Whenever the owners of sixty (60) per cent of the front feet of property abutting on any highway, or part or section thereof, in the city shall, in writing, petition the City Council for the improvement thereof, and shall in the petition agree to pay the cost of such improvement in front of their respective properties, exclusive of any costs payable under the terms of this Charter, by owners of railroads or street railroads, and shall generally designate the nature and extent of the proposed improvement, the City Council must order the making of said improvement; provided, only, that the City Council shall be satisfied from the said petition, or other evidence before it, that the payment of at least one-half of the total cost of improvement, exclusive of cost to be paid by owners or railroads and street railroads, can be secured by assessment against abutting property and its owner, or in some other manner. When such petition has been filed and approved, the procedure of the said council, the city and its officers, with respect to such improvement and fixing, and assessing, apportioning and collecting the cost thereof, shall, in all things be in compliance with the preceding and succeeding sections of this chapter of the Charter, and the provisions thereof which shall apply in all respects to proceedings under this section, except as in this section otherwise provided. Where improvements are made under the terms of this section, the work shall not begin until at least sixty (60) per cent of the estimated cost thereof, exclusive of the amount to be paid by railroads or street railroads has been assessed against the property abutting on the proposed improvement, or against the owners thereof. When improvements are made under the terms of this section, the proportion of the cost thereof assessed against the owners of property, and their property shall be payable by them to the city, or its assigns, in five (5) or more equal installments, the first of which shall be due thirty (30) days after the completion and acceptance of the improvement by the city, and the remainder in annual installments thereafter. Deferred payments shall bear interest at not to exceed eight (8) per cent per annum as may be fixed by the City Council, and default in the payment of any installment of principal or interest, when due, shall, at the option of said city, or its assigns, mature all unpaid installments, which shall, in such event, without notice, become collectible.
During the progress of and when improvements are completed under this section, the city may pay to the contractor making same, the whole agreed cost thereof, except amounts payable by the owner of railroads and street railroads, under the terms of this chapter. But upon such payment by the city, the contractor shall endorse and assign to the city, without recourse, all notes, contracts, liens or other securities or obligations given to said contractor by owners of abutting property to secure the payment of the cost of such improvements. The owners of property against whom and whose property, however, two-thirds of said cost shall have been assessed, shall pay the same to the city or its assigns, in installments, as above set forth. But such owner shall have the privilege of discharging said installments before maturity by paying same with accrued interest to date of payment. Payments so made to the city, or the proceeds of said assessments, if sold by the city, shall become part of the permanent street improvement fund and be sacredly preserved therein, and shall not be used in any manner except to make other permanent street improvements, where the cost or part thereof is assessed against abutting property or its owners.