Chapter 14.24 — ASSESSMENT BOND PROCEDURE

When bonds are to be issued in any proceeding had and taken in connection with any public improvement, and/or acquisition, and/or immediate possession, and/or street closing, pursuant to this code, the same shall be issued, paid and collected in accordance with this chapter. (Prior code § 12-6.101; Ord. 1509-69 § 1, 1969)

When the council has determined that bonds shall be issued, it shall so declare in its resolution of intention and shall specify pursuant to which plan provided in this code the bonds shall be issued, the term or maxi-mum term of their maturity following their date, the rate or maximum rate of interest they shall bear, not to exceed eight percent per year. (Prior code § 2-6.102; Ord. 1509-69 § 1, 1969; Ord. 1743-74 § 1, 1974)

The bonds and coupons shall be payable to the bearer and shall be substantially in the form provided in the plan specified with appropriate changes in the wording to show that they are issued pursuant to the plan. When the form is not provided by law it shall be prescribed by the city council. (Prior code § 12-6.103; Ord. 1509-69 § 1, 1969)

The bonds shall be executed as provided by law and, if not so provided, shall be executed by the mayor and attested by the city clerk and have affixed the city seal. The interest coupons shall be executed by the city director of finance. There shall be at least one manual signature on the bonds. The signature of the mayor on the bonds and of the director of finance on the coupons and the city seal may be printed, engraved or litho-graphed thereon in facsimile. (Prior code § 12-6.104; Ord. 1509-69 § 1, 1969)

The bonds shall be dated as the council shall deter-mine; provided, that in a proceeding pursuant to Sections 14.20.100 to 14.20.200 of this code, the written consent of the contractor or his assigns shall be obtained before delaying their date. (Prior code § 12-6.105; Ord. 1509-69 § 1, 1969)

The bonds shall mature in series except that the principal of each bond under bond plan A shall mature in annual installments represented by coupons. The principal shall mature in annual amounts as the city council shall determine. To this end, assessments of different amounts may be classified and made to mature over different periods. The first installment may be postponed as the city council shall determine. (Prior code § 12-6.106; Ord. 1509-69 § 1, 1969)

The principal of the bonds may include interest and costs of maintenance and operation for the period of the acquisitions and the construction of the improvements plus twelve months. (Prior code § 12-6.107; Ord. 1509-69 § 1, 1969)

The bonds of a series may be issued in more than one division having different dates of maturity and dates from which interest shall run. (Prior code § 12-6.108; Ord. 1509-69 § 1, 1969)

The bonds shall be sold as the city council shall determine. Their proceeds shall be deposited in the proper fund and used exclusively for the objects and purposes thereof. (Prior code § 12-6.109; Ord. 1509-69 § 1, 1969)

Premiums received on the sale of bonds shall be deposited in the improvement fund, unless the city council shall otherwise determine. (Prior code § 12-6.110; Ord. 1509-69 § 1, 1969)

Accrued interest received on the sale of bonds shall be deposited in the bond fund, unless the city council shall otherwise determine. (Prior code § 12-6.111; Ord. 1509-69 § 1, 1969)

The director of finance shall keep a bond register. Upon presentation of a bond or an interest coupon of a bond, he shall enter in the register the name and address of the owner or holder and the number and amount of the bond. (Prior code § 12-6.112; Ord. 1509-69 § 1, 1969)

coupons.

Payment of all, or any portion, of any assessment installment levied to pay the principal or interest due, or to become due, on the bonds of any district formed under this code may be made with matured bonds or matured coupons of the district. The bonds and coupons shall be accepted and treated as cash, and when so received shall be canceled, and the interest and sinking fund of the district shall be credited with the face value thereof. (Prior code § 12-6.113; Ord. 1509-69 § 1, 1969)

Upon the entry of the payment of any bond or coupon in the bond register, and under any additional conditions as the director of finance shall establish, the director of finance or other

fiscal agents of the city may destroy or cremate any and all bonds and coupons pertaining thereto which have been previously paid or canceled. (Prior code § 12-6.114; Ord. 1509-69 § 1, 1969)

In the event of a surplus remaining in the redemption fund after payment of the entire principal and interest on all bonds issued pursuant to a plan in this code for retirement of which the fund shall have been established, the surplus shall, subject to any other special provisions of this code, be applied first to repayment to the city of any balance due it for contributions and advances which it may have made to the redemption fund, and of any special taxes which it may have levied in aid thereof other than any regular taxes levied to retire any bonds, and of any moneys due it for costs incurred or charges allowed, together with interest on the sums at the rate mentioned in the bonds. The excess, if any, shall be paid into the general fund of the city. (Prior code § 12-6.115; Ord. 1509-69 § 1, 1969)

When the law provides a premium on the call of bonds, the city council may provide in the resolution of intention that no premium will be paid upon the call of bonds prior to their fixed date of maturity. In that event, the bond plan designated shall be followed by (NP). (Prior code § 12-6.116; Ord. 1509-69 § 1, 1969)

When a proceeding is undertaken pursuant to a bond plan in this code in which the supplemental provisions of the Improvement Bond Act of 1915, which require the city to advance funds and make special tax levies for the purpose of advancing funds to meet delinquencies in assessment installments of principal and interest, apply, the council may declare in the resolution of intention that the provisions shall not apply. In that event, the bond plan designation shall be followed by (NSR). If both the premium and the remedy are declared not to apply, the bond plan designated shall be followed by (NP-NSR). (Prior code § 12-6.117; Ord. 1509-69 § 1, 1969)

As an alternative method of collecting fixed lien assessments which are less in amount than fifty dollars, when bonds are issued pursuant to bond plans A, B or C herein, proceedings therefor may be had as provided in Sections 14.20.100 to 14.20.200 of this code. (Prior code § 12-6.118; Ord. 1509-69 § 1, 1969)

Any coupon bond or other bond payable to bearer is subject to registration either as to principal and interest or as to principal only upon written request of the bondholder and presentation of the bond to the director of finance for registration. (Prior code § 12-6.201; Ord. 1509-69 § 1, 1969)

Upon presentation and request for registration as to principal and interest, the director of finance

shall cut off the coupons and destroy them. He shall maintain a book in which he shall enter the numbers of all registered bonds and the names and addresses of the owners of registered bonds. Until the registration is canceled as provided in Section 14.24.100, the interest and principal thereof shall be payable only to the registered owner. There shall be provided on the back of each bond a suitable blank showing the name and address of the registered owner, the date of registration or transfer, the type of registration and the signature of the director of finance. (Prior code § 12-6.202; Ord. 1509-69 § 1, 1969)

The bonds may be registered as to principal only. A notation shall be made to that effect in the registration book and on the bond. The coupons shall not be detached and the interest on the bonds shall be paid upon presentation of the coupons in the same manner as unregistered bonds. The principal, however, shall be paid only to the registered owner upon presentation of the bond. (Prior code § 12-6.203; Ord. 1509-69 § 1, 1969)

There may be printed on the bond a form of the endorsements for registration, which may be as follows:

This bond is registered in the name of the registered owner whose name and address appear last in the space below and both the principal of and interest on the bond are payable to the registered owner, unless it is registered as to principal only, in which case only the principal is so payable.

Note: There must be no writing in the space below except by the Director of Finance.

Address of
Type of Name of Registered Signature of Dir.

Date of Registry Registration* Registered Owner Owner of Finance Principal Only and Interest

*In the event registration is as to principal only, strike the words "and interest": if as to principal and interest, strike the word "only."

