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SUBDIVISION 4
BOND PLAN C-DISTRICT (LIABILITY) BONDS
BOND PLAN C-DISTRICT (LIABILITY) BONDS
The provisions of the Improvement Bond Act of 1915 which require the City to advance, as a loan to the bond redemption fund from available surplus funds, the amount of any delinquent installment of principal, interest and penalties thereon, shall not be mandatory and shall not be enforceable.
(Added by Ord. 225-81, App. 5/5/81)
The provisions of the 1915 Act which require that the City shall cause to be levied a special tax of not to exceed 10\F on the $100 of taxable property in the City, if constitutionally available, shall be restricted to the taxable property within the assessment district created in the proceedings or other district deemed benefited thereby and described in the resolution of intention, and shall not be enforceable against the City as a whole.
(Added by Ord. 225-81, App. 5/5/81)
Section 250.299 applies to this Subdivision.
(Added by Ord. 225-81, App. 5/5/81)
Upon the expiration of one year following the sale to the State by operation of law of any property for the nonpayment of an installment of the principal or interest of an assessment levied pursuant to this Subdivision, the Tax Collector shall make to the State a deed to such property. Unless said property has been redeemed, the City shall forthwith cause said property to be sold as provided in Subdivision 3 of Subarticle VI.
(Added by Ord. 225-81, App. 5/5/81)
In the event the holder of any matured bond or coupon issued pursuant to this Subdivision shall make written demand upon the Board therefor, the Board shall bring and expeditiously prosecute to public sale an action to foreclose the lien of an assessment installment on any parcel of real property which has been delinquent for a period of three months.
(Added by Ord. 225-81, App. 5/5/81)
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