(1) As used in this section, "district" means the district within which lie the lands deemed by the governing body to be specially benefited by the establishment of the pedestrian mall even though assessments may not be levied to pay for improvements. (2) Following the establishment of a pedestrian mall pursuant to this part 4 and annually on or before December 1 of each year, the governing body or other body or agency having jurisdiction or responsibility for the improvements may prepare and approve an estimate of the expenditures required during the ensuing fiscal year for the maintenance, operation, and repair of the pedestrian mall and shall deduct from such estimate the amount of revenues, if any, which the governing body estimates will accrue to the municipality during such year from the operation of the pedestrian mall. (3) The said governing body or agency may then through the levying authority levy and collect in any year upon and against all of the taxable land and improvements within the district a special ad valorem assessment sufficient to raise a sum of money to provide the net amount as so determined, but in no event shall the rate of assessment in any one year exceed one-half mill against the valuation for assessment of each property in the district as shown on the assessment roll used by the county for the municipal taxation. The levy shall be made with notice and hearing to all owners affected thereby. The limitation as set forth in this subsection (3) shall not be construed to limit in any manner the financing of improvements which may be erected in the mall area. (4) The special ad valorem assessment shall be levied, collected, and enforced at the same times, in the same manner, by the same officers, and with the same interest and penalties as in the case of general taxes levied by the municipality. (5) The proceeds of the assessment shall be placed in a separate fund by the said governing body or agency and shall be expended only for the maintenance, operation, repair, or improvement of the pedestrian mall.
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