Gilroy Municipal Code Div. 4 Bond Plan C. District (liability) Bonds

When bonds are issued pursuant to this plan the provisions of sections 12A.146 to 12A.149 shall apply, except as herein provided.

(Ord. No. 645, § 340)

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

(Ord. No. 645, § 341)

The provisions of the Improvement Bond Act of 1915[1] which require the City to advance, as a loan to the bond redemption fund from available surplus funds, the amount of any delinquent installment of principal, interest and penalties thereon, shall not be mandatory and shall not be enforceable.

(Ord. No. 645, § 342)

[1]

See Sts. and H.C.A., § 8500 et seq.

The provisions of the 1915 Act mentioned in section 12A.152 which require that the city shall cause to be levied a special tax of not to exceed ten cents on the one hundred dollars of taxable property in the city shall be restricted to the taxable property within the assessment district created in the proceedings or other district deemed benefited thereby and described in the resolution of intention, and shall not be enforceable against the city as a whole.

(Ord. No. 645, § 343)

After the bonds are issued, the assessment on any parcel may be paid in advance in the manner provided in the 1915 Act mentioned in section 12A.152, by paying to the auditor the unpaid balance of principal plus interest to the date of payment if paid on an interest payment date, and otherwise, to the next succeeding interest payment date plus one year’s interest at the rate stated in the bonds, plus ten dollars for the cost of publication of the notice of call. The person paying shall not be entitled to any refund.

(Ord. No. 645, § 344)

When sufficient surplus moneys are in the redemption fund with which to call a bond, the treasurer shall call and retire a bond in the manner provided in the 1915 Act referred to in section 12A.152; provided, that the notice need only be given for a period of thirty (30) days.

(Ord. No. 645, § 345)