(a) As a cumulative remedy, Assessments and related charges and penalties to pay the principal of or interest on the Bonds, which are not paid when due, may be collected by an action brought in superior court, in accordance with the provisions of Part 14 (commencing with Section 8830) of Division 10 of the California Streets and Highways Code.
(b) The City Council may, by an Indenture pursuant to which the Bonds are issued covenant for the benefit of the owners of the Bonds to commence and diligently pursue any foreclosure action regarding delinquent Assessments for the payment of the principal of or interest on any Bonds that are issued and, at any time may assign the causes of action arising from the foreclosure to a trustee to do so on behalf of the owners of the Bonds. Such Indenture may specify a deadline for commencement of the foreclosure action and any other terms and conditions the City Council determines reasonable regarding the foreclosure action.
SECTION HISTORY
Added by Ord. No. 172,856, Eff. 11-8-99.