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• hundred twenty (120) days after thc conclusion of the public h aring, submit the proposed local improvement and its assessment formula to the voters of the City. If no election is scheduled during such one hundred twenty (120) day period, the Council shall schedule a special election by which said improvement and its associated assessment formula can be submitted to the City's voters. If a majority of those voting • • AM Mk shall not proceed with the local improvement as proposed. eCee Subdivision 3. When a proposed improvement is allowed under the foregoing subdivision, and the public record of thc proposed improvement contains all of thc proposed contract exceeds the estimated cost of the engineer stated at the public hearing held under Subdivision 1 by more than ten (10 %) percent, the City Council may {1) time only. {1) year after the public hearing on said improvement. may be assessed against property benefitted and may be collected in the same manner 11 ! 1_ e Section 8.06. When under the provisions of section 8.01, Subdivision 1, an 1.o. owners, such property owners may after the mailing of notice of a public hearing, petition to waive fifty (50) of the sixty (60) days waiting period. After such petition, thc Section 2. That Chapter 8 of the Lino Lakes City Charter be amended by adding thereto a new Section 8.01 to read as follows: Section 8.01. Local Improvements Defined; Charter Provisions Effective. Subdivision 1. For the purposes of this Chapter, the term "local improvements" means any public improvements financed in whole or in part from special assessments. Subdivision 2. For the purposes of any objection or petition under this Chapter, (a) each parcel is considered to have one owner, and only one person or entity may sign an objection or petition on behalf of any additional owners of that parcel; and (b) if