If, after hearing any objections, the Council shall determine to proceed with the improvement, it shall so determine by resolution. Such resolution shall include the determination of the necessity for the improvement, set forth the nature thereof, designate the limits of the special assessment district to be affected, describe the lands to be assessed, determine the parts or portion of the cost to be paid by the lands especially benefited thereby, and the part or proportion, if any, to be paid by the village at large, determine the number of installments in which the said assessment may be paid, not to exceed ten annual installments, the rate of interest, not exceeding 5% to be charged if the payment of any balance is to be deferred, and shall order the Village Superintendent to prepare plans, profiles, and specifications for the work to be done. The cost of all improvements for which a special assessment may be levied shall be borne in whole or in part by the property within the special assessment district to the extent specified by the Village Council in the resolution determining the necessity for such improvement.
(2005 Code, § 9.109) (Ord. 2-88, passed - -)