The local agency may do all of the following:
(a) Prescribe procedures for determining and notifying landowners when the contingent assessment is due and payable and for collecting the assessment.
(b) Prescribe a penalty for nonpayment of the contingent assessment within the time and in the manner specified.
(c) Provide for an additional penalty not to exceed 2 percent per month for nonpayment of the contingent assessment and the penalty.
(d) Provide for collection of those penalties.