(1) A city may finance the cost of an improvement in whole or in part by special assessments made as provided in KRS 91A.200 to 91A.290.
(2) Cost of an improvement shall be apportioned equitably on a fair basis.
(3) The city may provide for lump-sum or installment payment of assessments or for bond or other long-term financing, and for any improvement may afford property owners the option as to method of payment or financing.