(A) The Responsible Public Agency, 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 on appeal, as benefit to the 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 the Board, which shall be assessed as benefits on 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, with the approval of the Mayor, to issue and sell bonds of the city in a sum sufficient to pay for such benefit, or any part thereof, as may be deemed necessary, the same to 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 purposes thereof, and the proceeds of the sale of such bonds shall be deposited in, and credited to, the thoroughfare fund, to 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.
('75 Code, App. C § 7) (Ord. 4151, passed 12-18-72)