Sections:
13.16.010 Purpose.
13.16.020 Declaration in resolution of intention.
13.16.030 Form - Interest - Execution.
13.16.040 Sale of bonds - Premiums.
13.16.050 Registration.
13.16.060 Payment of assessments with matured bonds and coupons.
13.16.070 Charges for collection costs.
13.16.080 Division of assessments.
13.16.090 Distribution of surplus remaining in redemption fund.
13.16.100 Bond plan A - Lot bonds.
13.16.110 Bond plan B - District bonds.
13.16.120 Bond plan C - District liability bonds.
13.16.130 Bond plan D - Ad valorem land bonds.
13.16.140 Bond plan E - Ad valorem realty bonds.
13.16.150 Bond plan G - Vehicle off-street parking bonds.
13.16.160 Bond plan H - Annual benefit assessment bonds.
13.16.170 Summary refunding.
13.16.180 Refunding proceedings without findings.
When bonds are to be issued in any proceeding had and taken in connection with any public improvement, and/or acquisition, and/or immediate possession, and/or street closing, pursuant to this title, the same shall be issued, paid and collected in accordance with this chapter.
(Ord. 2277 (part), 1966: prior code § 40.501(a))
When the council has determined that bonds shall be issued to represent the cost and expenses of any proposed work or improvement or of the possession or acquisition of any property in any such proceeding, it shall so declare in its resolution of intention therefor, and shall specify pursuant to which plan herein provided such bonds shall be issued, the date of their maturity following the date of their issuance, the interest rate which they shall bear, which shall not exceed six percent yearly; provided, however, that such interest rate may be stated to be not to exceed a rate stated therein.
(Ord. 2277 (part), 1966: prior code § 40.501(b))
(a) Form of Bonds. Whenever any bonds are issued pursuant to any one of the plans herein provided, such bonds shall be substantially in the form provided in the particular plan specified, with such appropriate changes in the wording of such bonds as to show that they had been issued pursuant to such plan of this chapter.
(b) Date. The bonds shall be dated as the council shall determine; provided, that in a proceeding had pursuant to Section 13.12.020, the written consent of the contractor and his assigns shall be obtained before delaying their date.
(c) Interest. The interest shall be computed from a date on or after the thirty-first day following the recordation of the assessment; provided, however, that in a proceeding had pursuant to Section 13.12.020, the written consent of the contractor or his assigns shall be obtained.
(d) Serial Amounts. The bonds shall be made to mature in such annual serial amounts as the council shall determine.
(e) Divisions. The bonds may be issued in more than one division having different dates and dates from which interest shall run.
(f) Execution. The signature on the interest coupons and all signatures excepting one signature on the bonds may be by printed, engraved or lithographed or other process.
(Ord. 2277 (part), 1966: prior code § 40.501(c)(1))
(a) Sale of Bonds. When any bonds issued hereunder are to be sold, they may be sold by the council as it shall determine. The proceeds of such sale shall be placed in the city treasury to the credit of the fund for which they had been issued, and shall be applied exclusively to the purposes and objects thereof.
(b) Premium. If any bonds are sold for an amount in excess of par, such excess shall be paid into the fund for the improvement, unless the council shall otherwise determine.
(Ord. 2277 (part), 1966: prior code § 40.501(i), (j))
(a) Against Theft. The bonds may be registered against theft, in which event Article 7, Chapter 4, Division 4, Title 4 of the Government Code shall apply.
(b) Delinquent Bonds. Bonds may be registered for nonpayment, in which event Article 2, Chapter 3, Part 1, Division 1, Title 5 of the Government Code shall apply.
(c) Lost Bonds. New bonds or coupons may be issued to replace lost or destroyed bonds, in which event the provisions of Article 3, Chapter 3, Part 1, Division 2, Title 5 of the Government Code shall apply.
(Ord. 2277 (part), 1966: prior code § 40.501(k), (l), (m))
Loading...