Sec. 314.046.  ASSESSMENTS LEVIED.  (a)  The governing body may make an assessment only by ordinance.
(b)  An assessment may:
(1)  be made payable in not more than 16 installments maturing within 15 years;  and
(2)  bear interest at not more than eight percent a year.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.