If a municipality levies special assessments against specific parcels of property under the Barrett Law, the municipal fiscal officer shall collect and enforce the special assessments and pay the bonds issued in anticipation of the collections of the special assessments if the following conditions are met:

1. (1) The municipal legislative body has by ordinance declared that the proposed improvement will be:

   1. (A) a general benefit to the municipality and the citizens of the municipality; and
   2. (B) a special benefit to the property owners in the area where the improvement is to be located.

2. (2) The ordinance has established the following:

   1. (A) The general and special benefits described in subdivision (1).
   2. (B) The proportions of the general and special benefits described in subdivision (1).
3. (3) The provisions of the Barrett Law have been followed.

As added by P.L.98-1993, SEC.8.