New Orleans; assessments charged in drainage area

Upon the adoption by the sewerage and water board of the resolution fixing the assessments to be charged to each parcel of land in the drainage area, the sewerage and water board shall cause said resolution to be recorded in the mortgage office of the parish of Orleans, and, from the date of recordation, the assessments made by said resolution upon the lands in the defined drainage area shall constitute a lien upon such lands on a parity with the lien for ad valorem taxes levied by the city of New Orleans. Immediately after recordation of the resolution in the mortgage office, a notice shall be sent by the sewerage and water board to the owner of each parcel of land in the drainage area stating the total amount of the assessment levied on said parcel of land, showing the number, amounts and due dates of the annual installments, and setting forth the right of the property owner to avoid the payment of interest on any part of the assessment by paying the total assessment in one lump sum within sixty days after recordation of said resolution in the mortgage office; provided, the property owner may prepay the balance due on the amount of the assessment levied against his property by paying a premium to be determined by the sewerage and water board, but not exceeding five percent. All prepayments shall be accompanied with payment of interest in the following manner, if payment is made less than ninety days from next interest payment date, interest will be paid to second succeeding interest payment date; if made more than ninety days before next interest payment date, interest shall be paid only to the next interest payment date.