Merced Municipal Code Ch. 13.54 Unpaid Assessments Against Publicly Owned Property

Bonds to represent unpaid assessments against lands or properties of any public agency, including assessments against lands or properties of any duly established and legally constituted department or special fund of the city pursuant to Section 13.44.010 or otherwise, may be issued pursuant to Chapter 4.5 (commencing with Section 6468) of Part 5 of Division 7 of the Streets and Highways Code.

(Prior code § 14A.245).

The bonds may be issued in series and the annual proportion of the aggregate principal sum thereof payable on June 2nd of every year need not be equal.

(Prior code § 14A.246).

As an alternative to the issuance of bonds under Sections 13.54.010 and 13.54.020, certificates may be issued to represent said unpaid assessments in the manner provided in Chapter 4 (commencing with Section 6467) of Part 5 of Division 7 of the Streets and Highways Code.

(Prior code § 14A.247).

The supplemental security and remedy provisions of Part 13 (commencing at Section 8800) of Division 10 of the Streets and Highways Code shall apply in the event bonds or certificates are issued to represent assessments against lands or properties of any city department, and the income and revenues of such department are inadequate to pay installments of principal and interest on said assessments as they fall due. The duties to advance abailable funds and levy limited special taxes provided therein shall be exercised for the purpose of paying principal and interest on bonds in the event of inadequacy of such income and revenues.

(Prior code § 14A.248).