The council shall determine the amount of any surplus remaining in the improvement fund after completion of the improvement and the payment of all claims. The surplus may then be disposed of as follows:
A. The owners of parcels, at the time the surplus is declared, for which assessments have been completely paid. shall be promptly paid the pro-rata share of the surplus attributable to the assessment on each such parcel;
B. The amount of surplus proportionately attributable to the assessments on each other parcel shall be calculated by the finance director. These surplus amounts shall be credited against the next succeeding installments of principal and interest due on the assessments until they are exhausted. Any amounts remaining upon retirement of the bonds or full payment of the assessment on any parcel shall promptly be paid in cash to the then current owner of such parcel.
(Ord. 1586 §11 (part), Ord. 2113 §1)