ITEM XII-11.  CITY'S PORTION OF COST AND REBATES.
   In the absence of a petition providing for the assessment of the entire cost, the City shall pay such part of the cost and expense of improvements for which such special assessments are levied as the Council deems just, which part shall not be less than one-fiftieth (1/50) of all such cost and expense; and in addition thereto the City shall pay the cost of intersections.  The Council may provide for the payment of the City's portion of all such improvements by the issuance of bonds or notes therefor, and may levy taxes to pay such bonds or notes and the interest thereon.  The Council may provide for the transferring to the general fund of such portion of the proceeds of special assessments or of the proceeds of bonds issued in anticipation of the collection of special assessments and of the proceeds of bonds or notes issued or taxes levied to provide funds for the payment of the City's share of the cost of improvements, as is equal to the estimated cost of the engineering and inspection done or to be done directly by the City in connection with said improvement.
   Within sixty (60) days after the completion of any improvement, the Director of Finance shall report to the Council the final cost of the improvement, including the property owners' portion and the City's portion, if any.  If the property owners' portion of the final cost of the improvement is less than the aggregate amount of the preliminary assessments confirmed by the ordinance to proceed, the Director of Finance shall further submit a revised list of individual assessments reduced in the proportion that the property owners' portion of the final cost bears to the aggregate amount of the preliminary assessments and the revised final assessments so reported shall be approved by ordinance of the Council which shall levy the assessments over such period of years as Council shall fix and which shall provide for the payment of appropriate rebates to property owners who have paid their assessments in cash, all of which rebates shall be paid not later than ninety (90) days after the completion of the improvement. If the property owners' portion of the final cost of the improvement exceeds the aggregate cost of the preliminary assessments confirmed by the ordinance to proceed such excess shall be paid by the City and the preliminary assessments shall become the final assessments and shall be levied by the Council over such period of years as it shall fix.  The provisions of this Item 11 with respect to the reduction of assessments based upon final costs, rebates, and the allocation to the City of the excess of final costs over estimated costs shall apply to petitioned-for improvements.  Assessments shall be a lien from the date of levy of Council as provided herein upon the respective lots and parcels of lands assessed, enforceable in the manner provided by general law.
   Interest on the preliminary assessments not paid in cash within the time fixed therefor, at the rate borne by the notes or bonds of the City issued in anticipation of the levy or collection thereof, shall be added to each assessment and shall not be included in any calculation of rebate or of determination whether the property owners' portion of the final cost exceeds the preliminary assessment.