(A) The Board of Works, in the carrying out of any project under the Official Thoroughfare Plan adopted by this chapter, shall consider and determine what proportionate part of the cost of the project, or of any separate phase of improvement thereunder, shall be paid by the city out of the Thoroughfare Fund, including any increase of damages ordered by any court on appeal, as benefit to the city at large, and, at the time, shall determine the amount, if any, of the total cost of any phase of improvement under the project, including damages awarded by the Board which shall be assessed as benefits upon the real estate within a special benefit district.
(B) In the event the cost of acquisition and the benefits assessed against the city by reason of any project shall, at any time, be in excess of the amount of money then standing to the credit of the Thoroughfare Fund of the city, the city shall have the power, and the Council is hereby authorized by ordinance to issue a bond in a sum sufficient to pay for the benefit, or any part thereof, as it may be deemed necessary, the same to be issued and sold in the same form and manner, and with the same rate of interest and with maturities as are by law provided for the issuance and sale of bonds of the city for the general purposes, and the proceeds of the sale of the bonds shall be deposited in and credited to the Thoroughfare Fund, to be used in payment for the cost of acquisition, and the benefits assessed against the city at large, and any increase damages which may be ordered paid by any court on appeal.
(Prior Code, § 154.32) (Am. Ord. 8-86, passed 7-14-1986)