(Prior code § 12-6.204; Ord. 1509-69 § 1, 1969)

The director of finance shall keep in his office a book showing what bonds are registered and in whose names, and whether registered as to principal only or as to principal and interest. (Prior code § 12-6.205; Ord. 1509-69 § 1, 1969)

A registered bond may only be transferred by the registered owner in writing, in person, or by attorney duly authorized, on presentation of the bond to the director of finance and by his endorsing thereon and in his record the fact of the transfer. (Prior code § 12-6.206; Ord. 1509-69 § 1, 1969)

The registration of any unmatured bond may be canceled upon written request of the registered owner. Upon receipt of a request, the director of finance shall cancel the registration in the bond register book and on the back of the bond, cause all unmatured coupons to be reprinted and reattached to the bond, and deliver the bond and attached coupons to the owner. Until the bond is reregistered the principal thereof shall be payable to bearer, and the interest shall again be paid upon surrender of proper coupons. The cost of reprinting the coupons shall be paid by the person requesting deregistration. (Prior code § 12-6.207; Ord. 1509-69 § 1, 1969)

Deregistered bonds are subject to reregistration in the same manner as previously unregistered bonds. (Prior code § 12-6.208; Ord. 1509-69 § 1, 1969)

Notwithstanding any provisions of law to the contrary, bonds, issued pursuant to statute or city Charter, may be in the form of coupon bonds or registered bonds, or some in the form of coupon bonds and some in the form of registered bonds, as provided in the proceedings for their issuance. (Prior code § 12-6.209; Ord. 1509-69 § 1, 1969)

When a bond or interest coupon payable from funds in the custody of the director of finance is presented to him for payment and is not paid for want of funds, he shall endorse upon it "Not paid for want of funds," the date of presentation, and a serial number indicating the order of payment, and shall sign or stamp his name thereon, and give it a serial number. (Prior code § 12-6.301; Ord. 1509-69 § 1, 1969)

The director of finance shall keep a book or other record in which shall be entered the number and series of the bonds and the date and serial number of their registration, and, if known, the name and address of its owner or other person who presented them. (Prior code § 12-6.302; Ord. 1509-69 § 1, 1969)

Upon receipt of the first money in the treasury applicable to their payment, the director of finance shall set apart the amount necessary to pay the registered bonds and coupons. (Prior code § 12-6.303; Ord. 1509-69 § 1, 1969)

The director of finance shall give notice by registered mail to the owner or holder of the registered bonds and coupons, at the address last entered or to the person who presented them, stating that he is ready to pay them.

(Prior code § 12-6.304; Ord. 1509-69 § 1, 1969)

The bonds and coupons shall be paid in the order of their serial numbers. (Prior code § 12-6.305; Ord. 1509-69 § 1, 1969)

If the registered bonds and coupons are not presented for payment within thirty days from mailing of the notice, or if the owner has failed to provide his name and address, or the person who presented them is not known, the director of finance shall apply the fund set aside to the payment of the unpaid registered bonds and coupons next in order, until all registered bonds and coupons have been paid. (Prior code § 12-6.306; Ord. 1509-69 § 1, 1969)

In the event the council determines, as provided in Sections 14.24.208 and 14.24.212, that there is danger of ultimate loss, the provisions of Sections 14.24.112 to 14.24.132 and registrations thereunder shall not apply. (Prior code § 12-6.307; Ord. 1509-69 § 1, 1969)

If it appears to the director of finance that there is danger of an ultimate loss accruing to the bondholders for any reason, he shall withhold payment on all matured bonds and coupons and report the facts to the council so that proper action may be taken by it to equitably protect all bondholders. (Prior code § 12-6.401; Ord. 1509-69 § 1, 1969)

On receipt of the report, the council shall fix a date for hearing thereon. The clerk shall give notice of the hearing by publication and by mail to bondholders at addresses known to the director of finance. (Prior code § 12-6.402; Ord. 1509-69 § 1, 1969)

At the hearing the council shall determine whether in its judgment there will ultimately be insufficient money in the redemption fund to discharge the unpaid bonds and interest coupons. (Prior code § 12-6.403; Ord. 1509-69 § 1, 1969)

If the council determines that in its judgment there will be no such shortage, it shall direct the director of finance to pay matured bonds and coupons as presented, or as registered as provided in Sections 14.24.076 to 14.24.108, as the case may be, as long as there is available money in the redemption fund. (Prior code § 12-6.404; Ord. 1509-69 § 1, 1969)

If the council determines that in its judgment there will be a shortage in the redemption fund, it shall direct the director of finance to pay to the holders of all outstanding and unpaid bonds and coupons such proportion thereof as the amount of funds on hand bears to the total amount of the unpaid principal of the bonds and the interest which has accrued. Similar proportionate payments shall thereafter be made periodically as moneys come into the redemption fund. (Prior code § 12-6.405; Ord. 1509-69 § 1 1969)

The moneys in each payment shall be applied first to the payment of interest on all of the outstanding bonds of the issue. If funds are not sufficient to pay interest to the date of payment, it shall be paid to a date common to all of the bonds, to the end that all bonds will have had an equal payment of interest. (Prior code § 12-6.406; Ord. 1509-69 § 1, 1969)

Funds remaining after payment of interest shall be prorated among all of the outstanding bonds, regardless of their dates of maturity, and paid an equal amount of each bond. (Prior code § 12-6.407; Ord. 1509-69 § 1, 1969)

In order to facilitate the making of proportionate payments, the holders of outstanding bonds and coupons shall surrender them to the director of finance for registration as to principal and interest as provided in Sections 14.24.076 to 14.24.108. Upon such registration each holder shall be credited with the amount of his bonds. (Prior code 12-6.408; Ord. 1509-69 § 1, 1969)

Interest shall cease on payments made on account of principal from the date of payment, but interest shall continue to run on the unpaid principal at the rate specified in such bonds until payment thereof is made. (Prior code § 12-6.409; Ord. 1509-69 § 1, 1969)

No premiums shall be paid on payments made in advance of the due date. (Prior code § 12-6.410; Ord. 1509-69 § 1, 1969)

If bonds or coupons are not surrendered for registration and payment, the director of finance shall give notice to the holder thereof by registered mail, at the holder's address as last known to the director of finance, of the amount available for payment. Thereupon interest shall cease as to the amount so available for payment ten days from the date of mailing of the notice. Funds due such holder shall be retained until the bond is surrendered. (Prior code § 12-6.411; Ord. 1509-69 § 1, 1969)

Prior to each payment, the director of finance shall notify each bond holder by mail to surrender his bond for payment. He shall endorse on each bond the date and amount of payment of principal and the amount and date to which interest is paid. (Prior code § 12-6.412; Ord. 1509-69 § 1, 1969)

The director of finance shall keep a record of each payment made, either in a separate book kept for that purpose, or by entries in the bond register. (Prior code § 12-6.413; Ord. 1509-69 § 1, 1969)

The council may hold supplemental hearings on like notice and such other and supplemental orders may be made from time to time as may be equitable and proper. (Prior code 12-6.414; Ord. 1509-69 § 1, 1969)

If, at a subsequent hearing, the council determines that there is no longer any danger of default, it may order that the remaining principal of the bonds be paid in the original order of maturity. (Prior code § 12-6.415; Ord. 1509-69 § 1, 1969)

With the written or voted consent as provided for modifications, the bonds as to which default has been cured may be refunded and exchanged or sold and the proceeds used to retire the cured bonds. (Prior code § 12.416; Ord. 1509-69 § 1, 1969)

The costs incurred by the city under Sections 14.24.140 to 14.24.200 may be contributed by it or they may be paid, as first claim thereon, from the bond fund. (Prior code § 12-6.417; Ord. 1509-69 § 1, 1969)

Subject to any contractual limitations binding upon the holders of the bonds (including but not limited to, limitations upon the exercise of a remedy to the bondholders holding a specified proportion or percent-age of the bonds), the holders of bonds shall have the right, for the equal benefit and protection of all holders of bonds similarly situated, in addition to those provided in the bond law:

(a) Accounting. By action or suit in equity to require the city and the city council and other officers, agents and employees to account as the trustee of an express trust;

(b) Injunction. By action or suit in equity to enjoin acts or things which may be unlawful or violate the rights of the bondholders; or

(c) Mandamus. By mandamus or other suit, action or proceeding at law or in equity to enforce his rights against the city and its city council and other officers, agents and employees, and to require and compel it or them to perform and carry out its and their duties and obligations under the law and its and their covenants and agreements with bondholders. (Prior code § 12-6.501; Ord. 1509-69 § 1, 1969)

As to remedies of the bondholders:

(a) Cumulative. No remedy conferred by this section or by the law is intended to be exclusive of any other remedy, but each remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this section or by the law or by any other law;

