A. The board of public works and safety, in the carrying out of any project under the official thoroughfare plan adopted by this chapter, shall consider and determine what proportionate part of the cost of such project or of any separate phase of improvement thereunder shall be paid by the city out of the thoroughfare fund, including any increase of damages ordered by any court, as benefit to such city at large, and, at such time, shall determine the amount, if any, of the total cost of any such phase of improvement under such project, including damages awarded by such court, which shall be assessed as benefits upon the real estate within a special benefit district.
B. In the event the cost of acquisition and the benefits assessed against the city, by reason of any such project, shall, at any time, be in excess of the amount of money then standing to the credit of the thoroughfare fund of the city, the city shall have the power and the common council is authorized by ordinance to issue a bond in the sum sufficient to pay for such benefit or any part thereof, as it may be deemed necessary, and such bond shall be issued and sold in the same form and manner and with the same rate of interest and with such maturities as are by law provided for the issuance and sale of bonds of the city for the general purpose thereof, and the proceeds of the sale of such bonds shall be deposited in and accredited to the thoroughfare fund, which shall be used in the payment for such cost of acquisition, and the benefits assessed against the city at large and any increased damages which may be ordered paid by any court on appeal.
(Ord. 10-21 (part), 2010; prior code § 27-27)