Mountain View Municipal Code Div. 5 Bond Plan D (ad Valorem Land Bonds.)

There is hereby vested in the council the power to issue serial ad valorem land bonds upon any district created under this chapter.

(Ord. No. 175.501, 11/24/58.)

An issue of bonds shall constitute all of the bonds issued pursuant to a resolution of intention.

(Ord. No. 175.501, 11/24/58.)

Each bond issue authorized by Sec. 17.156 shall be given a serial designation.

(Ord. No. 175.501, 11/24/58.)

The council may, in its discretion, divide the issue into two or more divisions and fix different dates for the bonds of each division, in which event the bonds of each division shall be made payable at such time or times as the council shall determine. Possession bonds shall constitute a division of an issue. All bonds of any issue shall have equal priority.

(Ord. No. 175.501, 11/24/58.)

The proposed district shall be described in the resolution of intention and established as provided in Sec. 17.75 to 17.128 pursuant to which such proceedings are had.

(Ord. No. 175.501, 11/24/58.)

If such proceedings are had pursuant to Sec. 17.84 to 17.93 then upon completion of the work the person appointed by the council to be in charge of the work shall prepare and file with the council a declaration that the work has been completed according to the contract therefor, together with an itemized statement of the cost of such work and of the expenses incidental to the proceedings, estimated to the conclusion of such proceedings. The amount of any contribution shall be stated therein as well as the balance for which bonds are to be issued. When the bonds have been issued they shall be delivered to the contractor upon his paying to the city any moneys due it for incidental expenses as stated in the declaration. The council may provide in the resolution of intention that the contractor shall be paid in cash from advances to be made to the project or from the proceeds of the sale of the bonds, in which event the bonds shall be issued as provided for the issuance of acquisition bonds.

(Ord. No. 175.501, 11/24/58.)

If the proceedings are had pursuant to Sec. 17.94 to 17.97 then upon the entry of all interlocutory judgments in any eminent domain proceedings brought pursuant thereto, proceedings shall be had substantially as provided herein for the issuance of improvement bonds. The bonds shall be sold by the council and the proceeds shall be used to pay the costs and expenses of the project.

(Ord. No. 175.501, 11/24/58.)

If proceedings are had pursuant to Sec. 17.98 to 17.103, then in the resolution ordering the acquisitions or improvements the council shall determine the estimated cost of such acquisitions and improvements and of the expenses incidental thereto, and the total estimated amount of the bonds to be issued. The bonds shall be issued and sold and the proceeds shall be used to pay the costs and expenses of the project.

(Ord. No. 175.501, 11/24/58.)

If assessment proceedings are had pursuant to Sec. 17.94 to 17.103, and proceedings shall be had for the taking of immediate possession of the property to be acquired, then the person in charge of the proposed acquisitions shall prepare and file with the city an estimate of the amount of money necessary to be deposited in court for immediate possession, and proceedings shall be had for the issuance and sale of bonds therefor as provided for the issuance of acquisition bonds. In such event the council shall issue only such amount of additional bonds as is necessary to provide for the additional costs of the project and the proceeds of the possession bonds shall be finally used to apply to the cost of the acquisitions and improvements and expenses incidental thereto.

(Ord. No. 175.501, 11/24/58.)

The clerk shall give notice of a time and place of hearing on the declaration filed in relation to the issuance of any bonds to be issued other than pursuant to Sec. 17.98 to 17.103. Such notice shall be published twice in a newspaper of general circulation published in the city, and if none, then in one printed and published in the county and circulated in the city, the first of which shall be at least ten (10) days before the date set for hearing.

(Ord. No. 175.501, 11/24/58.)

The notice of hearing shall refer to the resolution of intention in the proceedings for identification, for a description of the work to be done or acquisitions or improvements to be had and for the boundaries of the assessment district, and notice shall be given therein to all persons interested that it is proposed to hear the report and issue bonds pursuant to this division, and any person feeling aggrieved by any act or determination done or made in such proceedings or claiming that any previous acts or proceedings were irregular, defective, erroneous or faulty, or claiming that the work or improvement has not been performed according to the contract in a good and substantial manner, or claiming that any portion of the work or improvement for any reason was omitted or illegally included in the contract, or having any objections or reasons why bonds should not be issued in the amount set forth in the declaration and statement on file, may appear before the council at the time and place so fixed by it and be heard.

(Ord. No. 175.501, 11/24/58.)

All objections shall be made in writing and signed by the protestant and any grounds not stated therein and filed at or before the time fixed for hearing shall be deemed waived. The contractor or his assigns, and any other person or persons interested in the matter, may appear and be heard upon any of the matters referred to in the notice. The council may confirm, amend, alter, modify or correct the report in such matter as it shall deem just, and require the work to be completed according to its directions or those of the person designated by it therefor.

(Ord. No. 175.501, 11/24/58.)

In the council's final order upon the hearing, or in the resolution ordering the acquisitions or improvements when the proceedings are had pursuant to Sec. 17.98 to 17.103, the council shall by resolution order the issuance of bonds. The resolution shall state the total principal amount thereof and the amount to mature in each year during their term. The first maturity of the bonds may be postponed for a period not beyond July second of the fifth calendar year following their date. The bonds may be made to mature on July second over a period not to exceed forty (40) years from their date.

(Ord. No. 175.501, 11/24/58.)

The bonds shall be in such form, shall be executed by the officers, and shall be made payable at the place or places within or without the state as the council shall determine. The bonds shall be negotiable in form and be payable to bearer.

