In the event that the City elects Option “B,” the Clerk shall prepare an assessment schedule on the following basis:
1. Assessment Rate. The amount of the contract payment shall be divided by aggregate actual value of all parcels of real estate subject to taxation within the corporate limits of the City to determine the contract payment assessment rate (hereinafter “assessment rate”).
2. Assessment. The assessment rate shall be multiplied by the actual value of each individual parcel of real estate subject to taxation within the corporate limits of the City to determine the contract payment assessment (hereinafter “assessment”) for each such parcel. Assessments shall be expressed in dollars and cents and cents shall be carried to three digits. If the last digit of the cents of any assessment is less than five, the assessment shall be lowered to the next even cent. If the last digit of the cents of any assessment is five or more, the assessment shall be raised to the next even cent. No assessment shall be less than one cent.
3. Assessment Schedule. The assessments shall be shown on an assessment schedule which shall state a description of the parcel of real estate involved, the name and address of the owner thereof and the amount of the assessment.
4. Certification. The assessment schedule shall be certified to the Council for approval.