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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 Procedure Code, the same shall be issued, paid and collected in accordance with this Subarticle.
(Added by Ord. 225-81, App. 5/5/81)
When the Board shall have 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 maximum term that any of the bonds may run, the interest rate which they shall bear, provided, however, that such interest rate may be stated to be not to exceed a rate stated therein.
(Added by Ord. 225-81, App. 5/5/81)
Whenever any bonds shall be 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 Subarticle.
(Added by Ord. 225-81, App. 5/5/81)
The interest shall be payable semiannually, except for the first payment which may be different, and computed from a date on or after the 31st day following the recordation of the assessment, subject, however, to Section 250.273 hereof.
(Added by Ord. 225-81, App. 5/5/81)
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