A. The City Council may, by resolution, determine and declare that bonds shall be issued to finance the estimated acquisition, construction and installation costs of the proposed capital improvements, other than costs of maintenance and servicing, under either the Improvement Bond Act of 1915, Cal. Sts. & High. Code Div. 10, commencing with § 8500 or the Marks-Roos Local Bond pooling Act of 1985, Cal. Gov't Code Div. 7, commencing with § 6584. Either Cal. Sts. & High. Code Div. 10, (commencing with § 8500) or Cal. Gov't Code Div. 7 (commencing with § 6584), as the case may be, shall govern all proceedings relating to the issuance of those bonds. Alternatively, the City may determine and declare that notes shall be issued for the same purposes for which bonds may be issued. The maximum term to maturity of any notes issued shall not exceed ten (10) years.
B. The resolution pursuant to Subsection A. of this Section shall generally describe the proposed improvements, other than the costs of maintenance and servicing, specify the number of annual installments and the fiscal years during which they are to be collected, and fix or determine the maximum amount of each annual installment necessary to retire the bonds or any notes issued. The amount of debt service to retire the bonds or notes shall not exceed the period of the bonds or notes.
C. Notwithstanding any other provision of this chapter, assessments levied to pay the principal of, and interest on, any bond or note issued pursuant to this Section, shall not be reduced or terminated if doing so would interfere with the timely retirement of the debt.
('65 Code, § 33I-19) (Ord. No. 87-012 § 1; Ord. No. 2012-004 § 1 (part))