Such assessments shall be payable at the office of the borough treasurer, or such other place as the ordinance shall provide, in equal semiannual or annual instalments, with interest at the rate provided in said bonds, from the date from which interest was computed on the amount of the assessment, or so much as remains unpaid from time to time, until all said assessments and interest are fully paid. The moneys so received by the borough shall be applied to the payment of said bonds exclusively.
53 P.S. § 53410