(a) The governing body may order the assessments payable in not more than six installments and prescribe the amount, time, and manner of payment of the installments.
(b) The last payment may not be deferred beyond the fifth anniversary of the municipality's acceptance of the completed lighting improvement.
(c) The ordinance shall prescribe the rate of interest, not to exceed seven percent a year, to be charged on deferred payments.
(d) The ordinance may provide for the maturity and collection of all deferred payments on the default of an installment of principal or interest.