(a)
(1) If for any cause the improvement shall not be made, the cost shall be a charge upon the real property in the central business improvement district and shall be raised and paid by an assessment upon the real property in the district as assessed for state and county purposes.
(2) The assessment shall be levied by the governing body on the application of any person interested and shall be paid to the district to be distributed among the creditors of the district.
(b) When any improvement is abandoned, it is made the duty of the board of commissioners to report to the governing body the total amount of the debts which it has incurred, to the end that the governing body may make adequate provision for their payment.