The excess by which any special assessment proves larger than the actual cost of the improvement and expenses incidental thereto, may be placed in the General Fund of the village, if such excess is 5% or less of the assessment; but should the assessment prove larger than necessary by more than 5%, the entire excess shall be refunded on a pro-rata basis to the owners of the property taxes. Such refund shall be made by credit against future installments in the inverse order in which they are payable, to the extent that such installments shall exist, and the balance of such refund shall be paid in cash to the owners of the property as shown by the last tax roll. No refunds may be made which contravene the provisions of any evidence of indebtedness secured in whole or in part by such special assessments.
(2005 Code, § 9.122) (Ord. 2-88, passed - -)