The Bancroft Bonding Act (ORS 223.205 to 223.295) shall apply to assessments levied in accordance with this chapter. Unless otherwise provided in a particular assessment ordinance, the owner of any property assessed for a local improvement in accordance with this chapter in the sum of $25.00 or more, at any time within 30 days after notice of the assessment is first mailed (or within such time as the council may, from time to time, establish), may file with the recorder a written application to pay the whole of the assessment in 20 semiannual installments, together with interest at the current market rate, or, if any part of the assessment has been paid, the unpaid balance of the assessments in such installments with interest. [Ord. 897 § 15, 2015.]