(Ord. No. 175.501, 11/24/58.)

Bonds are not subject to call or redemption prior to their fixed maturity date unless the right to exercise the call is expressly stated on the face of the bonds. Provision may be made therein for a premium on call.

(Ord. No. 175.501, 11/24/58.)

If the proceeds of the bonds for any reason are less than the cost of the acquisitions and improvements and expenses incidental thereto, additional bonds may be issued by filing with the clerk a declaration or statement of the amount necessary therefor and by giving notice and holding a hearing and determining the amount of bonds to be issued therefor as provided herein for the issuance of bonds upon declaration, notice and hearing. Such bonds shall be deemed a division of the bonds of the main issue.

(Ord. No. 175.501, 11/24/58.)

Semi-annual interest coupons shall be attached to such bonds and be made payable on the second days of January and July of each year, excepting that the first coupon shall be for interest from their date to the second day of January next succeeding four (4) months after the date of such bonds. Provision may be made for the payment of interest from the proceeds of the sale of the bonds for the period of acquisition and construction of the project and for one (1) year thereafter. If upon presentation at maturity payment of any bond is not made as herein provided, interest shall continue at the same rate until the principal is paid in full.

(Ord. No. 175.501, 11/24/58.)

For each district in which an issue of bonds has been had pursuant hereto, the council shall annually, until all of the bonds and interest thereon have been paid in full, at the time of levying the taxes for general city purposes, levy an ad valorem assessment upon all lands within such district except publicly owned property, which levy shall be in an amount clearly sufficient, together with any moneys which are or may be in the redemption fund and after making adequate allowance for estimated delinquencies, to pay all of the principal of and interest on such bonds which shall become payable before the proceeds of another such levy shall be available therefor.

(Ord. No. 175.501, 11/24/58.)

The special assessment levy authorized in the preceding section shall be levied and collected upon the last equalized secured and utility tax rolls upon which general city taxes are collected. It shall be in addition to all other taxes levied for general city purposes, and shall be levied, computed, entered, collected and enforced in the same manner and by the same persons and at the same time, and with the same penalties and interest, as are other taxes for city purposes, and all laws applicable to the levy, collection and enforcement of taxes for city purposes are hereby made applicable to the special assessment levy, and are to be subject to redemption within one (1) year from the date of sale in the same manner as such real property is redeemed from the sale for general city taxes, and if not redeemed shall in like manner pass to the purchaser.

(Ord. No. 175.501, 11/24/58.)

The council may annually, at or prior to the time the levy is made, or at such other time as it shall determine, transfer to the redemption fund of such bonds such amount or amounts as it shall determine.

(Ord. No. 175.501, 11/24/58.)

If, in the judgment of the council conducting the proceeding, varying benefits to be derived by the different parcels of land lying within the assessment district so require, the district may be divided into zones according to benefits. The district may be divided into as many zones—up to the total number of parcels of land in the district—as may be deemed necessary, and each zone shall be composed of and include all the lands within the district which will be benefited in like measure. The council shall also determine the percentage of the sum to be raised each year by the levy and collection of the special assessment taxes in the district for the payments on the principal and interest of the bonds, which will be raised from the lands in each zone. When the district is divided into such zones the resolution of intention shall so state, giving the percentages to be raised from the lands in each zone. Each zone shall be designated by a different letter or number and shall be plainly shown on the map or plat of the assessment district filed in the office of the city clerk and referred to in the resolution of intention, either by separate boundaries, coloring or other convenient and graphic method, so that all persons interested may with accuracy ascertain within which zone any parcel of land is located. It shall be sufficient in all cases where the assessment district is to be divided into such zones according to benefits if the resolution of intention states that fact and refers to the plat or map for the boundaries and all details concerning the zones.

(Ord. No. 175.501, 11/24/58.)

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

(Ord. No. 33.67, 11/27/67.)

All bonds issued and all taxes levied and collected pursuant to the provisions of this division shall by their issuance be conclusive evidence of the regularity, validity and legal sufficiency of all proceedings, acts and determination in anywise pertaining thereto, and after the same are issued no tax levied or collected for the purpose of paying the principal or interest on such bonds shall be held invalid or illegal, or set aside by reason of any error, informality, irregularity, omission or defect in the proceedings, not amounting to a want of due process of law.

(Ord. No. 175.501, 11/24/58.)

When any court of competent jurisdiction shall determine that any contract purporting to have been made, or any proceedings, steps or actions purporting to have been taken, or any bond or bonds issued, or any levy of assessment made, under this division, is or are void, invalid or unenforceable for any reason, or shall for any cause enjoin the issuance of any bonds proposed to be issued under this chapter, the court shall also determine that new bonds shall be issued in the place thereof. The council may also order the issuance of new bonds when it shall determine the existence of such voidness, invalidity or unenforceability. In such event the council shall cause a declaration be filed which shall state the amount of any work performed, improvements made, acquisitions had, and the expenses incidental thereto, and the estimated cost of any to be had. The declaration shall be noticed and heard and new bonds issued as herein provided for acquisition bonds.

(Ord. No. 175.501, 11/24/58.)

The boundaries of any district heretofore or hereafter created pursuant to this article may be enlarged from time to time in the manner provided in Sec. 17.124 to 17.127, inclusive, and such annexation shall have the same effect as provided in Sec. 17.128.

(Ord. No. 33.67, 11/27/67.)