(b) Waiver. No waiver of a default or breach of duty or contract by any bondholder shall extend to or shall affect a subsequent default or breach of duty or con-tract or shall impair rights or remedies thereof;

(c) Delays. No delay or omission of a bondholder to exercise a right or power accruing upon a default shall impair the right or power or shall be construed to be a waiver of the default or acquiescence thereof;

(d) Enforcement. Every substantive right and every remedy conferred upon the bondholders may be en-forced and exercised from time to time and as often as may be deemed expedient; and

(e) Status Quo. In case an action, suit or proceeding to enforce a right or exercise a remedy shall be brought or taken and then discontinued or abandoned, or shall be determined adversely to the bondholders, then, and in every case, the city and the bondholders shall be restored to their former positions and rights and remedies as if no suit, action or proceedings had been brought or taken. (Prior code § 12-6.502; Ord. 1509-69 § 1, 1969)

When a bond of the city is mutilated or defaced, the city council shall issue a duplicate if all of the follow-ing conditions exist:

(a) It appears by clear and unequivocal proof that the bond is so mutilated or defaced as to impair its value to the owner;

(b) There is no bad faith on the part of the owner;

(c) The bond is identifiable by number and description;

(d) The regulations, including restrictions as to time and retention for security or otherwise, prescribed by the city council are met. (Prior code § 12-6.601; Ord. 1509-69 § 1, 1969)

The duplicate shall have the same time to run, bear like interest, and have the same number, as

the mutilated or defaced bond. (Prior code § 12-6.602; Ord. 1509-69 § 1, 1969)

The owner of the bond desiring a duplicate shall make a written application to the city council stating the facts required. (Prior code § 12-6.603; Ord. 1509-69 § 1, 1969)

The owner shall accompany his application with a deposit of money required by the city council for the cost of printing, lithographing or otherwise preparing the duplicate, and all other expenses connected with the issuance of the duplicate. (Prior code § 12-6.604; Ord. 1509-69 § 1, 1969)

If required by the city council, the owner shall also file with his application a bond in the required sum with good and sufficient sureties, to be approved by the city council, and conditioned to indemnify the city for any claim upon the mutilated or defaced bond. (Prior code § 12-6.605; Ord. 1509-69 § 1, 1969)

Upon receipt of the application, the city council shall adopt a resolution:

(a) Stating the receipt of the application;

(b) Stating the compliance with the conditions prescribed therefor and any other conditions required by the city council;

(c) Directing the officer in charge of preparing the original bond to cause a duplicate to be issued. (Prior code § 12-6.606; Ord. 1509-69 § 1, 1969)

The duplicate bond shall be signed by the same officers and as nearly as possible shall be issued in the manner of the original. (Prior code § 12-6.607; Ord. 1509-69 § 1, 1969)

The duplicate shall be delivered in exchange for the original bond. (Prior code § 12-6.608; Ord. 1509-69 § 1, 1969)

required.

Any exchange shall not be made unless the defaced or mutilated bond with any coupons attached is identifiable and is first surrendered by the owner.

(Prior code § 12-6.609; Ord. 1509-69 § 1, 1969)

duplicate.

When the original is surrendered, the city council shall cause proper record to be made of its cancellation and thereafter the duplicate has the validity of the original. (Prior code § 12-6.610; Ord. 1509-69 § 1, 1969)

The city council may issue a new bond similar to the original to replace it if:

(a) By competent proof it is made to appear to the city council that a bond issued by the city is lost or destroyed

(b) The owner gives security approved by the city council to indemnify the city against any loss incurred on account of the bond;

(c) The owner pays all cost of the insurance of the new bond. (Prior code § 12-6.701; Ord. 1509-69 § 1, 1969)

To the extent applicable the provisions of Sections 14.24.140 to 14.24.176, inclusive, shall apply. (Prior code § 12-6.702; Ord. 1509-69 § 1, 1969)

cause.

If the city council refuses to issue a new bond, the owner of any lost or destroyed bond may apply to the superior court of the county for an order requiring the city council to show cause why it should not be required to issue a new bond or cause it to be issued. (Prior code § 12-6.703; Ord. 1509-69 § 1, 1969)

show cause.

The application shall be by petition, a copy of which shall be served upon the mayor or city manager not later than ten days prior to the time set for the hearing. (Prior code § 12-6.704; Ord. 1509-69 § 1, 1969)

order.

The court shall inquire into the truth of the facts stated in the petition and hear the proofs and allegations of the petition. If satisfied that the petitioner is the lawful owner of the bond described in the petition, that it has been lost or destroyed and cannot after due diligence be found, and that no sufficient cause has been shown why a new bond to replace it should not be issued, the court shall make an order requiring the city council to issue and deliver, or cause to be issued and delivered, to the petitioner a new bond in place of the lost or destroyed bond, upon the petitioner giving such security to the city as the court directs.

(Prior code § 12-6.705; Ord. 1509-69 § 1, 1969)

Each bond and attached coupon so issued shall state upon its face:

(a) The number and denomination of the bond for which it is issued;

(b) That it is issued in the place of the bond claimed to have been lost or destroyed;

(c) That it is issued as a duplicate;

(d) That only one is to be paid. (Prior code 12-6.706; Ord. 1509-69 § 1, 1969)

The security required, duly endorsed as approved, shall be filed in the office of the director of finance of the city as the city council directs. (Prior code § 12-6.707; Ord. 1509-69 § 1, 1969)

Bonds not callable pursuant to general law may be made callable in inverse numerical order, in which event they shall so state on their face. A premium may be provided to be paid to the holder of the bonds in the event of their call, in an amount or amounts as is prescribed in the resolution providing for the issuance of the bonds, not to exceed five percent of the principal amount thereof. (Prior code § 12-6.801; Ord. 1509-69 § 1, 1969)

Interest shall not accrue on the bonds called for redemption after the redemption date specified in the notice of redemption, subject to the provisions of Section 14.24.584. (Prior code § 12-6.802; Ord. 1509-69 § 1, 1969)

The director of finance shall cause notice to be given by registered mail to the last-known holder or holders of the bonds called. He shall also publish a notice in a financial paper published in San Francisco or in New York. Both publication and mailing shall be at least thirty days prior to the day fixed for redemption. (Prior code § 12-6.803; Ord. 1509-69 § 1, 1969)

The notice of redemption shall:

(a) State the redemption date;

(b) State the redemption price;

(c) State the numbers and dates of maturity of the bonds to be redeemed; provided, however,

that whenever any call includes all of the bonds of a maturity the numbers of the bonds of the maturity need not be stated;

(d) Require that the bonds be surrendered with all interest coupons maturing on or subsequent to the redemption date (except that no coupons need be surrendered on bonds registered as to both principal and interest) at the office of the director of finance;

(e) Require that bonds which at the time of call are registered so as to be payable otherwise than to bearer shall be accompanied by appropriate instruments of assignment to the city duly executed; and

(f) Give notice that further interest on the bonds called will not accrue after the designated redemption date. (Prior code § 12-6.804; Ord. 1509-69 § 1, 1969)

The actual receipt by the holder of any bond of notice of redemption shall not be a condition precedent to redemption, and failure to receive notice shall not affect the validity of the proceedings for the redemption of the bonds or the cessation of interest on the date fixed for redemption. (Prior code § 12-6.805; Ord. 1509-69 § 1, 1969)

A certificate by the director of finance that notice of call and redemption has been given to owners of bonds as provided in Section 14.24.292 shall be conclusive as against all parties, and no bondholder whose bond is called for redemption may object thereto or to the cessation of interest on the redemption date fixed by any claim or showing that he had failed to actually receive notice. (Prior code § 12-6.806; Ord. 1509-69 § 1, 1969)

When notice of redemption has been given substantially as provided in Section 14.24.292, and when the amount necessary for the redemption of the bonds called is in the bond fund, the bonds designated shall become due and payable on the date fixed for the redemption thereof, and, upon presentation and surrender of the bonds and all interest coupons maturing after the redemption date, to the director of finance, and, if any of the bonds be registered, upon the appropriate assignment thereof, the bonds shall be redeemed and paid at the redemption price out of the bond fund. (Prior code § 12-6.807; Ord. 1509-69 § 1, 1969)

