Santa Rosa Municipal Code Art. IV Bond Plan C. District (Liability) Bonds

When bonds are issued pursuant to this plan, in any proceeding pending or hereafter taken, the provisions of Article III of this chapter shall apply, except as provided in this article.

(Prior code App. A, § 340)

Appropriate changes shall be made in the form of the bonds to show that they have been issued pursuant to this article.

(Prior code App. A, § 341)

The provisions of the Improvement Bond Act of 1915, which require the City to advance, as a loan, to the bond redemption fund from available surplus funds, the amount of any delinquent installment of principal, interest and penalties thereon, shall not apply.

(Prior code App. A, § 342)

The provisions of Article III of this chapter, which require that the City cause to be levied a special tax of not to exceed 10 cents on the $100.00 assessed value of taxable property in the City shall be restricted to taxable property within the assessment district, or within such other district as is deemed benefited thereby and described in the resolution of intention and established therefor, and shall not be enforceable against all taxable property in the City as a whole.

(Prior code App. A, § 343)

Moneys realized from special tax levies made for a particular issue of bonds shall be deposited in a special fund to be separately numbered or otherwise designated as the special levy fund for said issue, and shall be used as provided in Article III of this chapter.

(Prior code App. A, § 344)

Moneys in a special levy fund shall be transferred to the bond interest and redemption fund of the issue for which they are levied, as they are needed for prompt payment of the annual installments of principal and interest of the bonds and the accrued penalties levied and imposed therefor.

(Prior code App. A, § 345)

When properties are redeemed or sold for the nonpayment of any delinquent annual installments of assessments levied pursuant to this article, the amounts received shall be used, first to keep the bond fund current, and then to restore moneys in the special levy fund.

(Prior code App. A, § 346)

At the time of final payment of the bonds and the interest thereon of any bond issue, surplus funds in the special levy funds created therefor shall be transferred to the redemption fund of said bonds and applied as a credit on the annual levy therefor.

(Prior code App. A, § 347)

Upon the expiration of one year following the sale to the state by operation of law of any property for the nonpayment of an installment of the principal or interest of an assessment levied pursuant to this article, the Tax Collector shall make to the state a deed to such property. Unless said property has been redeemed, the City shall forthwith cause said property to be sold as provided in Article III of this chapter.

(Prior code App. A, § 348)

In the event the holder of any matured bond or coupon issued pursuant to this article makes written demand upon the City Council therefor, the City Council shall bring and expeditiously prosecute to public sale an action to foreclose the lien of an assessment installment on any parcel of real property which has been delinquent for a period of three months.

(Prior code App. A, § 349)

The holder of a matured bond or coupon may bring and prosecute to sale, in his name, the action to foreclose the lien of such assessment installment on any delinquent parcel of land, naming the City as a defendant therein. In such event such holder shall have all of the rights provided for foreclosure and sale by the City.

(Prior code App. A, § 350)

When property is sold by a court for nonpayment of principal or interest installments of an assessment levied in an assessment proceeding heretofore or hereafter taken, it shall be sold to the bidder who offers to take the least amount of the property offered for the amount due. The purchaser shall take the property subject to all installments of the assessment which are not included in the sale.

(Prior code App. A, § 351)

A purchaser of property upon foreclosure by the City Council or by a bondholder, for the nonpayment of any installment of principal, interest, penalties, fees and charges of any such assessment, supplemental assessment or reassessment, may pay for said property with, or apply on account of the purchase price thereof, matured coupons or the matured portions of a coupon to the date of its use, and matured and unmatured bonds of such issue, the delinquent assessments for which the property is sold.

(Prior code App. A, § 352)

The sheriff, commissioners or other person conducting any such sale is authorized, for and on behalf of the owner, his successors and assigns, and any other person having an interest in the property, regardless of how such interest was acquired, to tender bonds and coupons of the issue for which such sale is held in payment of the purchase price of property sold, or in redemption of said property, in satisfaction of the lien of delinquent installments or of unpaid assessments and the penalties, interest, fees and other charges.

(Prior code App. A, § 353)

To the extent that a bondholder purchases property at a sale and pays for it in cash, the moneys received by the City shall be used and applied in payment of bonds of the issue and the interest due, owned by the purchaser, first to interest, second to the principal of matured bonds, and third to the principal of unmatured bonds.

(Prior code App. A, § 354)

The provisions of Section 8688 of the Streets and Highways Code shall apply.

(Prior code App. A, § 355)

At all sales referred to in this article, bonds and coupons shall be taken and credited at the face amount thereof; provided, that sufficient cash or other legal tender is paid to take care of the expenses of the foreclosure proceedings and sale of the property, including a reasonable attorney's fee and court costs.

(Prior code App. A, § 356)

Any money received by the City from a sale in excess of the amount for which the property was offered for sale, including interest, penalties and costs including title reports and attorney's fees in a court proceeding, shall be deposited in a special levy fund and used for the purpose thereof.

(Prior code App. A, § 357)

At any time prior to the offering for sale of properties which have been deeded to the state, or as to which a decree of foreclosure has been entered, any person having an interest in the property may request the Council to undertake proceedings to refund the delinquent bonds and coupons, and the delinquent assessments levied therefor, and said request shall be accompanied by a bona fide written offer to purchase the refunding bonds signed by a municipal bond brokerage house or other responsible person.

(Prior code App. A, § 358)

The refunding bonds shall be in an amount sufficient to pay the principal, interest, penalties, fees and costs necessary to redeem the delinquent properties involved and premiums to redeem unmatured bonds sufficient to replace the assessments on the delinquent properties, together with the fees and costs of said refunding proceedings, discount on the sale of the bonds, and prefunded interest for not to exceed one year.

(Prior code App. A, § 359)

The assessments to pay the refunding bonds shall be levied solely on the delinquent properties as to which the refunding proceedings are had.

(Prior code App. A, § 360)

The refunding bonds shall be issued pursuant to any article of this chapter.

(Prior code App. A, § 361)

The refunding bonds shall be issued in the manner provided for the issuance of new bonds in the event of a reassessment pursuant to Article III of this chapter.

(Prior code App. A, § 362)