(a) When the governing body of any city or incorporated town in this state shall deem it desirable to enter into a street improvement program in the city or town or any defined areas thereof, the governing body of the city or town may cause studies to be made of:

(1) The needs for street improvements including grading, paving, curbing, guttering, drainage, and storm sewers in the city or town or the designated areas thereof; and

(2) The approximate cost of the improvements, the means available for financing the improvements, the portion thereof which the municipality is willing and able to pay, taking into account any funds available to the city for street improvements including federal funds and the approximate assessment which would be made against each lot or parcel of property in the defined area to reimburse the city for the cost of the improvements to be borne by the property owners in the area.

(b) Upon the completion of the study and determination as provided for in this section, the governing body of the municipality may adopt a resolution setting forth the findings and determinations and agreeing to make the improvements and pay for the improvements out of funds available to the municipality for those purposes, provided the property owners in the municipality or defined areas thereof agree to repay the municipality the cost of the improvements or a prescribed percentage of the cost through uniform, ad valorem, according to value assessed benefits upon each lot or parcel of property in the municipality or defined areas thereof. The governing body of the municipality shall cause the resolution to be published one (1) time in a newspaper of general circulation in the municipality.