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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)
Notwithstanding any other provisions of this Subdivision, the Board may provide that any bonds heretofore or hereafter authorized to be issued pursuant hereto, be payable on July 2nd in each year, and that the interest coupons be payable on January 2nd and July 2nd in each year, or on such other dates as it deems appropriate.
(Added by Ord. 225-81, App. 5/5/81)
To the extent authorized under the California Constitution, the supplemental remedy provisions of Part 13 (commencing at Section 8800 et seq.) of Division 10 of the Streets and Highways Code shall apply. This Section is adopted pursuant to Section 43240 of the Government Code.
(Added by Ord. 225-81, App. 5/5/81)
The boundaries as formed pursuant to Subdivision 5 of Subarticle V and this Subdivision 7 of Subarticle VI may be altered from time to time in the manner provided in Section 250.248 of this Procedure Code.
(Added by Ord. 225-81, App. 5/5/81)
SUBDIVISION 8
REFUNDING BONDS
REFUNDING BONDS
When, in the opinion of the Board, found and determined by resolution, by reasons of delinquencies or threatened delinquencies, or by reasons of changes in interest rates, the economy and general welfare of the owners of property within an assessment district will be served thereby, proceedings for refunding or advance refunding of outstanding assessment bonds may be had pursuant to this Subdivision.
(Added by Ord. 225-81, App. 5/5/81)
Special assessments and special assessment bonds heretofore or hereafter levied or issued pursuant to general law may be refunded pursuant to this Subdivision. The provisions of the Special Assessment and Bond Refunding Act of 1939, Chapter 5, Division 1, Title 6 (commencing with Section 59100) of the Government Code shall apply.
(Added by Ord. 225-81, App. 5/5/81)
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