Merced Municipal Code Ch. 13.56 Parking Bonds

There is vested in the council the power to issue vehicle off-street parking bonds upon an off-street parking assessment district created under this title to finance the cost of acquiring, constructing, improving and extending vehicle off-street parking places and facilities and the costs incidental thereto and to the proceedings and the financing thereof, including public automobile parking lots, garages and underground or elevated structures, and all works, equipment, appliances, tools and facilities useful therein or therefor.

(Prior code § 14A.249).

The purpose of this chapter is to provide a procedure by which assessment bonds may be issued for the acquisition, construction, improvement, extension and financing of vehicle off-street parking places and facilities and to permit the bond redemption fund to receive the proceeds of pledges of revenues and contributions and to allow the assessments to reflect credits to properties which provide private off-street parking places and facilities.

(Prior code § 14A.250).

For the purposes of this chapter, the words set out in this section have the following meanings:

A. "Charge" means fees, tolls, rates and rentals;

B. "Improve" means reconstruct, replace, extend, repair, better, equip, develop, embellish or otherwise improve;

C. "Net revenues" means the revenues (gross revenues) of parking places remaining after deducting all sums expended therefrom for the annual management, operation, maintenance and repair thereof, including all incidental costs, fees and expenses properly chargeable thereto, without allowance for depreciation;

D. "Net meter revenues" means the revenues from street meters remaining after deductions for the cost of acquiring and installing the meters, the cost of their maintenance, operation, repair, replacement and servicing, and the cost of collecting revenues therefrom, without allowance for depreciation or obsolescence;

E. "Parking places" means parking lots, garages, subsurface structures and buildings for the parking of motor vehicles;

F. "Real property" means land and improvements;

G. "Revenues" means all charges for, and all income and receipts derived by the city from parking places or arising therefrom, and includes revenues in all revenue, redemption, sinking and reserve funds and interest earned thereon.

(Prior code § 14A.251).

Except as otherwise provided in this chapter all of the provisions of Chapters 13.36 or 13.38 and 13.42 shall apply.

(Prior code § 14A.252).

The city may pledge all or a part of the revenues to be derived by it from off-street parking facilities of the city then existing, to be acquired or constructed in the proceedings, or thereafter to be acquired or constructed by it, for the payment and security of the principal of and interest on the bonds to be issued pursuant to this chapter, the premiums on and costs of calling bonds prior to their fixed date of maturity and the costs of administration, maintenance, operation, improvement, extension and replacement thereof.

(Prior code § 14A.253).

The city may pledge, place a charge upon or otherwise make available, as additional security for the payment of bonds to be issued pursuant to this chapter, all or a part of any or all street parking meters then owned or controlled or to be acquired or controlled by it, for the purposes stated in Section 13.56.050.

(Prior code § 14A.254).

The resolution of intention shall state any pledges proposed to be made by the city pursuant to Sections 13.56.050 and 13.56.060. It shall also state, in general terms, sufficient to be understood and applied, the formulae to be used in determining the annual apportionment of benefits in the levy of annual assessments upon the real property within the proposed assessment district and the granting of credits to the extent that private off-street parking places and facilities have been provided for the year by owners of real property within the district.

(Prior code § 14A.255).

In stating the formulae under Section 13.56.060, the council may provide for, but is not limited to, modification of the assessed valuations of properties to be assessed, as follows:

A. Parcel of land that is zoned and used for residential purposes at the time of a levy;

B. A parcel of land that is greater than a fixed distance from a particular public parking facility or a combination of distances from public parking facilities, at the time of a levy;

C. Additional formulae for all parcels to be assessed, based upon the ratio of their parking deficiencies in conformity with the requirements of the applicable provisions of Title 20.

(Prior code § 14A.256).

Each notice to property owners shall state the estimated amount of the first annual assessment against the particular parcel covered by the notice.

(Prior code § 14A.258).

At the hearing on the resolution of intention and report, the council may make changes in the project, the costs, the assessment district, any zones and the percentages relating thereto, in the supplemental report, and in the formulae stated in the resolution of intention. In that event, notice shall be given and a further hearing held as provided in Chapter 13.18.

(Prior code § 14A.259).

The director of finance shall annually cause to be prepared an estimate for each bond issue under this chapter which includes the following:

A. The gross amount required to pay the principal and interest on the bonds which have accrued or which shall accrue before the proceeds of the second succeeding assessment levy under this chapter shall be available therefor;

B. The balance estimated to be available therefor at the end of the fiscal year, in the bond interest and redemption fund created for the bonds;

C. The amount estimated to become available therefor pursuant to a pledge in the assessment proceedings, from revenues which may be provided to be collected by the city on parking places or facilities in or for the parking assessment district created for the bonds;

D. The amount of revenues to be collected from street parking meters within or without the parking district, which have been pledged for the servicing of the bonds:

E. The amount of additional contributions, if any, which the city proposes to make the bond fund for the year,

F. The balance of the amount provided in subsection A,

G. The estimated amounts provided tinder subsections C, D, E and F shall be provided in the city budget for the fiscal year for which an annual assessment is to be levied.

