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(A) The City Clerk shall promptly apply all money paid on assessment installments, including interest and penalties, to the payment of bonds and coupons issued in anticipation of the collections of the assessments. If the fund accumulated from the collection of installments, interest, and penalties for any particular improvement is more than sufficient to pay the principal and interest of the bonds issued in anticipation of the collections, such excess shall be deposited into the General Fund of the city. If there is any deficit, the city may provide for its payment out of the general funds of the city.
(B) The installments, interest, and penalties collected for any one improvement project shall be recorded in a separate account. Collections for the account of any and all such improvement projects may be deposited and kept in a single depository or fund, but money from such depository or fund may be disbursed only for interest or in redemption of bonds issued for a particular improvement and only when the account balance of such improvement project evidences the availability of money for such disbursement. However, money collected in excess of interest and redemption requirements for any improvement project may be transferred to the General Fund of the city.
(Ord. O-18-83, passed 5-24-83)
(A) To provide a fund for the immediate payment of the cost of any public improvement made on the installment payment plan, the City Council may by ordinance provide for and sell bonds in anticipation of the collection of such installments of the assessments against property owners who elected the installment payment plan, pledging the assessments and the liens on the property for the payment of the principal and interest of the bonds, and apply the proceeds exclusively to the payment of the cost of the particular improvement in anticipation of the collection of the assessments for which the bonds are issued. The bonds shall be dated 30 days after the original due date for the assessment and shall be made payable to bearer.
(B) The bonds for each separate assessment shall be numbered consecutively throughout. Where the assessment will be payable in the manner provided in § 39.06(A) and (C), the bonds shall be divided into ten series. Where the assessment will be payable in the manner provided in § 39.06(B) and (D), the bonds shall be divided into nine series. The series in each case shall be as nearly equal as practicable.
(C) The bonds shall be of the denomination of $100 or its multiple. Any odd amount over $100 or its multiple may be included in the last bond to mature. No bond shall be issued for less than $100. The bonds shall have the name of the assessment project for which they are issued printed, engraved, or written thereon, and shall state the character of the improvement.
(D) The bonds, with interest, shall be payable at the depository selected by the purchaser of the bonds, or if no such selection is made, at the depository designated by the city. Where the bonds are divided into ten series, the first series shall be payable 30 days after the first installment of the assessment, and the remaining series shall be payable one each year thereafter for nine years. Where the bonds are divided into nine series, the first series shall be payable 30 days after the second installment of the assessment becomes due, and the remaining series shall be payable one each year for eight years. The bonds in every case shall bear interest at the rate at which the bonds are sold by the city pursuant to competitive bidding.
(E) The city may, prior to sale, fix a maximum interest rate for the bonds. If the first series of bonds is payable more than one year after the date which the bonds bear, an initial interest payment shall be payable on a date six months prior to the due date of the first series, covering the interest accrued on all series to that date. If the first series of bonds is payable less than one year after the date which the bonds bear, the initial interest payment covering accrued interest on all series shall be payable on the due date of the first series. After the initial interest payment, interest on all unpaid bonds shall be payable semiannually at the end of each six months. All bonds shall have suitable coupons attached thereto evidencing the initial and semiannual interest.
(F) The bonds and coupons shall be signed by the Mayor and countersigned by the City Clerk but the coupons may bear facsimile signatures. The City Clerk shall attest the signatures to the bonds under the city seal. It shall not be necessary in the bonds to recite the steps taken in ordering the improvement or in assessing the assessment, but it shall be sufficient to make a general reference to those proceedings and to this chapter. The bonds shall be negotiable and shall be free from all defenses by any property owner.
(G) In lieu of the bearer form of coupon bonds described above, the purchaser of the bonds may elect to have them issued as fully registered bonds without coupons or as a single fully registered bond without coupons. In the event of such election, the times and manner of payment of principal and interest and the redemption provisions of the fully registered bond or bonds shall correspond to those provided herein for the coupon bonds.
(H) The bonds shall be exempt from all taxation. They shall not be sold for less than par and accrued interest.
(I) Any premium realized from the sale of the bonds shall go into the fund for the payment of the bonds and interest.
(J) Several public improvements of the same class may be combined for the purpose of issuing bonds.
(Ord. O-18-83, passed 5-24-83)
(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)
PUBLIC PROJECTS
(A) A nonprofit, nonstock corporation is hereby established pursuant to the provisions of KRS 273.161 through 273.390 to be known as the "City of Florence, Kentucky, Public Properties Corporation" (the "Corporation") to have and exercise the purposes and powers as may exist from time to time under its Articles of Incorporation.
(B) The Articles of Incorporation of the Corporation are approved and authorized substantially in the form attached to Ord. O-30-86 as Exhibit A (said Exhibit A to be hereby incorporated by reference as if fully set forth herein), which Articles of Incorporation may be amended subject to approval pursuant to an order or resolution of this City Council.
(C) The Directors of the Corporation shall be as set forth in Articles of Incorporation.
(Ord. O-30-86, passed 10-28-86)