(A) The Council, in adopting a method of assessment of the costs of the improvement, may:
(1) Use any just and reasonable method of determining the extent of any improvement district consistent with the benefits derived;
(2) Use any method of apportioning the sum to be assessed as is just and reasonable between the properties determined to be specially benefitted; and
(3) Authorize payment by the city of all, or any part of, the cost of any such improvement, when, in the opinion of the Council, the topographical or physical conditions, or unusual or excessive public travel or other character of the work involved bonds only a partial payment or no payment by the benefitted property of the costs of the improvement.
(B) Notwithstanding other provisions of this subchapter, the Council hereby authorizes the financing of local improvements by the issuance of general obligation bonds in accordance with the procedures provided by state law, except as otherwise provided herein. General obligation improvement bonds may be issued when authorized by ordinance for each contract for the construction of a local improvement district in an amount equal to:
(1) The amount to be paid by the city to the contractor for the construction of a local improvement, not exceeding the bid price of each contract, plus 15% for approved change orders; and
(2) All engineering, legal and administrative costs expended on the local improvements.
(C) From time to time, the Council may, upon recommendation of the City Recorder, call for bids on the interest rate for general obligation improvement bonds on the estimated amount of the proposed assessments for local improvement districts, authorized or to be authorized. Bids shall meet the conditions and requirements provided for in the authorizing ordinance.
(D) Upon return of the bids, the Council may award to the highest and best-qualified bidder offering the most advantageous interest rate the full amount of general obligation improvement bonds to be issued for local improvements specified in the ordinance requesting bids; provided further, the Council may reject any and all bids.
(E) The ordinance authorizing the call for bids shall also authorize the issuance of the general obligation improvement bonds to the successful bidder as determined by the Council, subject to the provisions of this subchapter. Thereafter, the City Recorder is authorized to deliver to the successful bidder from time to time as he or she deems necessary, general obligation improvement bonds in an amount equal to the estimated amount payable by the city, pursuant to contracts for the construction of local improvements not exceeding the bid price of each contract, plus 15% for approved change orders.
(F) General obligation improvement bonds shall be issued in denominations as stated in the ordinance authorizing call for bids, shall be numbered consecutively, shall be dated the first day of the month in which they are delivered to the successful bidder and shall mature within the time provided by state law. The successful bidder shall pay accrued interest from the date of the bonds to the time of delivery.
(G) Upon completion of any local improvement contract and the spreading of assessments upon the property benefitted thereby, all proceeds from the collection of un-bonded assessments, the sale of improvement bonds and the foreclosure of improvement liens for un-bonded assessments realized from the local improvement with respect to which such general obligation improvement bonds are issued, shall be transferred from the local improvement district assessment fund created for that particular improvement and applied to the call and payment of such bonds as rapidly as funds are available, as provided by statute.
(H) (1) Nothing contained in this subchapter shall preclude the Council from using any other available means of financing improvements, including federal and state grants-in-aid, sewer charges or fees, revenue bonds, general obligation bonds or any other legal means of finance.
(2) In the event that such other means of financing improvements are used, the Council may, in its discretion, levy special assessments according to the benefits derived to cover any remaining part of the costs of the improvement.
(Prior Code, § 2.01.080) (Ord. 117, passed 10-19-1981)