(Prior code § 14A.260).

No assessment or diagram shall be provided for the engineer's report. However, it shall contain or be supplemented by a preliminary annual estimated report for the first bond year, in form substantially as hereinafter provided for in this title, which shall contain a map or plat showing the parcels to be assessed and an estimated assessment of each parcel for the first bond year based upon the then use and location of the property by the application of the formulae described in the resolution of intention.

(Prior code § 14A.257).

The engineer shall annually cause to be prepared, a report for each bond issue under this chapter, which shall, under appropriate headings, show the amounts to be provided in the annual budget and by properly headed columns, show the information provided therefor and required by the formulae, and the amount of the total annual assessment for said year, on each parcel of land to be assessed.

(Prior code § 14A.261).

When the report has been completed, it shall be endorsed by the engineer and filed with the clerk on or before July 15th of each year.

(Prior code § 14A.262).

The report shall come on regularly for hearing by the council at its regular meeting held on the first Monday of August in each year.

(Prior code § 14A.263).

The clerk shall cause notice of the hearing on the report to be given by publication, posting and mailing.

(Prior code § 14A.264).

Notices shall not be required to be mailed to persons as to a hearing on subsequent reports, when the report is heard at the time fixed in Section 13.56.150.

(Prior code § 14A.265).

The notice shall be substantially as follows:

NOTICE OF HEARING ON PARKING ASSESSMENT ROLL PROJECT NO._______

NOTICE IS HEREBY GIVEN that the Director of Public Works has caused to be prepared and filed with the City Clerk a report which provides the basis for levying assessments on the properties within the parking district created and established for Vehicle Off-street Parking Project No.___, the amounts proposed to be levied for the fiscal year of upon the several parcels of land in the parking assessment district created to pay the principal and interest of the bonds issued in said project, which report is open to public inspection.

Such report will be heard by the Council at its meeting to be held on the ___ day of _______, 19___, at the hour of 8:00 o'clock P.M., Council Chambers, City Hall, Merced, California, at which time said Council will examine said report and hear all persons interested therein.

Any interested person, objecting to the amount of the assessment on any parcel of land owned by him, may file with the city clerk at or before the hour fixed for hearing, a protest in writing signed by him, describing, the parcel so that it may be identified, and stating the grounds of his protest, and may appear at said meeting and be heard in regard thereto.

(Prior code § 14A.266).

Affidavits of publication and affidavits or certificates of posting and mailing notice of hearing shall be made and filed with the clerk.

(Prior code § 14A.267).

The clerk shall endorse on each protest the date it is filed with him, and shall show whether the protest is filed prior to the hour fixed for hearing. No protest received after that hour shall be included in the computation of the percentage of protests, but the council may, in its discretion, consider the protests and hear the signers thereof.

(Prior code § 14A.268).

At the time and place fixed for hearing, or at any time to which the hearing is adjourned, the council shall:

A. Hear all persons having an interest in any real property within the district;

B. Hear all objections, protests or other written communications from persons interested in any real property within the district;

C. To take and receive oral and documentary evidence pertaining to the matters contained in the report;

D. Remedy and correct any error or informality in the report, and revise and correct any of the acts or determinations of the director of finance or of the person making the report as contained therein;

E. Amend, alter, modify, correct and confirm the report and each of the assessments therein.

(Prior code § 14A.269).

The report, together with the certificate of the clerk as to the fact and date of approval by the council, shall be delivered to the director of finance at or before the time the council fixes the general city tax rate for the fiscal year.

(Prior code § 14A.270).

The estimated amounts provided under subsections C, D, E and F of Section 13.56.110, as finally approved in the report, shall be included in the city budget for the fiscal year referred to in that section.

(Prior code § 14A.271).

The amount provided in subsection F of Section 13.56.110, including provision for anticipated delinquencies, shall be raised by annual assessments on all real property within the parking assessment district, in accordance with the provisions of the formulae, until all of the bonds and the interest to accrue thereon have been paid in full.

(Prior code § 14A.272).

The supplemental security and remedy provisions of Part 13 (commencing at Section 8800) of Division 10 of the Streets and Highways Code shall apply. This section is adopted pursuant to Section 43240 of the Government Code.

(Prior code § 14A.273).