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All monies received from the issuance of any authorized bonds shall be used solely for the purpose or purposes for which issued, including, without limitation, if authorized, the payment of preliminary expenses incurred in connection with the purpose, the payment of interest on the bonds for a period not to exceed three (3) years from the date of the bonds, and all other incidental expenses. However, any unexpended balance of bond proceeds remaining after the completion of the acquisition or improvements for which the bonds were issued shall be paid immediately into the fund created for the payment of the bond principal and shall be used in that manner. The validity of the bonds shall not be dependent on or affected by the validity or regularity of any proceedings relating to the acquisition or improvements for which the bonds are issued. The purchaser or purchasers of the bonds shall in no manner be responsible for the application of the proceeds of the bonds by the City or any of the City's officers, agents and employees. (Ord. 2771; 1968 Code §12-68; Ord. 01-42)
Whenever it is considered advisable by the City, and the Chief Financial Officer has funds in the Chief Financial Officer's hands to the credit of any local improvement district exceeding the amount of interest on the unpaid principal accruing on the next principal payment date and, if maturing serially, the principal accruing on the next principal payment date, then the Chief Financial Officer shall, by publication at least once not less than fifteen (15) days prior to the redemption date in a newspaper of general circulation in the City, call in a suitable number of bonds of the local improvement district for payment for the principal amount of those bonds and accrued interest to the redemption date. The notice shall specify the bonds being called by number, and the called bonds shall be paid in the order designated in the authorizing ordinance. After the designated redemption date interest on the called bonds shall stop accruing. Nothing shall be construed as preventing the City from providing that bonds shall be redeemed only on interest payment dates. The holder of any bonds may at any time furnish the holder's post office address to the Chief Financial Officer, and in which case a copy of the advertisement shall be mailed by the Chief Financial Officer to the holder of the bonds called, at the address provided, within three (3) days of the date of notice publication. (Ord. 2771; 1968 Code §12-69; Ord. 01-42; Ord. 11-19)
When all outstanding bonds have been paid in a local improvement district and any money remains to the credit of that district, the money shall be transferred to the special surplus and deficiency fund. Whenever there is a deficiency in any local improvement district to meet payment of outstanding bonds, the deficiency may be paid out of the special surplus and deficiency fund. (Ord. 2771; 1968 Code §12-70; Ord. 01-42)
The City may provide for the payment of all of the City's necessary preliminary expenses actually incurred in the making of surveys, estimates of costs and revenues, the employment of engineers, architects, fiscal agents, attorneys at law, clerical help, other agents or employees, the making of notices, taking of options, and all other expenses necessary or desirable to be made and paid prior to the authorization for or the issuance of the local improvement district bonds. No expenditures shall be made or paid unless an appropriation has been made and budgeted as required by the City Charter. Any funds expended by the City for preliminary expenses incurred in connection with the same purpose as that for which the bonds are issued may be fully reimbursed and repaid to the City out of the proceeds derived from the issuance of the bonds, in which case those expenses shall be included as an incidental cost for assessment purposes. The amount advanced by the City to pay preliminary expenses may be made a first charge against the bond proceeds by the ordinance authorizing the issuance of the bonds. (Ord. 2771; 1968 Code §12-71; Ord. 01-42)
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