Part 5 — BOND PLAN A - LOT BONDS

There is hereby vested in the city council the powers provided in Sections 59 and 60 of said Improvement Act of 1911, as amended prior to and as said act was in effect on January 1, 1936, together with like power to issue bonds under this plan for any of the purposes provided in Section 14.16.700 of this chapter.

(Prior code § 2600.50.)

Said bonds shall be issued, collected and paid according to the procedure provided in Sections 62, 63 (as amended by Chapter 1032 of the California Statutes of 1935), 63a, 64, 65, 65a, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 76a, 76b and 76c of the act cited in Section 14.16.850, as amended prior to and as the said act was in effect on January 1, 1936.

(Prior code § 2600.51.)

Where bonds are provided to be issued pursuant to the provisions of this plan, all assessments less in amount than twenty-five dollars which are unpaid at the time of the issuance thereof shall be collected, and proceedings in connection therewith shall be had and taken, in accordance with the provisions of Section 14.16.280 of this chapter.

(Prior code § 2600.52.)

As an alternative method for the collection of such assessments which are less in amount than twenty-five dollars, the city council, by resolution adopted at or between the time of the adoption of the resolution ordering the issuance of the bonds and the last regular or regularly adjourned meeting held thereafter before the date fixed by law for the delivering of the county assessment roll to the county auditor, at its own election may, and upon the written request of the contractor or his assigns must, direct that the same be collected upon the tax roll upon which general taxes are collected for the city. The auditor shall extend upon such roll the amount of such assessments, together with interest thereon from the date of recordation of the assessment to the next thirty-first day of December of the tax year for which such roll is prepared, and which interest shall be at the rate specified in the bonds, opposite the properties affected and to the first installment of said taxes.

(Prior code § 2600.53.)

In such event, said assessments, together with the interest so entered on the assessment roll, shall become due and payable to the contractor or his assignee at the time and place provided for the payment of the first principal installment of said serial bonds. Said resolution shall contain a description of the properties so assessed, the amount of such assessments, the amount of interest which will become so payable on each assessment, and the total amounts of principal and interest on each property, and a certified copy thereof shall be delivered by the street superintendent to the county auditor on or before the date fixed by law for the delivery of said assessment roll to the county auditor. Thereafter said amounts shall be collected at the same time and in the same manner as general municipal taxes are collected, and be subject to the same penalties and interest, and to the same procedure under foreclosure and sale in case of delinquency, as provided for general municipal taxes, all of which laws for the levy, enforcement and collection of which are hereby made applicable to such special assessment taxes.

(Prior code § 2600.54.)

Upon default in payment, the lands securing same shall be sold in the same manner in which real property in such city is sold for the nonpayment of general municipal taxes, and be subject to redemption within one year from the date of sale in the same manner as such real property is redeemed from such delinquent sale, and upon failure of such redemption, shall in like manner pass to the purchasers. In case a sale of any such property for nonpayment of county or city taxes is made to the state, the state shall hold the title acquired at such sale and thereafter account for any moneys received on a redemption or sale thereof, in the same manner as it holds such property when sold to it for the nonpayment of general municipal taxes, the city for the purposes hereof being the real purchaser. The city shall not, however, be required to pay into the assessment fund any part of said delinquency unless said property is sold and said money received.

(Prior code § 2600.55.)