Assessments may be collected in each fiscal year at the same time and in the same manner, and bear the same penalties and interest for nonpayment, as county property taxes, or the city council from time to time may elect another form of collection in its discretion. All proceeds of collection shall be placed in a separate fund or account of the city and shall be expended only for the purposes set forth in the assessment report. (Ord. 1946 NCS §1 (part), 1993.)