SECTION 40. IMPROVEMENT CONTRACTS; LIMITATION OF ASSESSMENT.
   In levying special assessments to pay any part of the cost of any public work or improvement, the City Commission shall not exceed any limitation as to amount prescribed by the general laws of the state applicable to municipalities. Unless for special reason which shall be stated in the ordinance levying an assessment or providing for the issue of bonds to pay any part of any such improvement to be made pursuant to contract, no such ordinance shall be passed, or assessment levied, or money borrowed, until sealed competitive bids for the labor and material have been received and the approximate cost of the improvement determined.