Section 15-19-55 - Payment of installments(a) In case of an election to pay any assessment in installments, the assessment shall be payable over a term not to exceed thirty years. Interest shall be paid on the unpaid principal at a rate not exceeding fifteen per cent per annum. The number of installments, period of payment, the rate of interest, and other repayment terms shall be as determined by the authority. The authority's determination shall consider the source and cost of funds being used for the financing of assessments, the amount of government funds involved and any constraints thereon, the need for the financing of assessments to be self-sustaining, the prevailing market conditions, and other pertinent matters.(b) The owner of any land assessed may at any time after the expiration of the first thirty-day period pay the entire unpaid principal of an assessment, or any portion of the unpaid principal, together with interest on the amount so paid to date for the payment of the next subsequent installment, and the owner shall no longer be liable for the interest which would otherwise have accrued after the date on the amount of principal so prepaid. Any prepayment of the unpaid principal of an assessment shall be applied to reduce the unpaid principal of the assessment outstanding, shall be credited against the outstanding principal installments in inverse chronological order, and shall not relieve the owner of the land assessed from the payment of the amount of the installment of principal and interest next due.[Eff 9/17/84, am 11/1/85, am 6/3/95] (Auth: HRS §§ 206E-4, 206E-6) (Imp: HRS §§ 206E-4, 206E-6)