Gilroy Municipal Code Div. 1 Generally

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 article.

(Ord. No. 645, § 300)

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 proceeding under this chapter, 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 term or maximum term of their maturity following their date and the rate or maximum rate of interest they shall bear, as determined by the council.

(Ord. No. 645, § 301; Ord. No. 855, § 1, 6-16-1969; Ord. No. 1025, § 1, 10-29-1974; Ord. No. 80-10, § 1, 4-7-1980)

Whenever any bonds shall be issued pursuant to any one 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.

(Ord. No. 645, § 302)

The bonds shall be dated as the council shall determine; provided, that in a proceeding had pursuant to sections 12A.84 to 12A.93, the written consent of the contractor and his assigns shall be obtained before delaying their date.

(Ord. No. 645, § 303)

The interest shall be computed from a date on or after the thirty-first day following the recordation of the assessment; provided, however, that in a proceeding had pursuant to sections 12A.84 to 12A.93, the written consent of the contractor or his assigns shall be obtained.

(Ord. No. 645, § 304)

The bonds shall be made to mature in such annual serial amounts as the council shall determine.

(Ord. No. 645, § 305)

The bonds may be issued in more than one division having different dates and dates from which interest shall run.

(Ord. No. 645, § 306)

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

(Ord. No. 645, § 307)

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. 645, § 308)

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. 645, § 309)

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

(Ord. No. 645, § 310)

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.

(Ord. No. 645, § 311)

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. 645, § 312)

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 cancelled, and the interest and sinking fund of such district shall be credited with the face value thereof.

(Ord. No. 645, § 313)