An annual assessment on each parcel of property for which bonds are issued shall be levied according to the assessed value basis. The first such levy and each succee ding levy shall be made in advance and shall be sufficient to pay the principal and interest on the bonds. As a precaution against default and to provide a debt service reserve, the governing body shall also assess and collect annually an amount equal to o ne-half of one percent (0.5%) of the total amount of the principal and interest of the bonds. The advance payment and debt service reserve shall be deposited in an interest bearing account. The payments, reserve, and earnings shall be used to pay the last installment on the bonds.
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