Where public sewers have been constructed and the cost thereof has been wholly or partly paid out of the funds of the City or financed through the issuance of bonds, and the owner of any property abutting upon such sewers makes application to tap the sewers, no permit shall be issued to the abutting property owner to make the connection nor shall the abutting property owner make the connection unless he has first paid into the City Treasury, or given security for the payment satisfactory to the Director of Finance, that portion of the cost of the sewers which the property for which a connection is desired to be made was formerly charged in the form of an assessment, but which assessment the City has been unable to collect.