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All monies which shall have been pledged or contributed to the payment of the bonds and the interest thereon, and all annual assessments levied therefor, shall be deposited in the redemption fund for such issue, shall constitute a trust fund therefor, and shall not be expended for any other purpose; provided that if any monies remain in the redemption fund after the payment of all the bonds and the interest thereon they shall be transferred to the City general fund, unless a maintenance, improvement or a service facilities district has been created for the improvements acquired and/or constructed from the proceeds of said bonds, in which event they shall be transferred to such fund, and be used for the objects and purposes thereof.
(Added by Ord. 225-81, App. 5/5/81)
Unless the Board shall have directed the Chief Administrative Officer so to act, the Treasurer shall annually cause to be prepared a budget for each bond issue hereunder which shall include the following:
(1) The gross amount required to pay the principal of and interest on the bonds and any premiums on bonds to be called, before the proceeds of a second assessment levy will be available therefor;
(2) The gross amount proposed to be raised for the maintenance and operation of the City improvements or facilities involved, and any capital additions, extensions, improvements or replacements therein, during the period provided in part 1 of this Section;
(3) The balance available at the end of the fiscal year for each of the purposes provided in parts 1 and 2 of this Section;
(4) The amount estimated to be available pursuant to any pledge of applicable revenues, which shall be budgeted and appropriated, for either of the purposes provided in parts 1 and 2 of this Section;
(5) The amount estimated to be available from additional contributions, which shall be budgeted and appropriated, for either of the purposes provided in parts 1 and 2 of this Section; and
(6) The balance of the amount remaining for each parts 1 and 2 of this Section.
(Added by Ord. 225-81, App. 5/5/81)
The amount provided in Section 250.391, part 6, including provision for anticipated delinquencies, shall be raised by annual benefit assessments on all taxable lands or real properties within the assessment district, in accordance with the established formula or formulae, until all of the bonds and the interest to accrue thereon have been paid in full.
(Added by Ord. 225-81, App. 5/5/81)
In each year that a balance is provided in the budget pursuant to Section 250.391, Part 6, the Treasurer shall cause to be prepared annually, a report for each bond issue hereunder, which shall, under appropriate headings, show the amounts to be provided in the annual budget pursuant to Section 250.391 and by properly headed columns, show the County Assessor's description of each lot or parcel to be assessed, the amount of the levy applicable to said lot or parcel, and such other information as will be necessary or useful in carrying out the formula or formulae adopted by the Board for the particular issue of bonds to which said budget provision applied.
(Added by Ord. 225-81, App. 5/5/81)
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