San Jose Municipal Code Part 3 Extension or Improvement of Project

The city may, in its discretion, purchase, acquire, construct, establish or improve extensions or improvements of the project with funds raised by the sale of assessment bonds of a district formed under this Chapter 14.24 which shall be payable as to principal and interest (except to the extent otherwise permitted by Section 14.24.190) from ad valorem assessments levied (as provided in the proceedings for the formation of such district) against the taxable real property in the district to be benefited by said extensions or improvements.

(Prior code § 2600.431.)

All extensions or improvements of the project financed by the issuance of such assessment bonds shall be and become additions to the project, and the resolution of intention to form the district and the ordinance adopted by the council forming the district pursuant to this Chapter 14.24 shall so state.

(Prior code § 2600.432.)

All revenues from all said extensions and improvements of the project shall be revenues under and for the purposes of the resolution, and said resolution of intention and ordinance shall so state.

(Prior code § 2600.433.)

All of the provisions of the resolution relating to the establishment of fees, rates and charges, the collection thereof and the reclassification thereof, shall apply to each such extension or improvement, and said resolution of intention and ordinance shall so state.

(Prior code § 2600.434.)

The principal of and interest and premium on redemption prior to maturity (if any) on all assessment bonds issued as stated in Section 14.24.150 of this chapter shall be paid only from any one or more of the following sources, and said resolution of intention and ordinance shall specify such of the following sources as shall be applicable to each such issue of bonds:

A. Ad valorem assessments levied against the taxable real property in the district benefited by the extension or improvements;

B. Moneys in the surplus revenue fund provided for in paragraph (b) of Section 5.08 of Article V of the resolution, which are determined by resolutions of the council to be available for the purpose and which shall not exceed in any fiscal year that portion of the annual net revenues of the project for such fiscal year produced by the portion of the project acquired or improved with the proceeds of sale of said assessment bonds; or

C. Any moneys of the city, other than revenues, that are legally available for the purpose.

(Prior code § 2600.435.)