When sidewalks, curbing or gutters are constructed, rebuilt or repaired, in accordance with the preceding sections, the assessment for the cost thereof may be made payable in full not less than thirty days nor more than sixty days from the levy thereof or in not exceeding five annual installments as Council determines, provided that when any such assessment is in the amount of five dollars ($5.00) or less, or whenever the unpaid balance of any such assessment is five dollars ($5.00) or less, the same shall be paid in full, and not in installments, at the time the first or last installment would otherwise become due and payable. In anticipation of the collection of such assessments, bonds of the City may be issued bearing interest not exceeding six percent per annum and the proceeds used in the payment of the cost incurred by reason of such construction or repair.