All bonds redeemed and all interest coupons thereof shall be canceled forthwith and shall not be reissued. (Prior code § 12-6.808; Ord. 1509-69 § 1, 1969)

All of the provisions of this title constitute a contract between the city and the holders of the

bonds. From and after the sale and delivery of any of the bonds, no amendment, alteration or modification of the bonds or of the coupons appertaining thereto or of any provision of this title, which shall impair, impede or lessen the rights of the holders of the bonds or the coupons appertaining thereto then outstanding shall be made without the prior written consent or, alternatively, the prior consent given at a bondholders' meeting, of the holders of at least sixty- six and two-thirds percent of the aggregate principal amount of bonds of the affected series then outstanding, unless the amendment, alteration or modification be herein authorized. (Prior code 12-6.901; Ord. 1509-69 § 1, 1969)

Any amendment, alteration or modification which shall have received the consent of the holders, of the percentage of the outstanding bonds as provided in Section 14.24.316 shall be binding on the holders of all of the bonds and coupons appertaining thereto, either attached to or detached from the bonds. If any alteration amendment or modification shall affect less than all of an issue of outstanding bonds, then the provisions of Section 14.24.316 shall apply only to the series affected by the amendment, alteration or modification. (Prior code § 12-6.902; Ord. 1509-69 § 1, 1969)

If the city desires to or is required to obtain the consent of the bondholders to a proposed action, the council may adopt a resolution calling a meeting of the bondholders affected by the proposed action for the purpose of considering the action, the consent to which is desired or required. (Prior code § 12-6.903; Ord. 1509-69 § 1, 1969)

The place, date and hour of holding the meeting and the date or dates of publishing and mailing notice shall be determined by the council in its discretion. (Prior code § 12-6.904; Ord. 1509-69)

Notice specifying the purpose, place, date and hour of the meeting shall be given by mail and by publication at least once not less than thirty nor more than sixty days prior thereto in one or more financial papers published in San Francisco or New York. The notice shall set forth the nature of the proposed action, consent to which is desired or required. (Prior code § 12-6.905; Ord. 1509-69 § 1, 1969)

The director of finance shall mail notice by registered mail to the last-known holders of bearer bonds, as shown by the records in his office, and to the registered owners of any registered bonds, at their addresses shown on the bond registry books. (Prior code § 12-6.906; Ord. 1509-69 § 1, 1969)

The director of finance shall prepare and deliver to the chairman of the meeting a list of the names and addresses of the registered owners of the bonds as shown on the bond registry books,

and, to the extent known by him, a list of the names and addresses of the owners of bearer bonds, together with a statement of the maturities, series and numbers of the bonds held and deposited by each and no bondholder shall be entitled to vote at the meeting unless his name appears upon the lists or unless, at the meeting, he shall present his bond or bonds or a certificate of deposit thereof. (Prior code § 12-6.907; Ord. 1509-69 § 1, 1969)

A holder of bearer bonds may deposit his bonds with a bank, trust company, investment banker, bond dealer or broker within or without the state, and obtain from the depositary a certificate of deposit which shall constitute proof of ownership and entitle the depositor named therein to vote upon filing it with the director of finance who shall add it to the list of owners. The director of finance may designate a depositary where bonds may be deposited which shall be an agency for that purpose. (Prior code § 12-6.908; Ord. 1509-69 § 1, 1969)

No bondholder shall be permitted to vote with respect to a larger aggregate principal amount of bonds than is set against his name on the list, unless he shall produce the additional bonds upon which he desires to vote or a certificate of deposit. (Prior code 12-6.909; Ord. 1509-69 § 1, 1969)

Attendance and voting by bondholders at the meet-ing may be by proxy. Owners of registered bonds may, by an instrument in writing under their hands, appoint any person as their proxy to vote at the meeting for them, and that instrument when presented at the meeting shall be sufficient to entitle that person to vote as the proxy of the registered owner. Any person may vote as the proxy of the owner of a bearer bond on presentation of the bond or certificate of deposit thereof and an instrument in writing under the hand of the bondholder appointing the person as his proxy to vote at the meeting for him, or if the instrument in writing has been delivered to the agency designated by the city at the time the bond was delivered to the agency as provided for in Section 14.24.344 and the person's name appears on the list delivered by the director of finance to the chairman of the meeting, the certificate of deposit may verify him as the proxy of the owner of the bearer bond. (Prior code § 12-6.910; Ord. 1509-69 § 1, 1969)

The council shall present at the meeting a certificate, signed and verified by the director of finance, stating the maturities, series and numbers of all bonds owned by, or held for account of, the city directly or indirectly. No person shall be permitted at the meeting to vote or consent with respect to any bond which it shall be established at or prior to the meeting is owned by the city directly or indirectly, and no bond referred to as "issuer-owned bond" shall be counted in determining whether a quorum is present at the meeting. (Prior code § 12-6.911; Ord. 1509-69 § 1, 1969)

A representation of at least sixty-six and two-thirds percent in aggregate principal amount of the bonds affected by the proposed action and then outstanding (exclusive of issuer-owned bonds, if any) shall be necessary to constitute a quorum at the meeting of bondholders, but less than a quorum may adjourn the meeting, from time to time, and the meeting may be held as so adjourned without further notice, whether the adjournment has been by a quorum or less than a quorum. (Prior code § 12-6.912; Ord. 1509-69 § 1, 1969)

The council shall, by an instrument in writing, appoint a temporary chairman of the meeting, and the meeting shall be organized by the election of a permanent chairman and a secretary. (Prior code § 12-6.913; Ord. 1509-69 § 1, 1969)

At the meeting, each bondholder shall be entitled to one vote for every one thousand dollars' principal amount of bonds with respect to which he is entitled to vote, and the vote may be given in person or by proxy. The council, by its duly authorized representative, may attend the meeting of the bondholders, but shall not be required to do so. (Prior code § 12-6.914; Ord. 1509-69 § 1, 1969)

At the meeting, there shall be submitted for the consideration and action of the bondholders a statement of proposed action, consent to which is desired or required, and if the action is consented to and approved by the bondholders in person or by proxy holding at least sixty-six and two-thirds percent in aggregate amount of the bonds affected by the proposed action and then outstanding (exclusive of issuer-owned bonds), the chairman and the secretary of the meeting shall so certify in writing to the council, and the certificate shall constitute complete evidence of the consent of the bondholders. (Prior code § 12-6.915; Ord. 1505-69 § 1, 1969)

The actual receipt by a bondholder of the notice required to be given by Section 14.24.332 shall not be a condition precedent to the undertaking, notice of which is required to be given, and failure to receive notice shall not affect the validity of the proceedings thereat or prevent the notice from having the effect intended by the giving of notice, provided that notice has been published and has also been mailed to bond-holders to the extent known to the director of finance. No irregularity in the form of the notice shall affect its validity provided notice has been given. A certificate signed by the chairman and secretary of the meeting shall be conclusive evidence and the only competent evidence of the matters stated in the certificate relating to the proceedings taken at the meeting, as against all parties, and it shall not be open to a bondholder to show that he failed to receive notice. (Prior code § 12-6.916; Ord. 1509-69 § 1, 1969)

The certificate shall be filed in the office of the director of finance and shall be kept on file so long as the bonds and the interest thereon are outstanding and unpaid. A duplicate original, if there is one, and, if not, then a reproduced copy thereof including the signatures thereon, shall be filed with the city clerk who shall likewise keep it filed with the papers of the proceedings authorizing the issuance of the affected bonds. (Prior code § 12-6.917; Ord. 1509-69 § 1, 1969)

When bonds are issued pursuant to this plan, the bond provisions of the Improvement Act of 1911 shall apply. (Prior code 12-6.1001; Ord. 1509-69 § 1, 1969)

The first one percent penalty on the bonds shall be retained by the director of finance and charged as a cost of serving the delinquency. (Prior code § 12-6.1002; Ord. 1509-69 § 1, 1969)

The principal amount of a bond may mature in other than equal annual amounts. (Prior code § 12-6.1003; Ord. 1509-69 § 1, 1969)

The council may issue and sell a bond to represent an assessment levied on a lot or parcel of land owned and used as provided in Sections5301 and 5302.5 of the Streets and Highways Code. (Prior code § 12-6.1004; Ord. 1509-69 § 1, 1969)

