The Council shall, by proper legislative act, adopt all necessary rules and regulations for the construction, maintenance or operation of the improvements and shall fix the time and manner of payment. The Council shall have the authority to defer for a period of time, not to exceed five (5) years, the payment of such sums of money on the assessments applicable to the payment of principal. The Council may collect only such sums as may be determined to be interest charges on the principal indebtedness and charges against the property affected. All special assessments or taxes levied by the Council shall be treated in all respects as County taxes collected by the Director of Finance, and shall have all of the priorities and lien rights of County taxes.