Part 7 — BOND PLAN C - AD VALOREM BONDS

There is hereby vested in the city council the power to issue ad valorem bonds upon any district created under any section hereof for any of the purposes provided in Section 14.16.700 of this chapter.

(Prior code § 2600.59.)

When in any proceeding bonds are provided to be issued under Parts 4 through 7 of this chapter or plan of this part, no assessment or diagram shall be made as provided in Parts 2 and 3 of this chapter, and the respective provisions thereof with reference to the making, confirmation, recordation, levy, collection, payment and enforcement of same, shall be and remain inapplicable in said proceeding.

(Prior code § 2600.60.)

If said proceedings are had pursuant to Part 2 of this chapter, then as soon as may be done in good faith after the completion of the work, proceedings shall be had and taken in substantial accordance with the applicable provisions of Sections 22, 23, 24, 25 and 38 of that certain act of the Legislature of the state approved May 23, 1925, designated therein and commonly known as "Acquisition and Improvement Act of 1925" as amended prior to and as the said act was in effect on January 1, 1932, with such appropriate changes in the wording of the notice therein provided as to show that it is given pursuant to this Part 7 and plan of this Parts 4 through 7 of this chapter.

(Prior code § 2600.61)

If said proceedings are had and taken pursuant to Part 3 of this chapter, then upon the entry of the interlocutory judgment, proceedings shall be had and taken in substantial accordance with the applicable provisions of Sections 36, 36 1/2, 36 3/4, 37, 37a and 38 of said act, as amended prior to and as said act was in effect on January 1, 1932, with such appropriate changes in the wording of the notice therein provided as to show that it is given pursuant to this Part 7 and plan of Parts 4 through 7 of this chapter. The Section number 36a referred to in said Section 37a is hereby declared to be said Section 36 3/4.

(Prior code § 2600.62.)

If said proceedings are had and taken pursuant to Part 3 of this chapter, and upon the determination of the city council to issue immediate possession bonds, proceedings shall be had and taken in substantial accordance with the applicable provisions of Sections 28 1/2 and 28 3/4 of said act, as amended prior to and as the said act was in effect on January 1, 1932, with such appropriate changes in the wording of the notice therein provided as to show that it is given pursuant to this Part 7 and plan of Parts 4 through 7 of this chapter.

(Prior code § 2600.63.)

Bonds shall be issued substantially in the manner and form provided in the applicable provisions of Section 39 of the said act, as amended prior to and as the said act was in effect on January 1, 1932, with such appropriate changes in the wording of such bonds as to show that such bonds are issued pursuant to this Part 7 and plan of Parts 4 through 7 of this chapter.

(Prior code § 2600.64.)

The principal and interest of the bonds issued under this Part 7 and plan of Parts 4 through 7 of this chapter shall be payable in the manner provided in Section 40 of the said act, as amended prior to and as the said act was in effect on January 1, 1932; provided, however, that:

A.

The odd balance of the total principal amount not provided to be paid in equal installments may be provided to be paid in either the first or the last installment;

B.

Each series of said bonds shall be payable on the second day of July of the years in which they mature;

C.

The first series may be made payable on the second day of July of the first year next succeeding ten months after their date;

D.

The final series or installment of said bonds shall mature and be payable on a date which shall not exceed fourteen years from the date of the maturity of the first series or installment of said bonds; and E. The first payment of interest shall not come due before six months before the maturity of the first series of bonds.

(Prior code § 2600.65.)

There is hereby continued in the proper city and county officials the applicable powers provided in, and proceedings may be had by them in substantial conformity with, the applicable provisions provided with reference to the levy, collection and payment of special taxes, transfer of funds, and contributions, in Section 41 of the said act, as amended prior to and as the said act was in effect on January 1, 1932; provided, however, that said annual levy of assessment shall be sufficient to pay the principal and interest of such bonds as have become payable and for the payment of which no special assessment has been levied, and to pay the principal and interest of bonds which will become payable before the proceeds of another tax levy can be made available for the payment of said principal and interest, and, in addition to such amounts for principal and interest, such tax levy may include a sum not to exceed five percent of such amounts to provide for anticipated delinquencies. It is the intention of the foregoing proviso that the city shall not have the power, in making such tax levy, to pyramid delinquencies as provided in said act.

(Prior code § 2600.66.)

All bonds issued and all taxes levied or collected pursuant to the provisions of this Part 7 or plan of Parts 4 through 7 of this chapter shall have the regularity, validity and legal sufficiency provided in Section 42 of the said act as amended prior to and as the said act was in effect on January 1, 1932.

(Prior code § 2600.67.)

There is hereby vested in the proper city officials the applicable powers provided in, and proceedings may be had by them with like force and effect, as provided in the applicable provisions of Sections 44, 48, 49 and 52 of the said act, as amended prior to and as the said act was in effect on January 1, 1932, with such appropriate changes in the wording of the notice therein provided as to show that it is given pursuant to this Part 7 and plan of Parts 4 through 7 of this chapter.

(Prior code § 2600.68.)