The councils of the cities of the second class, of this commonwealth, shall be authorized to make an amicable settlement with parties assessed with the cost of grading, paving and curbing or otherwise improving of streets or avenues in said cities, under general or special laws; that in making such settlement councils shall be authorized to determine the proportion of the lien for each or all or any portion of the streets or avenues improved as aforesaid to be paid, and to fix the time or times of payment, and that when the amount so adjusted by councils shall have been fully paid, the assessment or lien upon which it has been paid shall be considered as paid in full.
53 P.S. § 24395