), C.R.S.; except that all special assessments for local improvements authorized in section 30-20-603 (11.5) may be payable at such alternate times as provided by the board in the assessing resolution and the board may enter into agreements with third parties to assist the treasurer with the administration and collection of such installments.
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