The Council may elect to agree to purchase, and purchase, out of the general funds of the City, an assignment of the warrant, assessment and diagram upon delivery thereof to the contractor pursuant to Section 6.197 of this article at the option of the contractor. Any such purchase shall be in the total amount of the several assessments upon the Assessment Diagram attached to the warrant. Any such election to purchase an assignment of the warrant, assessment and diagram by the City shall be stated in the Ordinance of Intention, in which event said ordinance shall be adopted by a four-fifths vote of the entire Council. Upon the purchase of such an assignment by the City, the City shall succeed to all rights and liens of the contractor to collect and to enforce the payment of the assessments and all bonds issued to represent said assessments.
SECTION HISTORY
Based on Ord. No. 126,186.