The bond form provided in Section 6460 of the Streets and Highways Code shall be altered to provide that it represents an assessment owned and used by the public agency affected, and is payable accordingly. (Prior code § 12-6.1005; Ord. 1509-69 § 1, 1969)

The affected public agency shall have all of the obligations and the holder of the bond shall have all of the rights and remedies of the city provided in Section 5302.5 of the Streets and Highways Code, the same as if no bond or bonds had been issued to represent such assessment. (Prior code § 12-6.1006; Ord. 1509-69 § 1, 1969)

When bonds are issued pursuant to this plan the Improvement Bond Act of 1915 shall apply, except that the period of redemption shall be one instead of five years. (Prior code § 12-6.1101; Ord. 1509-69 § 1, 1969)

The provisions of Parts 8 and 11 of the Improvement Bond Act of 1915 relating to the collection of assessments and the advance retirement of bonds shall apply to proceedings taken pursuant to Sections 14.24.408 to 14.24.472 unless the council elects to adopt the alternative procedure set forth in Part 11.1 of said act and so states in the resolution of intention. (Prior code § 12-6.1102; Ord. 1509-69 § 1, 1969; Ord. 1743-74 § 2, 1974)

The annual installments of any assessments may be made to mature in other than equal annual amounts. (Prior code § 12-6.1103; Ord. 1509-69 § 1, 1969)

The council may issue and sell a bond or bonds to represent an assessment levied on a lot or parcel of land owned and used as provided in Sections 5301 and 5302.5 of the Streets and Highways Code. (Prior code § 12-6.1104; Ord. 1509-69 § 1, 1969)

The form of the bond may be the same as that provided in Section8652 of the Streets and Highways Code, in which event all of the bonds shall be made to mature in such annual amounts as will conform to the requirements of Section 5302.5 of the Streets and Highways Code. (Prior code § 12-6.1105; Ord. 1509-69 § 1, 1969)

The council may alter the form of the bond provided in Section5302.5 of the Streets and Highways Code to provide that certain numbered bonds are issued to represent or include an assessment on a parcel of land owned and used as provided in Section 5301 of the Streets and Highways Code. (Prior code § 12-6.1106; Ord. 1509-69 § 1, 1969)

The affected public agency shall have all of the obligations and the city and the holder of the affected bonds shall have all of the rights and remedies provided in Section 5302.5 of the Streets and Highways Code, the same as if no bond or bonds had been issued to represent such assessment. The director of finance shall semiannually bill the installments due on the assessment. (Prior code § 12-6.1107; Ord. 1509-69 § 1, 1969)

The holder of an unpaid matured bond or coupon or bonds or coupons issued pursuant to Sections 14.24.408 to 14.24.472 shall have the right and power to bring and prosecute to sale, in his name, by and on behalf of all the bondholders of the same issue, in the Superior Court of the state, in and for the county, a suit to foreclose the lien of any delinquent assessment, supple-

mental assessment or reassessment or installment thereof, or of any interest thereon, together with any penalties and other charges. (Prior code § 12-6.1108; Ord. 1509-69 § 1, 1969)

The bondholder bringing such suit shall have all of the rights relating to foreclosure of the lien of any delinquent installment of principal or interest of the assessment, penalties and charges, and sale of land, provided in Part 14 of the Improvement Bond Act of 1915 for foreclosure and sale by the council. (Prior code § 12-6.1109; Ord. 1509-69 § 1, 1969)

delinquent property.

A purchaser of property at a sale of state-deeded property or upon court foreclosure by the council or by a bondholder, for the nonpayment of any installment of principal, interest, penalties 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, up to the amount of the delinquency, penalties and other charges. (Prior code § 12-6.1110; Ord. 1509-69 § 1, 1969)

maturity.

In any proceeding instituted by either the council or a bondholder to foreclose the lien of a delinquent installment of interest or principal, penalties and charges as hereinbefore referred to, any bondholder who is a party to such proceeding shall have the right and power to declare the whole amount of the unpaid assessment upon the parcel or parcels involved in the foreclosure proceedings to be immediately due and payable, and to take or cause to be taken any further actions necessary to foreclose upon the lien securing such due and payable amount, and the whole of same, by and on behalf of all bondholders and in such event, such holder shall have all of the rights previously referred to or provided by law relating to foreclosure and sale. (Prior code § 12-6.1111; Ord. 1509-69 § 1, 1969)

maturity—Reinstatement by owner.

The right and power provided in Section 14.24.456 to accelerate the maturity of unmatured installments of a delinquent assessment on a parcel of property assessed shall be subject to the right of any person having an interest in such parcel to redeem said parcel from the entire assessment prior to the issuance of a deed to the purchaser at a sale thereof, or from the delinquent installments only if redeemed prior to sale in which event the unmatured installments of the assessment shall be reinstated. (Prior code § 12-6.1112; Ord. 1509-69 § 1, 1969)

maturity—Payment with bonds and coupons.

In the event that the unpaid portion of the assessment on any lot or parcel is declared due and payable as hereinbefore provided, and the lien is foreclosed upon the property ordered sold, a purchaser at such sale may pay for said property with, or apply on account of the purchase price thereof, matured coupons or the matured portion 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, up to the amount of the unpaid assessment, interest, penalties and other charges, and any decree or order upon foreclosure or order for sale shall so provide. (Prior code § 12-6.1113; Ord. 1509-69 § 1, 1969)

credited at par.

At all sales herein referred to, bonds of this issue shall be taken at par and the coupons shall be credited at the par or face amount thereof, for the interest shown thereby computed to the date of payment for the property purchased; provided that sufficient cash or other legal tender is paid to take care of the expenses of the foreclosure proceeding and sale of the property, including a reasonable attorney's fee and court costs. (Prior code 12-6.1114; Ord. 1509-69 § 1, 1969)

bonds.

The sheriff, commissioners, tax collector or other person conducting any such sale is authorized, for and on behalf of the owner its successors and assigns, and any other person having an interest in the property, regardless of how such interest was acquired, to tender such bonds and coupons of the issue for which such sale is held, in payment of the purchase price at the sale herein mentioned, or in redemption of said property, in satisfaction of the lien of delinquent installments or of unpaid assessment, as the case may be, penalties, interest and other charges, up to the amounts herein authorized. (Prior code § 12-6.1115; Ord. 1509-69 § 1, 1969)

bonds tendered.

To the extent that a purchaser pays for property as provided in Section 12-6.1115 hereof by tendering bonds or coupons, no one shall have any right or interest in any such bonds or coupons, except the city, nor any right to insist that a proportionate amount of the purchase price be paid in cash or other legal tender, nor any right to have any of the proceeds at any such sale, other than proceeds paid in cash which are intended to be used to pay the city, paid into the bond interest and redemption fund or distributed pro rata or in any other proportion to any person, and the purchaser at such sale shall be vested with the title conveyed, in his or its name, absolutely, without further account-ability therefor to any other person or entity. (Prior code § 12-6.1116; Ord. 1509-69 § 1, 1969)

Highways Code § 8688 unaffected.

