If assessment is made before the total costs of the improvement are known, and it be found that the amount assessed is insufficient to defray the expenses of the improvement, the council may by motion declare such deficit and prepare a proposed deficit assessment. The council shall set a time for a hearing of objections to such deficit assessment and shall direct the recorder to publish a reasonable notice thereof in a newspaper of general circulation printed and published in the city. The council, upon such hearing, shall make a just and equitable deficit assessment by ordinance. Such deficit assessment shall be consolidated with the assessment in the lien docket in accordance with the provisions of Section 3.12.120. Thereafter, the provisions of Sections 3.12.130 and 3.12.140 shall be applicable with regard to such deficit assessment. (Prior code § 2.026)