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If the proceeds of the bonds for any reason are less than the cost of the acquisitions and improvements and expenses incidental thereto, additional bonds may be issued by filing with the Clerk a declaration or statement of the amount necessary therefor and by giving notice and holding a hearing and determining the amount of bonds upon declaration, notice and hearing pursuant to Subdivision 3 or 4 of Subarticle II hereof. Said bonds shall be deemed a division of the bonds of the main issue.
(Added by Ord. 225-81, App. 5/5/81)
Semi-annual interest coupons shall be attached to said bonds and be made payable on the second days of January and July of each year, excepting that the first coupon shall be for interest from their date to the second day of January next succeeding four months after the date of such bonds. Provision may be made for the payment of interest from the proceeds of the sale of the bonds for the period of acquisition and construction of the project and for one year thereafter. If, upon presentation at maturity, payment of any bond is not made as herein provided, interest shall continue at the same rate until the principal is paid in full.
(Added by Ord. 225-81, App. 5/5/81)
For each district in which an issue of bonds has been had pursuant hereto, the Board shall annually, until all of the bonds and interest thereon have been paid in full, at the time of levying the taxes for general City purposes, levy an ad valorem assessment upon all lands and improvements within said district except publicly owned property, which levy shall be in an amount clearly sufficient, together with any monies which are or may be in the redemption fund and after making adequate allowance for estimated delinquencies to pay all of the principal of an interest on said bonds which shall become payable before the proceeds of another such levy shall be available therefor.
(Added by Ord. 225-81, App. 5/5/81)
Said special assessment levy shall be levied and collected upon the last equalized secured and utility tax rolls upon which general City taxes are collected. It shall be in addition to all other taxes levied for general City purposes, and shall be levied, computed, entered, collected and enforced in the same manner and by the same persons and at the same time, and with the same penalties and interest for nonpayment, as are other taxes for City purposes, and shall be subject to all laws applicable to the levy, collection and enforcement of taxes for City purposes, and shall be subject to redemption in the same manner as such real property is redeemed from the salion fund of said bonds such amount or amounts as it shall determine.
(Added by Ord. 225-81, App. 5/5/81)
All bonds issued and all assessments levied and collected pursuant to the provisions of this Subdivision shall by their issuance be conclusive evidence of the regularity, validity and legal sufficiency of all proceedings, acts and determinations in anywise pertaining thereto, and after the same are issued, no levy made or collected for the purpose of paying the principal or interest on said bonds shall be held invalid or illegal, or set aside by reason of any error, informality, irregularity, omission or defect in said proceedings, not amounting to a want of due process of law.
(Added by Ord. 225-81, App. 5/5/81)
When any court of competent jurisdiction shall determine that any contract purporting to have been made, or any proceedings, steps or actions purporting to have been taken, or any bond or bonds issued, or any levy of assessment made, under this Subdivision, is or are void, invalid or unenforceable for any reason, or shall for any cause enjoin the issuance of any bonds proposed to be issued under this Procedure Code, said court shall also determine that new bonds shall be issued in the place thereof. The Board may also order the issuance of new bonds when it shall determine the existence of such voidness, invalidity or unenforceability. In such event, the Board shall cause a declaration to be filed which shall state the amount of any work performed, improvements made, acquisitions had, and the expenses incidental thereto, and the estimated cost of any improvements, acquisitions and expenses yet to be had. The declaration shall be noticed and heard and new bonds issued as herein provided for acquisition bonds.
(Added by Ord. 225-81, App. 5/5/81)
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