A. On or before April 1 of each year each city, town or successor political subdivision that elects to make voluntary contributions under section 9-432 shall notify the county assessor of the county in which the property is located of its election to make a contribution under this article.

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B. The city, town or political subdivision shall pay to the county treasurer of the county in which the property is located one-half of the amount determined pursuant to section 42-15253 not later than the first Monday in November and the other one-half not later than the first Monday in May of the next year. The city or town shall make these payments solely from the revenues of any utility undertaking as defined in section 9-521. The payments shall be treated as an expense of operation and maintenance of the utility undertaking. If the city or town has no utility undertaking or discontinues ownership of its utility undertaking after purchase of the land, the payments shall be made solely from proceeds of excise taxes collected by the city or town or levied and collected by this state and distributed to the city or town.

C. Payments that are not paid when due under this section bear simple interest at the rate of sixteen per cent per year.