(A) The Village Clerk shall, within 60 days after the completion of each local or special public improvement, compile the actual cost thereof and certify the same to the Assessor who shall adjust the special assessment roll to correspond therewith. Should the assessment prove larger than necessary by 5% or less, the same shall be reported to the Council which may place the excess in the village treasury or make a refund thereof pro rata according to the assessment. If the assessment exceeds the amount necessary by more than 5%, the entire excess shall be credited to owners of property as shown by the village assessment roll upon which the assessment has been levied, pro rata according to the assessment; provided, however, that no refunds of special assessments may be made which impair, or contravene the provision of any outstanding obligation or bond secured in whole or part by the special assessments.
(B) Refunds shall first be credited against future unpaid installments and any balance shall be paid to the person who paid the assessment, in cash.
(1984 Code, § 1.90)