Nothing herein shall be deemed to qualify or limit the provisions of Section 8688 of the Streets and Highways Code, and any interested owner shall have the right to tender to the director of

finance in payment or part payment of any installment of his assessment or interest or penalties thereon which may be due or payable, any bond or coupon secured thereby, the bond to be taken at par and the coupons to be credited for the accrued interest shown thereby computed to date of such tender. The director of finance shall thereupon cancel such bond and all coupons so produced or which may have been attached thereto, and shall cause proper credit therefor to be entered on the records of such assessment, in the office of the auditor and tax collector. (Prior code § 12-6.1117; Ord. 1509-69 § 1, 1969)

When bonds are issued pursuant to this plan, in any proceeding pending or hereafter taken, the provisions of Sections 14.24.408 to 14.24.472 (bond plan B) of this chapter shall apply, except as herein provided. (Prior code § 12-6.1201; Ord. 1509-69 § 1, 1969)

Appropriate changes shall be made in the form of the bonds to show that they have been issued pursuant to Sections 14.24.476 to 14.24.516. (Prior code § 12-6.1202; Ord. 1509-69 § 1, 1969)

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 be mandatory and shall not be enforceable. (Prior code § 12-6.1203; Ord. 1509-69 § 1, 1969)

The provisions of the Improvement Bond Act of 1915 which require that the city shall cause to be levied a special tax of not to exceed ten cents on the one hundred dollars of taxable property in the city shall be restricted to the taxable property within the district created in the proceedings or other district deemed benefitted thereby and described in the resolution of intention, and shall not be enforceable against the city as a whole. (Prior code § 12-6.1204; Ord. 1509-69 § 1, 1969)

The district within which the supplemental taxes are to be levied shall include all of the properties within the city which, in the opinion of the council, will be benefitted by the levy of the special tax, which may be greater than the assessment district. (Prior code § 12-6.1205; Ord. 1509-69 § 1, 1969)

The supplemental district shall be described and declared in the resolution of intention to be the district so benefitted. (Prior code 12-6.1206; Ord. 1509-69 § 1, 1969)

protest, hearing and determination.

Notice shall be given to all owners within the supplemental district by posting and mailing, they shall have the right to protest, and the council shall make the determinations, all as provided for the assessment district. (Prior code § 12-6.1207; Ord. 1509-69 § 1, 1969)

Moneys realized from special levies made pursuant to Section 14.24.488 for a particular project, shall be deposited in a special fund to be separately numbered or otherwise known as the special levy fund for the project, and shall be used as provided in Sections 14.24.476 to 14.24.516. (Prior code § 12-6.1208; Ord. 1509-69 § 1, 1969)

redemption fund.

Moneys in a special levy fund shall be transferred to the bond interest and redemption fund of the project for which they are levied, as they are needed for the prompt payment of the annual installments of the fixed lien assessments levied therefor. (Prior code § 12-6.1209; Ord. 1509-69 § 1, 1969)

When properties are redeemed or sold for the nonpayment of any annual installments of fixed lien assessments levied therefor, the amounts transferred from a special levy fund to the bond interest and redemption fund of the bonds, shall be restored to the special levy fund from the bond redemption fund. (Prior code § 12-6.1210; Ord. 1509-69 § 1, 1969)

surplus.

At the time of final payment of the bonds and the interest thereon of any series, surplus funds in the special levy fund created therefor shall be transferred to the redemption fund of the bonds and supplied as provided by law therefor. (Prior code § 12-6.1211; Ord. 1509-69 § 1, 1969)

There is vested in the council the power to issue serial ad valorem land bonds upon any district created under this code. (Prior code § 12-6.1301; Ord. 1509-69 § 1, 1969)

No assessment or diagram shall be required. A preliminary first report may be made for the purpose of providing information as to the apportionment of estimated assessments. (Prior code § 12-6.1302; Ord. 1509-69 § 1, 1969)

If the proceedings are had pursuant to Sections 14.20.100 to 14.20.200 of this code, then upon completion of the work, the person appointed by the council to be in charge of the work shall prepare and file with the council a declaration that the work has been completed according to the contract therefor, together with an itemized statement of the cost of the work and of the expenses incidental to the proceedings, estimated to the conclusion of the proceedings. (Prior code § 12-6.1303; Ord. 1509-69 § 1, 1969)

bonds—Contributions.

The amount of any contribution shall be stated therein as well as the balance for which bonds are to be issued. (Prior code § 12-6.1304; Ord. 1509-69 § 1, 1969)

contractor.

When the bonds have been issued, they shall be delivered to the contractor upon his paying to the city the moneys due it for incidental expenses as stated in the declaration. (Prior code § 12-6.1305; Ord. 1509-69 § 1, 1969)

The council may provide in the resolution of intention that the contractor shall be paid in cash from advances to be made to the project or from the proceeds of the sale of the bonds, in which event the bonds shall be issued as provided for the issuance of acquisition bonds in Section 14.24.544. (Prior code § 12-6.1306; Ord. 1509-69 § 1, 1969)

If the proceedings are had pursuant to Sections 14.20.210 to 14.20.250 of this code, then upon the entry of all interlocutory judgments in any eminent domain proceedings brought pursuant thereto, proceedings shall be had substantially as provided in Section 14.24.528. (Prior code § 12-6.1307; Ord. 1509-69 § 1, 1969)

bonds.

If proceedings are had pursuant to Sections 14.20.260 to 14.20.460 of this code, then in the resolution ordering the acquisitions or improvements, the council shall determine the estimated cost of the acquisitions and improvements and of the expenses incidental thereto, and the total estimated amount of the bonds to be issued. (Prior code § 12-6.1308; Ord. 1509-69 § 1, 1969)

If proceedings shall be had for the taking of immediate possession of the property to be acquired, and funds are not then available therefor, the person in charge of the proposed acquisitions shall

prepare and file with the city an estimate of the amount of money necessary to be deposited in court for immediate possession, and other funds necessary for incidental costs, and proceedings shall be had for the issuance and sale of bonds therefor as provided for the issuance of acquisition bonds in Section 14.12.544. (Prior code § 12-6.1309; Ord. 1509-69 § 1, 1969)

The council may either provide for the retirement of possession bonds out of the proceeds of the bonds of the project, or issue only an amount of additional bonds as is necessary to provide for the additional costs of the project after having credited the proceeds of the possession bonds upon the final costs of the project and expenses incidental thereto. (Prior code § 12-6.1310; Ord. 1509-69 § 1, 1969)

Excepting in proceedings had pursuant to Sections 14.20.260 to 14.20.460 of this code, the clerk shall publish notice of a time and place of hearing on the declaration filed in relation to the issuance of bonds. (Prior code § 12-6.1311; Ord. 1509-69 § 1, 1969)

The notice shall:

(a) Refer to the resolution of intention by number and name for a description of the work to be done or acquisitions or improvements to be had and for the boundaries of the assessment district;

(b) Give notice to all persons interested that it is proposed to hear the report and issue bonds pursuant to Sections 14.24.520 to 14.24.668; and

(c) That any person feeling aggrieved by any act or determination done or made in the proceedings or claiming that any previous acts or proceedings were irregular, defective, erroneous or faulty, or claiming that the work or improvement has not been performed according to the contract in a good and substantial manner, or claiming that any portion of the work or improvement for any reason was omitted or illegally included in the contract, or having any objections or reasons why bonds should not be issued in the amount set forth in the declaration and statement on file, may appear before the council at the time and place so fixed by it and be heard. (Prior code § 12-6.1312; Ord. 1509-69 § 1, 1969)

The contractor or his assigns, and any other person or persons interested in the matter, may appear and be heard upon any of the matters referred to in the notice. (Prior code § 12-6.1313; Ord. 1509-69 § 1, 1969)

In the final determination of the council upon the hearing, or in the resolution ordering the acquisitions or improvements when the proceedings are had pursuant to Sections 14.20.260 to

The resolution shall state

the total principal amount of the bonds and the amounts to mature in each year during their term. The bonds may be made to mature on July 2nd over a period of not to exceed forty years from their date. (Prior code § 12-6.1314; Ord. 1509-69 § 1 1969)

If the proceeds of the bonds for any reason are less than the total final costs of the acquisitions and improvements and expenses incidental thereto, additional bonds may be issued by filing with the clerk a declaration or statement of the amount necessary therefor and by giving notice and holding a hearing and determining the amount of bonds to be issued therefor as provided herein for the issuance of bonds upon declaration, notice and hearing. The bonds shall be deemed a division of the bonds of the main issue. (Prior code § 12-6.1315; Ord. 1509-69 § 1, 1969)

Semiannual interest coupons shall be attached to the bonds and be payable on the second days of January and July of each year, excepting that the first coupons shall be for interest from their date to the second day of January next succeeding four months after the date of the bonds. (Prior code § 12-6.1316; Ord. 1509-69 § 1, 1969)

Each bond will continue to bear interest after maturity at the rate stated therein; provided it is presented at maturity or date of redemption fixed for call prior to maturity, and payment thereof is refused upon the sole ground that there are not sufficient moneys in the redemption fund with which to pay same. (Prior code § 12-6.1317; Ord. 1509-69 § 1, 1969)

A fund to be named Bond Plan D, Series No. ___, Bond Fund, shall be created and maintained for each issue of bonds. Moneys collected for the payment of the bonds shall be deposited in the fund and be used solely to pay the principal and interest of the bonds and premiums on and cost of calling bonds before their maturity. Any balance after the bonds have been paid shall be transferred to the general fund. (Prior code § 12-6.1318; Ord. 1509-69 § 1, 1969)

For each district in which bonds have been issued pursuant to Sections 14.24.520 to 14.24.668, the council shall annually, until all of the bonds and interest thereon shall have been paid in full, at the time of levying the taxes for general city purposes, levy an ad valorem assessment upon all taxable lands within the assessment district in an amount clearly sufficient, together with any moneys which are or may be in the redemption fund, and after making adequate allowance for estimated delinquencies, to pay all of the principal of and interest on the bonds which shall become payable before the proceeds of another levy shall be available therefor. (Prior code § 12-6.1319; Ord. 1509-69 § 1, 1969)

collection.

