When issuance of general obligation warrants for the project is contemplated by the city, the following conditions must be satisfied:
(A) There shall be a diversity of ownership, with at least three of the benefited property owners who are not related;
(B) There must be a legal opinion from the city’s bond counsel finding a public purpose in the project; and
(C) The estimated total assessment for the project must not equal or exceed one and one-half times the total assessed valuation of the benefited properties, as shown by the last county tax roll.
(Ord. 315, passed 12-14-1987)