A. The City Council may, by resolution, determine that the estimated costs of any proposed improvements are greater than can be conveniently raised from a single annual assessment and order that the estimated costs shall be raised by an assessment levied and collected in installments over a period to be defined in the resolution pursuant to § 15.01.070 E.
B. The resolution adopted pursuant to Subdivision A. shall generally describe the proposed improvements, set forth the estimated costs thereof, specify the number of annual installments and the fiscal years during which they are to be collected, and
fix or determine the maximum amount of each annual assessment.
C. After adoption of a resolution providing for annual installment assessments, the engineer, in preparing the reports required by this Chapter, shall include in the estimate an assessment for each fiscal year specified in the resolution the total amount of the annual installment fixed or determined for such year.
D. If a resolution providing for annual installment payments has been adopted, in the resolution or subsequent thereto, the City Council may do any or a combination of the following:
1. Provide for the accumulation of monies collected from the annual installments in the improvement fund until there are sufficient monies to pay all or part of the costs of the improvement described in the resolution.
2. Provide for a temporary advance to the improvement fund from any available and unencumbered funds of the City to pay all or part of the costs of the improvements described in the resolution, and direct that the advance be repaid from the annual installments levied and collected during the fiscal years designated in the resolution.
3. Borrow an amount necessary to finance the estimated costs of the proposed improvements. The amount borrowed, except for the amount borrowed pursuant to § 15.01.095 shall not exceed the amount of revenue estimated to be raised from the annual assessments.
('65 Code, § 33I-18) (Ord. No. 87-012 § 1; Ord. No. 2012-004 § 1 (part))