Merced Municipal Code Ch. 13.48 District Liability Bonds

When bonds are issued pursuant to this plan, in any proceeding pending or hereafter taken, the provisions of Chapter 13.36 shall apply, except as provided in this chapter.

(Prior code § 14A.191).

Appropriate changes shall be made in the form of the bonds to show that they have been issued pursuant to this chapter.

(Prior code § 14A.192).

The provisions of the Improvement Bond Act of 1915 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.

(Prior code § 14A.193).

The provisions of the Improvement Bond Act of 1915 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 district created in the proceedings or other district deemed benefited and described in the resolution of intention, and shall not be enforceable against the city as a whole.

(Prior code § 14A.194).

The district within which the supplemental taxes are to be levied shall include all of the properties within the city which, in the opinion of the council, will be benefited by the levy of the special tax, which may be greater than the assessment district.

(Prior code § 14A.195).

The supplemental district shall be described and declared in the resolution of intention to be the district so benefited.

(Prior code § 14A.196).

Notice shall be given to all owners within the supplemental district by posting and mailing, they have the right to protest, and the council shall make the determinations, all as provided for the assessment district.

(Prior code § 14A.197).

Moneys realized from special levies made pursuant to Section 13.48.040 for a particular project, shall be deposited in a special fund to be separately numbered or otherwise known as the special levy fund for the project, and shall be used as provided in this chapter.

(Prior code § 14A.198).

Moneys in a special levy fund shall be transferred to the bond interest and redemption fund of the project for which they are levied, as they are needed for the prompt payment of the annual installments of the fixed lien assessments levied therefor.

(Prior code § 14A.199).

When properties are redeemed or sold for the nonpayment of any annual installments of fixed lien assessments levied therefor, the amounts transferred from a special levy fund to the bond interest and redemption fund of the bonds, shall be restored to the special levy fund from the bond redemption fund.

(Prior code § 14A.200).

At the time of final payment of the bonds and the interest thereon of any series, surplus funds in the special levy fund created therefor shall be transferred to the redemption fund of the bonds and supplied as provided by law therefor.

(Prior code § 14A.201).