If bids for the construction of the proposed improvement are not advertised for or received prior to the filing of the Engineer’s report and estimate, as provided in this chapter, and the Council finds upon opening bids for the work of the improvement that the lowest responsible bid substantially exceeds the Engineer’s estimate, it may in its discretion hold a special hearing for the purpose of receiving objections to proceeding with the improvement on the basis of that bid and may direct the City Recorder to publish reasonable notice thereof in a newspaper of general circulation, printed and published in the city.