The City Council shall have the power to make special assessments
for public improvements and other public purposes in accordance with
the law. The whole or any part of the expense of any public improvement
may be defrayed by special assessment upon the property especially
benefitted in proportion to the benefits derived or to be derived.
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 City if such excess is five
percent (5%) or less of the assessment. Should the assessment prove
larger than necessary by more than five percent (5%), the entire excess
shall be refunded on a pro rata basis to the owners of the property
assessed. Such refund shall be made by credit against future unpaid
installments to the extent such installments then exist and the balance
of such refund shall be in cash. No refunds may be made which contravene
the provisions of any outstanding evidence of indebtedness secured
in whole or in part by such special assessment.