Alameda Municipal Code § 26-21 Assessment Bond Procedure

When bonds are to be issued in any proceeding had and taken in connection with any public improvement, and/or acquisition, and/or immediate possession, and/or street closing, pursuant to this chapter, the same shall be issued, paid and collected in accordance with this section.

(Ord. No. 941 N.S.)

When the Council shall have determined that bonds shall be issued to represent the cost and expenses of any proposed work or improvement or of the possession or acquisition of any property in any such proceeding, it shall so declare in its resolution of intention therefor, and shall specify pursuant to which plan herein provided, such bonds shall be issued, the date of their maturity following the date of their issuance, the interest rate which they shall bear, which shall not exceed six (6%) percent per annum; provided, however, that such interest rate may be stated to be not to exceed a rate stated therein.

(Ord. No. 941 N.S.)

Whenever any bonds shall be issued pursuant to any one (1) of the plans herein provided, such bonds shall be substantially in the form provided in the particular plan specified, with such appropriate changes in the wording of such bonds as to show that they had been issued pursuant to such plan of this section.

(Ord. No. 941 N.S.)

The signature on the interest coupons and all signatures excepting one (1) signature on the bonds may be printed, engraved or lithographed or other process.

(Ord. No. 941 N.S.)

When any bonds issued hereunder are to be sold, they may be sold by the Council as it shall determine. The proceeds of such sale shall be placed in the City Treasury to the credit of the fund for which they had been issued, and shall be applied exclusively to the purposes and objects thereof.

(Ord. No. 941 N.S.)

If any bonds be sold for an amount in excess of par, such excess shall be paid into the fund for the improvement, unless the Council shall otherwise determine.

(Ord. No. 941 N.S.)

In the event of a surplus remaining in the redemption fund after payment of the entire principal and interest on all bonds issued under any plan mentioned herein, for retirement of which such fund shall have been established, such surplus shall, subject to any other special provisions herein therefor, be applied first to repayment to the City of any balance due it for contributions and advances which it may have made to the redemption fund, and of any special taxes which it may have levied in aid thereof other than any regular taxes levied to retire any such bonds, and of any moneys due it for costs incurred or charges allowed, together with interest on such sums at the rate mentioned in such bonds. The excess, if any, shall be paid into the General Fund of the City.

(Ord. No. 941 N.S.)

a. Against Theft. Bonds may be registered against theft, in which event Article 7, Chapter 4, Division 4, Title 4, of the Government Code shall apply.

b. Delinquent Bonds. Bonds may be registered for nonpayment, in which event Article 2, Chapter 3, Part 1, Division 1, Title 5, of the Government Code shall apply.

c. Lost Bonds. New bonds or coupons may be issued to replace lost or destroyed bonds, in which event the provisions of Article 3, Chapter 3, Part 1, Division 2, Title 5, of the Government Code shall apply.

(Ord. No. 941 N.S.)

Payment of all, or any portion, of any assessment taxes levied to pay the principal or interest due, or to become due, on the bonds of any district formed under this chapter may be made with matured bonds or matured coupons of such district. Such bonds and coupons shall be accepted and treated as cash, and when so received shall be canceled, and the interest and sinking fund of such district shall be credited with the face value thereof.

(Ord. No. 941 N.S.)

a. Powers. When bonds are issued pursuant to this plan the bond provisions of the Improvement Act of 1911 shall apply.

b. Assessments Under Twenty-Five ($25.00) Dollars. As an alternative method for the collection of such assessments which are of an amount less than twenty-five ($25.00) dollars proceedings may be had in accordance with the alternative provisions of subsection 26-21.11 hereof

c. Premium. In addition to the amounts provided in Section 6447 of the Act, to be paid by the owner in the event he/she desires to discharge the lien of such bond, the owner shall pay a premium of five (5%) percent of the unpaid principal of such bond. The redemption provisions contained in such bond as provided in Section 6447 of the Act, shall have added thereto the words "together with a premium of five (5%) percent of the unpaid principal."

(Ord. No. 941 N.S.)

a. Powers. Where bonds are issued pursuant to this plan the Improvement Bond Act of 1915 shall apply.

b. Assessments Under Twenty-Five ($25.00) Dollars. Bonds may be issued in the total amount of all assessments in amounts of less than twenty-five ($25.00) dollars which are unpaid at such time, to mature at the same time as the maturity of the first series of such serial bonds, and which assessments shall become due and payable at the same time as that portion of the larger assessments which shall have been collected for the payment of the first series of the serial bonds and the interest thereon.

c. Unpaid List. The list of unpaid assessments filed with the City Clerk by the Public Works Director shall separately state in such list the total of the assessments which are of twenty-five ($25.00) dollars or over in amount and the assessments which are under twenty-five ($25.00) dollars in amount.

d. Denominations. Bonds for the amount of the assessments which are not an even multiple of not less than one hundred ($100.00) dollars or more than one thousand ($1,000.00) dollars may be made to mature at the same time as the first series of bonds.

(Ord. No. 941 N.S.)

a. Powers. When bonds are issued pursuant to this plan the provisions of Section 14, 15, 16, 17, 20, 21, 22, 24, 25, 26, 27 and 28 of the Refunding Assessment Bond Act of 1935 shall apply.

b. Bond Form. Appropriate changes shall be made in the form of the bonds to show that they have been issued for a public improvement or acquisition.

c. Advance Payment. Assessments for the bonds may be paid in advance of maturity in the manner provided in the Improvement Bond Act of 1915, and the provisions thereof shall be inserted in the bonds, instead of the provisions in the Refunding Act.

d. Assessments Under Twenty-Five ($25.00) Dollars. Bonds may be issued in the total amount of all assessments in amounts of less than twenty-five ($25.00) dollars which are unpaid at such time, to mature at the same time as the maturity of the first series of such serial bonds, and which assessments shall become due and payable at the same time as that portion of the larger assessments which shall have been collected for the payment of the first series of the serial bonds and the interest thereon.

e. Unpaid List. The list of unpaid assessments filed with the City Clerk by the Public Works Director shall separately state in such list the total of the assessments which are of twenty-five ($25.00) dollars or over in amount and the assessments which are under twenty-five ($25.00) dollars in amount.

f. Denominations. Bonds for the amount of the assessments which are not an even multiple of not less than one hundred ($100.00) dollars or more than one thousand ($1,000.00) dollars may be made to mature at the same time as the first series of bonds.

(Ord. No. 941 N.S.)