Whenever any special assessment is, in the opinion of the City Commission, invalid, by reason of irregularity or informality in the proceedings, or if any court of competent jurisdiction adjudges such assessment to be illegal, the Commission shall, whether the improvement has been made or not or whether any part of the assessment has been paid or not, have the power to cause a new assessment to be made for the same purpose for which the former assessment was made. All proceedings on such reassessment and for the collection thereof shall be conducted in the same manner as provided for in the original assessment, and whenever the assessment, or any part thereof, levied upon any premises has been so set aside, if the same is paid and not refunded, the payment so made shall be applied upon the reassessment and the reassessment shall, to that extent, be deemed satisfied.
(1975 Code Sec. 1.109)