The Council shall limit all assessments to the special benefits conferred upon the property assessed, and in no case shall there be levied on any lot or parcel of land any assessment for any or all purposes within a period of five years in excess of thirty-three and one-third per cent (33-1/3%) of the actual value thereof after the improvement is made, provided, however, that when a petition subscribed by three-fourths in interest of the owners, or the owners of sixty percent of the foot frontage of the property abutting upon a street, alley, or highway of any description between designated points in a municipal corporation, is regularly presented to the Council for that purpose, the entire cost of any improvement of such street, alley, or highway, including the cost of intersections and regardless of the limitations of Section 106 of this Charter and without reference to the value of the lands of those who subscribed such petition, may be assessed and collected in equal annual installments proportioned to the whole assessment, in a manner which may be fixed by the Council. The interest on any bonds issued by the corporation, together with the annual installments herein provided for, and the costs of such proceedings and assessments, shall be assessed upon the property so improved. When the lot or land of one who did not subscribe the petition is assessed, such assessment shall not exceed thirty-three and one-third percent of the actual value of his lot or land after improvement is made. The guardian of infants or insane persons may sign such petition on behalf of their wards only when expressly authorized by the Probate Court on good cause shown. Assessments levied for the construction of main sewers shall not exceed the sum that, in the opinion of the Council, would be required to construct an ordinary street sewer or drain of sufficient capacity to drain or sewer the lots or lands to be assessed for such improvement, nor shall any lots or lands be assessed that do not need local drainage, or which are provided therewith.