In case of such election to pay in installments, the assessments shall be payable in two or more installments of principal with interest in all cases on the unpaid principal. The first installment shall be payable as prescribed by the governing body in not more than five years, and the last installment shall be payable in not more than twenty years. Except as otherwise provided in this section, the number, amounts, and times of payment of installments, the period of payment, and the rate and times of payment of interest shall be determined by the governing body and set forth in the assessing ordinance. If assessments are to be collected by the county treasurer, the times of payment of installments shall be the same as the times of payment of installments of property taxes as specified in section 39-10-104.5 (2), C.R.S.
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