The Bancroft Bonding Act (ORS 223.205 to 223.295) shall apply to assessments levied in accordance with this chapter, subject to the provisions of this chapter. Unless otherwise provided in a particular assessment resolution, the owner of any property assessed for a local improvement in a sum of $100 or more may, at any time within 20 days after the date of the assessment notice (or within such lesser time, not to be less than ten days, as the council may from time to time establish), file with the City recorder a written application to pay the whole of the assessment, or, if any part of the assessment has been paid, the unpaid balance of the assessment, in 20 semi-annual installments, together with interest thereon at a rate to be determined by the council, and an amount, to be determined by the council, sufficient to pay a proportionate part of administering the bond assessment program and issuing the bonds. In addition, each application shall state that the applicant waives all irregularities, jurisdictional or otherwise, in the proceedings to cause the local improvement for which the final assessment is levied and in the apportionment of the actual cost of the local improvement, and shall contain a description, by lots and blocks, or other convenient method, of the property of the applicant assessed for the improvement.