§ 280-v. Alternative method of assessment. Notwithstanding the\nprovisions of the preceding section, if the notice of public hearing to\nbe held by the governing body pursuant to section two hundred eighty-e\nshall contain a statement that the cost of the improvement will be\nassessed in proportion as nearly as may be to the benefit which each lot\nor parcel of land will derive therefrom, such cost shall be assessed,\nlevied and collected as hereinafter provided. The governing body may and\nis hereby authorized, to issue, pursuant to the local finance law, the\nobligations of the county in such an amount as said governing body may\nestimate to be sufficient to pay the entire cost of the improvement, but\nnot in excess of the maximum amount proposed to be expended for the\nimprovement as stated in the notice of hearing published pursuant to\nsection two hundred eighty-e. Notwithstanding any other inconsistent\nprovision of law to the contrary and in the event such obligations are\nissued, no down-payment shall be required, and the period of probable\nusefulness shall be ascertained and governed by the type of work or\nimprovement as follows:\n 1. Construction work of steel, stone or concrete, thirty years;\n 2. Construction work of wood, or part wood, twenty years; and\n 3. Dredging work, fill work, dune restoration or other work or\nimprovements, to which items one and two above do not apply, five years.\nThe period of probable usefulness for such dredging, fill, dune\nrestoration or other work or improvements shall apply even though\neasements on land on which such work is done have a duration of less\nthan five years.\n In preparing the annual estimate of revenues and expenditures pursuant\nto section three hundred fifty-three of this chapter, the administrative\nhead or body shall include, in addition to all costs of operation and\nmaintenance for the next succeeding fiscal year, sums sufficient to pay\nthe annual installment of principal of, and interest on, obligations\nissued as aforesaid. The administrative head or body shall thereupon\nannually assess the amount of the estimate of expenditures, less the\nestimate of revenues including financial aid and assistance made\navailable by the state or federal government as set forth in the\nestimate so prepared, on the lots and parcels of land in the district in\nproportion as nearly as may be to the benefit which each lot or parcel\nwill derive therefrom and shall prepare an assessment roll which shall\ndescribe each such lot or parcel of land in such manner that the same\nmay be ascertained and identified and shall show the name or names of\nthe reputed owner or owners thereof, and the aggregate amount of the\nassessment levied upon such lot or parcel of land. Provided, however,\nthat for a hurricane protection project such assessment shall be at a\nrate not to exceed twenty per centum of the net annual cost to the\ncounty for such improvement when such lot or parcel is publicly used or\nowned and not to exceed seventy per centum of such cost when the lot or\nparcel is privately owned. Provided further, that for single purpose\nflood or shoreline erosion control projects, such assessment shall be at\na rate up to one hundred per centum of the net annual cost to the county\nwhether such lot or parcel is publicly or privately owned. The\nassessment roll shall be submitted to the budget officer at the same\ntime as the estimate is submitted, for transmittal with the tentative\nbudget to the clerk of the governing body. The assessment roll shall\nremain on file in the office of the clerk and be open to public\ninspection during business hours. The governing body shall hold a public\nhearing on the assessment roll. Notice of such public hearing shall be\npublished at least once in the official newspapers stating that said\nassessment roll has been completed and that at a time and place to be\nspecified therein the governing body will meet and hear and consider any\nobjecti
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