The annual special assessment levies shall be collected upon the tax roll on which general city taxes are collected, shall be in addition to all other taxes levied for general city purposes, and shall be levied, computed, entered, collected and enforced in the same manner and by the same persons and at the same time, and with the same penalties and interest, as are other taxes for city purposes, and all laws applicable to the levy, collection and enforcement of taxes for city purposes are hereby made applicable to the special assessment levies, and properties on which the levy is delinquent shall be subject to redemption within one year from the date of sale by operation of law in the same manner as real property is redeemed for delinquent general city taxes, and if not redeemed shall in like manner pass to the purchaser. (Prior code § 12-6.1320; Ord. 1509-69 § 1, 1969)

If the levy on any land is omitted in any year, it shall be assessed for the omitted amount in a year or years after the omission is discovered. (Prior code § 12-6.1321; Ord. 1509-69 § 1, 1969)

The council may annually, at or prior to the time the levy is made, or at any other time as it shall determine, transfer to a bond fund amounts as it shall determine, or it may pledge revenues not prohibited by law for the security and payment of the principal and interest of the bonds, premiums on and costs of calling bonds, and for costs of administration, maintenance, operation, improvement, extension, repair and replacement of the improvements. (Prior code § 12-6.1322; Ord. 1509-69 § 1, 1969)

If, in the judgment of the council, varying benefits will be derived by the different parcels of land lying within the assessment district, the district may be divided into zones according to benefits. (Prior code § 12-6.1323; Ord. 1509-69 § 1, 1969)

The district may be divided into as many zones, up to the total number of parcels of land in the district, as may be deemed proper, and each zone shall be com-posed of and include all of the lands within the district which will be benefitted in like measure. (Prior code § 12-6.1324; Ord. 1509-69 § 1, 1969)

The council shall also determine the percentage of the sum to be raised each year by the levy and collection of the ad valorem assessments in the district for the payments of the principal and interest of the bonds, or other method of apportionment, which will be raised from the lands in each zone. (Prior code § 12-6.1325; Ord. 1509-69 § 1, 1969)

When the district is divided into zones, the resolution of intention shall so state, giving the percentages or other method of apportionment to be used to deter-mine the amounts to be raised from the lands in each zone. (Prior code § 12-6.1326; Ord. 1509-69 § 1, 1969)

Each zone shall be designated by a different letter or number and shall be plainly shown on the map or plat of the assessment district filed in the office of the city clerk and referred to in the resolution of intention, either by separate boundaries, coloring or other convenient and graphic method, so that all persons interested may with accuracy ascertain within which zone any parcel of land is located. (Prior code § 12-6.1327; Ord. 1509-69 § 1, 1969)

It shall be sufficient, in all cases where the assessment district is to be divided into zones according to benefits, if the resolution of intention states the fact and refers to the plat or map for the boundaries and all details concerning the zones. (Prior code § 12-6.1328; Ord. 1509-69 § 1, 1969)

All bonds issued and all ad valorem assessments levied and collected pursuant to the provisions of Sections 14.24.520 to 14.24.668 shall by their issuance be conclusive evidence of the regularity, validity and legal sufficiency of all proceedings, acts and determinations in anywise pertaining thereto, and after the bonds are issued, no levies for paying the principal or interest on the bonds shall be held invalid or illegal, or be set aside by reason of any error, informality, irregularity, omission or defect in the proceedings not amounting to a want of due process of law. (Prior code § 12-6.1329; Ord. 1509-69 § 1, 1969)

If any court of competent jurisdiction shall deter-mine that any contract purporting to have been made, or any proceedings, steps or actions purporting to have been taken, or any bond or bonds issued, or any levy of assessment made, under Sections 14.24.520 to 14.24.668, is or are void, invalid or unenforceable for any reason, or shall for any cause enjoin the issuance of any bonds proposed to be issued under Sections 14.24.520 to 14.24.668, the court shall also determine that a reassessment proceedings shall be had as provided in Sections 14.24.520 to 14.24.668. (Prior code § 12-6.1330; Ord. 1509-69 § 1, 1969)

volition.

The council may also order a reassessment proceedings when it shall determine the existence of voidness, invalidity or unenforceability, or that the validity thereof is questionable or that the questioning of the validity thereof is threatened, or that the public interest will be served thereby. (Prior code § 12-6.1331; Ord. 1509-69 § 1, 1969)

by council.

In that event, the council shall adopt a resolution so declaring which shall state the amount of any work performed, improvements made, acquisitions had, and the expenses incidental thereto, and the estimated cost of any to be had. (Prior code § 12-6.1332; Ord. 1509-69 § 1, 1969)

and hearing.

The proposal to reassess shall be noticed and heard and a reassessment ordered as provided in Section 14.24.544. To the extent applicable, the provisions of Sections 14.12.150 to 14.12.200 of this code shall apply. (Prior code § 12-6.1333; Ord. 1509-69 § 1, 1969)

for existing bonds.

If the invalidity is not in the bonds themselves, the council may so declare in the reassessment proceedings. In that event, the reassessment proceedings shall be and constitute the proceedings providing the legal authority for the issuance of the outstanding bonds, and the redemption fund created in any reassessment proceedings shall constitute a trust fund for their payment. (Prior code § 12-6.1334; Ord. 1509-69 § 1, 1969)

proceedings—Exchange of existing bonds.

If the invalidity is in the bonds themselves or if the council shall so determine in the reassessment proceedings, new bonds shall be issued and exchanged for the outstanding bonds. The new bonds shall mature in the amounts and at the times provided for the outstanding bonds, as nearly as may be. If the council shall so determine, it may assign different bonds and allot maturities as it shall deem equitable. (Prior code § 12-6.1335; Ord. 1509-69 § 1)

The boundaries of a district heretofore or hereafter formed pursuant to Sections 14.24.520 to

in this code for altering the boundaries of a municipal improvement district. (Prior code § 12-6.1336; Ord. 1587-70 § 2; Ord. 2149-85 § 2)

Districts heretofore formed pursuant to Sections 14.24.520 to 14.24.668 or to the Sunnyvale parking district ordinance may be consolidated in the manner provided in this code for consolidating municipal improvement districts. (Prior code § 12-6.1337; Ord. 1587-70 § 2)

Districts heretofore or hereafter formed pursuant to Sections 14.24.520 to 14.24.668 or to the Sunnyvale parking district ordinance may be changed and a district resulting from a consolidation thereof may be named or its name changed by resolution. (Prior code § 12-6.1338; Ord. 1587-70 § 2)

There is vested in the council the power to issue serial ad valorem realty bonds upon a district created pursuant to this code. (Prior code § 12-6.1401; Ord. 1509-69 § 1)

The annual ad valorem assessment to be levied therein shall be upon all taxable real property (land and improvements) within the assessment district. (Prior code § 12-6.1402; Ord. 1509-69 § 1)

Except as otherwise provided in Sections 14.24.672 and 14.24.676, all of the provisions of Sections 14.24.520 to 14.24.668 shall apply. (Prior code § 12-6.1403; Ord. 1509-69 § 1)

