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.