SEC. 250.284. PAYMENT OF ASSESSMENTS WITH MATURED BONDS AND COUPONS.

   Payment of all, or any portion, of any assessment levied to pay the principal or interest due, or to become due, on the bonds of any district formed under this Procedure Code may be made with matured bonds or matured coupons of such district. Such bonds and coupons shall be accepted and treated as cash, and when so received shall be cancelled; and the interest and sinking fund of such district shall be credited with the face value thereof.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.285. DISTRIBUTION OF SURPLUS.

   In the event of a surplus remaining in the redemption fund after payment of the entire principal and interest on all bonds issued under any plan mentioned herein, for retirement of which such fund shall have been established, such surplus shall, subject to any other special provision herein therefor, be applied first to repayment to the City of any balance due it for contributions and advances which it may have made to the redemption fund and of any special levies which it may have undertaken in aid thereof other than any regular annual assessments levied to retire any such bond, and of any monies due it for costs incurred or charges allowed, together with interest on such sums at the rate mentioned in such bonds. The excess, if any, shall be paid into the general fund of the City.

(Added by Ord. 225-81, App. 5/5/81)

SUBDIVISION 2 BOND PLAN A-LOT BONDS

SEC. 250.290. POWERS.

   The bond provisions of the Improvement Act of 1911, as such provisions may be amended from time to time, are incorporated in and made a part of this Subarticle. When bonds are issued pursuant to this Plan, except as otherwise provided herein, said provisions shall apply.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.291. INTEREST.

   When the assessment is levied under Subdivision 2 of Subarticle V hereof, interest shall run from the date of filing the list of unpaid assessments. Otherwise, interest shall run from a date to be determined by the Board.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.292. ASSESSMENTS UNDER $150.

   As an alternative method for the collection of such assessments which are of an amount less than $150, proceedings may be had in accordance with the alternative provisions of Subdivision 2 of Subarticle V hereof.

(Added by Ord. 225-81, App. 5/5/81)

SUBDIVISION 3 BOND PLAN B-DISTRICT BONDS

SEC. 250.295. POWERS.

   The Improvement Bond Act of 1915, as such Act may be amended from time to time, is incorporated in and made a part of this Subarticle. Where bonds are issued pursuant to this Plan, except as otherwise provided herein, said Act shall apply.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.296. ASSESSMENTS UNDER $150.

   Bonds may be issued in the total amount of all assessments in amounts of less than $150 which are unpaid at such time, to mature at the same time as the maturity of the first series of the serial bonds, and which small assessments shall become due and payable at the same time as the portion of the greater assessments which shall have been collected for the payment of the first series of the serial bonds and the interest thereon.

(Added by Ord. 225-81, App. 5/5/81)