After the public hearing, the Commission 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 this resolution the Commission shall approve the plans and specifications for the improvement; determine the estimated cost therefor; determine what proportion of the 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 6% per annum; designate the district or land and premises upon which special assessment shall be levied; and direct the Assessor to prepare a special assessment roll in accordance with the Commission’s determination.
(1993 Code, § 33.21)