Ark. Code Ann. § 14-218-113: Payment of assessments

(a) It shall be provided by ordinance that the local assessment of benefits shall be paid in successive annual installments so that no annual installment shall in any one (1) year exceed twelve and one-half percent (121/2%) of the assessed benefits accruing to the real property.

(b) The ordinance shall fix the day in each year when the local assessments of the year shall be paid.