.010 The City Council may, by resolution, determine and declare that bonds shall be issued to finance the estimated cost of some or all of the proposed improvements described in the resolution of formation adopted pursuant to Section 2.14.090, if the resolution of formation adopted pursuant to that section provides for the issuance of bonds, under the Improvement Bond Act of 1915 (Division 10 (commencing with Section 8500)) or, if appropriate, in conjunction with Marks-Roos Local Bond Pooling Act of 1985 (Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code). Either act, as the case may be, shall govern the proceedings relating to the issuance of bonds, although proceedings under the Bond Act of 1915 may be modified by the City Council as necessary to accommodate assessments levied upon business pursuant to this chapter.
.020 The resolution adopted pursuant to Section 2.14.040 shall generally describe the proposed activities or improvements specified in the resolution of formation adopted pursuant to Section 2.14.090, set forth the estimated cost of those improvements, specify the number of installments and the fiscal years during which they are to be collected. The amount of debt service to retire the bonds shall not exceed the amount of revenue estimated to be raised from assessments over thirty (30) years.
.030 Notwithstanding any other provision of this chapter, assessments levied to pay the principal and interest on any bond issued pursuant to this section shall not be reduced or terminated if doing so would interfere with the timely retirement of the debt. (Ord. 6174 § 1 (part); July 27, 2010.)