The Mayor and Common Council shall determine which of various financing alternatives shall be utilized. Alternatives available include:
A. The improvement and/or acquisition may be prefunded by the City and the assessment levied, collected and enforced in the same manner, at the same time, and with the same penalties and interest, as in the case of taxes levied for the City, to secure repayment to the City of said prefunding; or
B. Bonds may be issued to finance the improvement and/or acquisition and the assessment may be levied, collected and enforced in the same manner, at the same time, and with the same penalties and interest, as in the case of taxes levied for the City, to pay the premium and interest, if any, due on said bonds. If this assessment financing alternative is used, the City may retain bond counsel to provide the details of the issuance and repayment of said bonds.
C. Bonds may be issued before contracting or obtaining options for the purchase of land, property or rights-of-way to be acquired, if any, or obtaining a judgment in eminent domain for the acquisition thereof.
D. The financing for maintenance, repair, management, reconstruction, administration or operation of the district, if any, shall be included in the assessment roll for the improvement and/or acquisition, if any, and shall be the total cost for such maintenance, repair, management, reconstruction, administration or operation as estimated by the engineer for each fiscal year in which the assessment is to be levied and collected.
E. The provisions of Sections 8800 to 8809, inclusive, of the Streets and Highways Code shall apply to assessments levied hereunder.
(Ord. MC-150, 4-07-82)