If the assessment proceedings are not required to be abandoned, the city council in its discretion may approve the assessment report as submitted or may modify it and approve it as modified, except that the city council may not increase the amount of any assessment or maximum assessment as stated in the assessment report. Approval of the assessment report shall constitute the levy of the assessments for the ensuing fiscal year. Thereafter, not later than the first Monday in August in each fiscal year during the term of the assessments, the city council may levy the annual assessments in amounts not exceeding the maximum assessments stated in the assessment report, or, if no maximums were stated, not exceeding the initial assessments. (Ord. 1946 NCS §1 (part), 1993.)