SUBDIVISION 7 BOND PLAN F-BENEFIT BONDS

SEC. 250.370. POWERS.

   There is hereby vested in the Board the power to issue benefit bonds within any district created pursuant to Subarticle V of this Procedure Code.

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

SEC. 250.371. PURPOSE.

   The purpose of this Subdivision is to provide a procedure by which assessment bonds may be issued to pay the whole or any part of the costs of any public improvements or facilities which are primarily local in nature or benefit, payable from annual assessment levies apportioned among the several lots and parcels of land or real property within the district established therefor, the nature and formula or formulae for which is to be determined in the proceeding in which jurisdiction is provided therefor.

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

SEC. 250.372. ASSESSMENT PROVISIONS INAPPLICABLE.

   The respective provisions of any Subdivision of Subarticle V pursuant to which said proceedings are undertaken to the contrary notwithstanding, no assessment or diagram shall be made, heard, levied or recorded, nor shall any amount of annual levies proposed to be made pursuant hereto be or become payable prior to their levy as herein provided.

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

SEC. 250.373. RESOLUTION OF INTENTION.

   When the Board proposes to issue bonds pursuant to this Subdivision, its shall so declare in the resolution of intention pursuant to which the bonds are to be issued, the maximum term for which the bonds of any series of the issue may be issued, and the maximum rate of interest they may bear, and that bonds will be issued pursuant to this Subdivision.

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

SEC. 250.374. ASSESSMENT FORMULAE.

   In addition to the matters required by Section 250.373 of this Subdivision, the resolution of intention shall contain a statement of the formula or formulae upon and by which annual assessment levies for the payment of said bonds and the interest thereon will be apportioned according to benefits among the several lots and parcels of land within the assessment district to be established therefor.

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

SEC. 250.375. HEARING AS TO BENEFITS.

   At the hearing provided for establishing the assessment district pursuant to any Subdivision of Subarticle V of the Procedure Code, property owners may protest against and be heard as to the equitableness and fairness of said formula or formulae in the same manner, at the same time and with like legal effect, as provided for other protests in said proceedings.

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