Loading...
No assessment or bonds, or any order for their issuance, and no proceedings prior thereto, shall be held invalid by any court for any error, omission, irregularity, informality, or other defect in the same, where the resolution of intention has been published as herein provided.
(Added by Ord. 225-81, App. 5/5/81)
No proceeding taken or had under this Subdivision shall be held to be invalid on the ground that the real property, or a portion thereof, upon which the work or improvement or part thereof is to be done or was done has not been lawfully dedicated or acquired, provided the same has been lawfully dedicated or acquired, or an action for the acquisition thereof has been filed, or otherwise, at any time before judgment has been entered in any legal action or proceeding involving such issue.
(Added by Ord. 225-81, App. 5/5/81)
All the decisions and determinations of the Board, upon notice and hearing as aforesaid, shall be final and conclusive upon all persons entitled to appeal under the provisions of this Title, as to all errors, informalities, omissions, irregularities, and other defects, which the Board might have avoided, or might have remedied, during the progress of the proceedings, or which it can at that time remedy.
(Added by Ord. 225-81, App. 5/5/81)
When any court of competent jurisdiction, or the Board of its own volition, determines that any contract purported to have been made, or any proceedings, steps or actions purported to have been taken, or any bond or bonds issued, or a levy of assessment made, under this Subdivision, is or are void, invalid, or unenforceable for any reason, or any court for any cause enjoins the issuance of payment of any bonds proposed to be or which have been issued under this Subdivision, or the payment of any pledge or contribution, or the levy of any annual benefit assessment, or any other action or determination which might or will affect the prompt and orderly payment of any such bonds or the interest thereon as they shall accrue, said court or the Board shall also determine that new bonds shall be issued in the place thereof. 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 costs thereof and expenses incidental thereto, and the estimated cost of any future work, improvements, acquisition and incidental costs and expenses. Jurisdiction therefor shall be had after notice published and posted and hearing had as provided in Subdivision 4 of Subarticle V of this Procedure Code; provided, that there shall be no bar to said proceedings by reason of a majority or other protest against them.
(Added by Ord. 225-81, App. 5/5/81)
If the invalidity is not in the bonds themselves or in the issuance thereof, the Board may so declare in the re-assessment proceedings. In such event, the reauthorization proceedings shall constitute the proceedings providing the legal authority for the issuance of the outstanding bonds, and the redemption fund created in any re-assessment proceedings shall constitute a trust fund for their payment.
(Added by Ord. 225-81, App. 5/5/81)
If the invalidity is in the bonds themselves or in the issuance thereof, or if the Board so determines in the re-assessment proceedings, new bonds shall be issued and exchanged for the outstanding bonds. The new bonds shall mature in the amounts and at the times provided for the outstanding bonds, as nearly as may be. If the Board so determines, it may assign different bonds and allot maturities as it deems equitable.
(Added by Ord. 225-81, App. 5/5/81)
If any part of the outstanding bonds have matured or will mature before the time for providing for the servicing of the new bonds, or if interest has accrued or will so accrue, the Board may provide for the issuance of additional new bonds in the amount thereof and for their maturity. If the holders of said outstanding bonds or coupons, or any other holders of outstanding bonds or coupons have refused to accept exchange of bonds therefor, the Board shall sell additional bonds in the amount thereof, and deposit the proceeds in the redemption fund. Said outstanding bonds shall forthwith become due and payable without premium, and shall no longer bear interest.
(Added by Ord. 225-81, App. 5/5/81)
Loading...