16.15 — ASSESSMENT BOND PROCEDURES

When bonds are to be issued in any proceeding had and taken in connection with any public improvement, acquisition, immediate possession or street closing pursuant to this chapter, the same shall be issued, paid and collected in accordance with this chapter. (Ord. 859 § 300; Formerly § 16-103)

When the Council shall have determined that bonds shall be issued to represent the cost and expenses of any proposed work or improvement or of the possession or acquisition of any property in any proceeding under this chapter, it shall so declare in its resolution of intention therefor and shall specify pursuant to which plan herein provided such bonds shall be issued, the term or maximum

term of their maturity following their date and the rate of maximum rate of interest they shall bear, as determined by the Council.

(Ord. 859 § 301; Ord. 1215 § 1, 6-24-1969; Ord. 1299 § 1, 10-22-1974; Ord. 1399 § 1, 4-8-1980; Formerly § 16-104)

Whenever any bonds shall be issued pursuant to any one of the plans provided in this chapter, such bonds shall be substantially in the form provided in the particular plan specified, with such appropriate changes in the wording of such bonds as to show that they have been issued pursuant to such plan.

(Ord. 859 § 302; Formerly § 16-105)

The signature on the interest coupons and all signatures excepting one signature on the bonds may be by printed, engraved, lithographed or other process. (Ord. 859 § 303; Formerly § 16-106)

When any bonds issued under this chapter are to be sold, they may be sold by the City Council as it shall determine.

The proceeds of such sale shall be placed in the City treasury to the credit of the fund for which they have been issued and shall be applied exclusively to the purposes and objects thereof. (Ord. 859 § 304; Formerly § 16-107)

If any bonds be sold for an amount in excess of par, such excess shall be paid into the fund for the improvement unless the City Council shall otherwise determine. (Ord. 859 § 305; Formerly § 16-108)

Bonds may be registered against theft, in which event Title 4, Division 4, Chapter 4, Article 7 (entitled "Registration"), Section 43880 et seq. of the Government Code of the State shall apply.

Bonds may be registered for nonpayment, in which event Title 5 , Division 1, Part 1, Chapter 3, Article 2 (entitled "Registration of Bonds"), Section 50630 et seq. of the Government Code of the State shall apply.

New bonds or coupons may be issued to replace lost or destroyed bonds, in which, event the provisions of Title 5 , Division 2, Part 1, Chapter 3, Article 3 (entitled "Lot or Destroyed Bonds"), Section 53460 et seq. of the Government Code of the State shall apply. (Ord. 859 §§ 306 – 308; Formerly § 16-109)

coupons.

Payment of all or any portion of any assessment taxes levied to pay the principal or interest due or to become due on the bonds of any district formed under this chapter may be made with matured bonds or matured coupons of such district. Such bonds and coupons shall be accepted and treated as cash and when so received shall be cancelled and the interest and sinking fund of such district shall be credited with the face value thereof.

(Ord. 859 § 309; Formerly § 16-110)