Within thirty (30) days after notice of an assessment, deficit assessment or reassessment for a local improvement is first mailed, if the assessment exceeds a minimum fixed by the Council, the owner of the property assessed may file a written application to pay the assessment in installments. The application shall provide that the owner agrees to pay the assessment in installments including interest and charges as specified by the Council. The application also shall describe the applicant's property assessed for the improvement. [June 7, 1915, new sec. 278; 1928 pub., sec. 278; 1942 recod., sec. 9-701; rev. Nov. 8, 1966; am. May 20, 1986; am. Nov. 3, 1992.]