After said public hearing, the Council may, by resolution, determine to make the improvement and to defray the whole or any part of the cost of the improvement by special assessment upon the property especially benefited in proportion to the benefits derived or to be derived. By such resolution the Council shall approve plans and specifications for the improvement; determine the estimated cost thereof; determine what proportion of such cost shall be paid by special assessment upon the property especially benefited and what part, if any, shall be a general obligation of the City; determine the number of installments in which assessments may be paid; determine the rate of interest to be charged on installments, not to exceed six percent per annum; designate the district or land and premises upon which special assessments shall be levied; and direct the Assessor or assessing officers to prepare a special assessment roll in accordance with the Council's determination.
(1981 Code § 1.157)