(A) Bonds issued under this chapter and the interest thereon, shall be payable exclusively out of the funds actually collected by the city on account of the assessment in anticipation of which the bonds are issued. The city shall in no event be liable on any such bonds except to the extent of funds so actually collected.
(B) Bonds of the last four series of any issue shall be subject to payment and redemption without premium at any interest-paying date that occurs within five years of the due date of the bonds. The City Clerk shall give the owner of the bond proposed to be redeemed at least 20 days' notice by registered letter. The owner of any bond subject to redemption shall notify the City Clerk of his post office address and any changes therein and the City Clerk shall keep a record of the address opposite the number of the bond on his records. The notice shall be directed to the recorded address, and such owner at his last known address. The bond specified shall bear no interest after the date fixed for its redemption, and this provision shall be shown in substance on the bonds. Mailing the registered letter 20 days before the time fixed for redemption shall be deemed a compliance with this division.
(C) After the issue of the bonds, no suit shall lie to enjoin or resist the collection of any assessment in anticipation of which the bonds are issued, and the validity of the same shall not be questioned, but all property owners shall be conclusively estopped from assailing the effectiveness or validity thereof.
(D) The bonds shall convey to the owners thereof all right, title, and interest in the assessment and liens on the benefited property, which liens, until released after payment, shall stand as security for the bonds and coupons until they are paid. If any bond or coupon is not paid on presentation, the owner thereof may maintain an appropriate action to compel the city to enforce collection of the assessment and in such an action it shall not be necessary to make the other bondholders parties. The proceeds of the action shall be paid into the city treasury for the redemption of matured bonds and coupons as if paid without suit.
(Ord. O-18-83, passed 5-24-83)