Redwood City Municipal Code § 18.37 Proceedings for Issuance

Public improvement bonds to be issued in any proceedings had and taken pursuant to the provisions of Sections 18.17 to 18.31 may be issued according to the procedure provided therefor in this Article.

(Ord. No. 333, Art. III, § 1)

The City Council shall have the power, in its discretion, in any proceedings had and taken pursuant to Sections 18.17 to 18.31, including proceedings for immediate possession under Sections 18.23 to 18.31, to determine that serial bonds shall be issued in the manner and form hereinafter provided to represent and be secured by the assessments which shall be made in the improving, laying out, opening, extending, widening, straightening, acquiring, or closing up, in whole or in part, of any one or more of any public streets, squares, lanes, alleys, easements, courts or places in the City.

(Ord. No. 333, Art. III, § 2)

The proceedings for the issuance of any bonds under this Article shall be had and taken according to the procedure set forth in sections 3, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 and 19 of that certain act of the Legislature of the State of California, commonly designated as "Improvement Bond Act of 1915," and approved June 11, 1915, and entitled "An act to provide for the issuance of improvement bonds to represent and be secured by certain assessments made for the cost of certain work and improvements made in and upon streets, avenues, lanes, alleys, courts, places and sidewalks within municipalities and upon property and rights of way owned by municipalities and for the laying out, opening, extending, widening, straightening or acquiring in whole or in part of public streets, squares, lanes, alleys, easements, courts and places within municipalities, to provide for the collection of such assessments, the sale of the Property affected thereby, and for the payment of the bonds so issued," as amended prior to and as the same was in effect on January 1, 1931.

(Ord. No. 333, Art. III, § 3)

State Law reference— See Sts. & H. C., § 5000 et seq.

Whenever the Council shall determine in any proceedings had and taken pursuant to Sections 18.17 to 18.31, including proceedings for immediate possession and use under Sections 18.23 to 18.31, that serial bonds shall be issued under this Article, it shall so declare in the resolution of intention to do the work and shall therein specify the rate of interest which such bonds shall bear. The like description of such bonds shall be inserted in the assessment and in the notice of filing or recording assessment. Such bond declaration may be substantially in the following form. "Notice is hereby given that serial bonds to represent unpaid assessments for said improvements (and immediate possession and use), and bearing interest at the rate of ____ percent per annum, will be issued hereunder in the manner provided by Article III of Chapter 18 of the Code of the City of Redwood City, the last installment of which bonds shall mature ____ years from the second day of July next succeeding ten (10) months from their date."

(Ord. No. 333, Art. III, § 4)

In the event that bonds are issued for immediate possession and use as set forth in Sections 18.23 to 18.31, then such bonds must be sold at a time to be fixed by the Council, and to the highest bidder therefor, but for not less than par and accrued interest, and the proceeds of the sale shall be deposited in the City treasury. Before selling such bonds, or any part thereof, the City Council must advertise for bids therefor, by publication once a week for at least two (2) weeks in some newspaper of general circulation published in the City. If satisfactory bids are received, the bonds offered for sale must be awarded to the highest bidder. If no such bids are received or the Council determines that the bids received are not satisfactory as to price or responsibility of the bidders, the Council may reject all bids received, if any, and readvertise for bids.

(Ord. No. 333, Art. III, § 5)