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SUBDIVISION 5
BOND PLAN D-AD VALOREM (LAND) BONDS
BOND PLAN D-AD VALOREM (LAND) BONDS
If deemed by qualified Bond Counsel for the City to be legally available under the California Constitution, the Board may issue serial ad valorem land bonds within any district created pursuant to any Subdivision of Subarticle V of this Procedure Code.
(Added by Ord. 225-81, App. 5/5/81)
If, in the judgment of the Board conducting the proceeding, varying benefits to be derived by the different parcels of land lying within the assessment district so require, the district may be divided into zones according to benefits. The district may be divided into as many zones, up to the total number of parcels of land in the district as may be deemed necessary, and each zone shall be composed of and include all parcels of land within the district which will be benefited in like measure. The Board shall also determine the percentage of the sum to be raised each year by the levy and collection of the special assessment taxes in the district for the payments on the principal and interest of the bonds, which will be raised from the lands in each zone.
(Added by Ord. 225-81, App. 5/5/81)
When the district is divided into zones the resolution of intention shall so state, giving the percentages to be raised from the lands in each zone. Each zone shall be designated by a different letter or number and shall be plainly shown on the map or plat of the assessment district filed in the office of the Clerk and referred to in the resolution of intention, either by separate boundaries, coloring or other convenient and graphic method so that all persons interested may with accuracy ascertain within which zone any parcel of land is located. It shall be sufficient in all cases where the assessment district is to be divided into such zones according to benefits if the resolution of intention states that fact and refers to the plat or map for the boundaries and all details concerning the zones.
(Added by Ord. 225-81, App. 5/5/81)
No assessment or diagram shall be made, and the respective provisions elsewhere in this Procedure Code with reference to the making, confirmation, recordation, levy collection, payment and enforcement of such assessment shall be and remain inapplicable to such proceedings.
(Added by Ord. 225-81, App. 5/5/81)
For each district in which bonds shall have been issued under this subdivision, a special fund to be named "Bond Plan D, Series No. ____________ Interest and Redemption Fund," or other designation sufficient to identify it, shall be instituted by the City.
(Added by Ord. 225-81, App. 5/5/81)
For each district in which an issue of bonds has been had pursuant to this Subdivision, until all of the bonds and interest thereon have been paid in full, the Board shall annually levy an ad valorem assessment upon all of the assessable lands within the assessment district created therefor, which shall be made and collected at the time and in the manner provided in Subdivision 6 of this Subarticle.
(Added by Ord. 225-81, App. 5/5/81)
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