SEC. 250.339. COURT FORECLOSURE.

   In the event that after having anticipated delinquencies in the amount of 10 percent of the amount of an annual assessment levy there is still a shortage in the funds raised in the amount of 10 percent or more, as a cumulative remedy, the City, of its own volition, or a bondholder, may bring an action to foreclose the lien of the assessment installments so delinquent, and the provisions of Sections 250.311 through 250.318 of Subdivision 4 of this Subarticle shall apply.

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

SUBDIVISION 6 BOND PLAN E-AD VALOREM (REALTY) BONDS

SEC. 250.345. POWERS.

   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 and improvement bonds upon any district created under this Subarticle.

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

SEC. 250.346. ASSESSMENT DISTRICT.

   The proposed district shall be described in the resolution of intention and established as provided in the Subdivision of Subarticle V pursuant to which said proceedings are had.

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

SEC. 250.347. ZONES.

   If, in the judgment of the Board, varying benefits will be derived by the several parcels of real property lying within the assessment district, the district may be divided into zones according to benefits. Zones may be established as provided in Section 250.323 of this Procedure Code, the provisions of which shall apply.

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

SEC. 250.348. IMPROVEMENT BONDS.

   If said proceedings are had pursuant to Subdivision 2 of Subarticle V hereof, then upon completion of the work, the person appointed by the Board to be in charge of the work shall prepare and file with the Board a declaration that the work has been completed according to the contract therefor, and shall further file an itemized statement of the cost of such work and of the expenses incidental to said proceedings, estimated to the conclusion of said proceedings. The amount of any contribution shall be stated therein as well as the balance for which bonds are to be issued. When the bonds have been issued they shall be delivered to the contractor upon his paying to the City any monies due it for incidental expenses as stated in the declaration. The Board may provide in the resolution of intention that the contractor shall be paid in cash from advances to be made to said project or from the proceeds of the sale of the bonds, in which event the bonds shall be issued as provided for the issuance of acquisition bonds.

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

SEC. 250.349. ACQUISITION BONDS.

   If the proceedings are had pursuant to Subdivision 2 of Subarticle V of this Procedure Code then, upon the entry of all interlocutory judgments in any eminent domain proceedings brought pursuant thereto, proceedings shall be had substantially as provided herein for the issuance of improvement bonds. The bonds shall be sold by the Board and the proceeds shall be used to pay the costs and expenses of the project.

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