There is hereby vested in the council the power to issue vehicle off-street parking bonds upon an off-street parking assessment district created under this code to finance the cost of acquiring, constructing, improving and extending vehicle off-street parking places and facilities and the costs incidental thereto and to the proceedings and the financing thereof, including public automobile parking lots, garages and underground or elevated structures, and all works, equipment, appliances, tools and facilities useful therein or therefor. (Prior code § 12-6.1501; Ord. 1509-69 § 1)

The purpose of Sections 14.24.684 to 14.24.776 is to provide a procedure by which assessment bonds may be issued for the acquisition, construction, improvement, extension and financing of vehicle off-street parking places and facilities and to permit the bond redemption fund to receive the proceeds of pledges of revenues and contributions and to allow the assessments to reflect credits to properties which provide private off-street parking places and facilities. (Prior code § 12-6.1502; Ord. 1509-69 § 1)

As used in Sections 14.24.684 to 14.24.776:

"Charge" means fees, tolls, rates and rentals;

"Improve" means reconstruct, replace, extend, repair, better, equip, develop, embellish or otherwise improve;

"Net meter revenues" mean the revenue from street meters remaining after deductions for the cost of acquiring and installing the meters, the cost of their maintenance, operation, repair, replacement and servicing, and the cost of collecting revenues therefrom, without allowance for depreciation or obsolescence;

"Net revenues" mean the revenues (gross revenues) of parking places remaining after deducting all sums expended therefrom for the annual management, operation, maintenance and repair thereof, including all incidental costs, fees and expenses properly chargeable thereto, without allowance for depreciation;

"Parking places" include parking lots, garages, subsurface structures and buildings for the parking of motor vehicles;

"Real property" means land and improvements;

"Revenues" means all charges for, and all income and receipts derived by the city from parking places or arising therefrom, and includes revenues in all revenue, redemption, sinking and reserve funds and interest earned thereon. (Prior code § 12-6.1503; Ord. 1509-69 § 1)

Except as in Sections 14.24.684 to 14.24.776 otherwise provided, all of the provisions of Sections 14.20.260 to 14.20.460 and either Sections 14.24.520 to 14.24.668 or 14.24.672 to

resolution of intention. (Prior code § 12-6.1504; Ord. 1509-69 § 1)

The city may pledge all or a part of the revenues to be derived by it from off-street parking facilities of the city then existing, to be acquired or constructed in the proceedings, or thereafter to be acquired or constructed by it, for the payment and security of the principal of and interest on the bonds to be issued pursuant to Sections 14.24.684 to 14.24.776, the premiums on and costs of calling bonds prior to their fixed date of maturity, and the costs of administration, maintenance, operation, improvement, extension and replacement thereof. (Prior code § 12-6.1505; Ord. 1509-69 § 1)

revenues.

The city may pledge, place a charge upon, or otherwise make available, as additional security for the payment of bonds to be issued pursuant to Sections 14.24.684 to 14.24.776, all or a part of any or all street parking meters then owned or controlled or to be acquired or controlled by it, for the purposes stated in Section 14.24.700. (Prior code § 12-6.1506; Ord. 1509-69 § 1)

The resolution of intention shall state the pledges proposed to be made by the city pursuant to Sections 14.24.700 and 14.24.704. It shall also state, in general terms sufficient to be understood and applied, the formulae to be used in determining the annual apportionment of benefits in the levy of annual ad valorem assessments upon the taxable real property within the proposed

assessment district and the granting of credits to the extent that private off-street parking places and facilities shall have been provided for the year by owners of real property within the district. (Prior code § 12-6.1507; Ord. 1509-69 § 1)

values.

In stating the formulae under Section 14.24.708, the council may provide for modification of the assessed valuations of properties to be assessed, or other initial basis of apportioning assessments, as follows:

(a) A parcel of land that is zoned and used for residential purposes at the time of a levy;

(b) A parcel of land that is greater than a fixed distance from a particular public parking facility or a combination of distances from public parking facilities, at the time of a levy;

(c) Additional formulae for all parcels to be assessed, based upon the ratio of their parking deficiencies in conformity with the requirements of the applicable provisions of Title 19, Uniform Planning and Zoning Code, of the Sunnyvale Municipal Code. (Prior code § 12-6.1508; Ord. 1509-69 § 1)

No assessment or diagram shall be provided for the engineer's report. However, it shall contain or be supplemented by a preliminary annual estimated report for the first bond year, in form substantially as herein-after provided for in this code, which shall contain a map or plat showing the parcels to be assessed and an estimated assessment of each parcel for the first bond year based upon the then use and location of the property by the application of the formulae described in the resolution of intention. (Prior code § 12-6.1509; Ord. 1509-69 § 1)

Each notice to property owners shall state the estimated amount of the first annual assessment against the particular parcel covered by the notice. (Prior code § 12-6.1510; Ord. 1509-69 § 1, 1969)

At the hearing on the resolution of intention and report, the council may make changes in the project, the costs, the assessment district, any zones and the percentages relating thereto, in the supplemental report, and in the formulae stated in the resolution of intention. In that event, notice shall be given and a further hearing held as provided in Sections 14.08.110 to 14.08.180 of this code. (Prior code § 12-6.1511; Ord. 1509-69 § 1, 1969)

The director of finance shall annually cause to be prepared an estimate for each bond issue under Sections 14.24.684 to 14.24.776 which shall include the following:

(a) The gross amount required to pay the principal and interest on the bonds which have

accrued or which shall accrue before the proceeds of the second succeed-ing assessment levy under Sections 14.24.684 to 14.24.776 shall be available therefor;

(b) The balance estimated to be available therefor at the end of the fiscal year, in the bond interest and redemption fund created for the bonds;

(c) The amount estimated to become available therefor pursuant to a pledge in the assessment proceedings, from revenues which may be provided to be collected by the city on vehicle off-street parking places or facilities in or for the parking assessment district created for the bonds;

(d) The amount of revenues to be collected from street parking meters within or without the parking district, which have been pledged for the servicing of the bonds;

(e) The amount of additional contributions, if any, which the city proposes to make to the bond fund for the year;

(f) The balance of the amount provided in subdivision (a) of this section.

The estimated amounts provided under subdivisions (c), (d), (e) and (f) shall be provided in the city budget for the fiscal year for which annual assessment is to be levied.

(Prior code § 12-6.1512; Ord. 1509-69 § 1, 1969)

The director of finance shall annually cause to be prepared, a report for each bond issue under Sections 14.24.684 to 14.24.776, which shall, under appropriate headings, show the amounts to be provided in the annual budget and by properly headed columns, show the information provided therefor and required by the formulae, and the amount of the total annual ad valorem assessment for the year, on each parcel of land to be assessed. (Prior code § 12-6.1513; Ord. 1509-69 § 1, 1969)

When the report has been completed, it shall be endorsed by the director of finance and filed with the city clerk on or before July 15th of each year. (Prior code § 12-6.1514; Ord. 1509-69 § 1, 1969)

The report shall come on regularly for hearing by the city council at its regular meeting held on the first Monday of August in each year. (Prior code § 12-6.1515; Ord. 1509-69 § 1, 1969)

The city clerk shall cause notice of the hearing on the report to be given by publication, posting and mailing. (Prior code § 12-6.1516; Ord. 1509-69 § 1, 1969)

reports—Mailing.

Notices shall not be required to be mailed to persons as to a hearing on subsequent reports, when the report is heard at the time fixed in Section 14.24.740. (Prior code § 12-6.1517; Ord. 1509-69 § 1, 1969)

notice.

The notice shall be substantially as follows:

NOTICE OF HEARING ON PARKING ASSESSMENT ROLL

PROJECT NO.__________ NOTICE IS HEREBY GIVEN that the Director of Finance has caused to be prepared and filed with the City Clerk a report which provides the basis for levying ad valorem assessments on the properties within the parking district created and established for Vehicle Off-street Parking Project No. _____, and the amounts proposed to be levied for the fiscal year of _____ upon the several parcels of land in the parking assessment district created to pay the principal and interest of the bonds issued in said project, which report is open to public inspection. Said report will be heard by the Council at its meeting to be held on the _____day of _____, 20, at the hour of 8:00 o'clock p.m., Council Chambers, City Hall, Sunnyvale, California, at which time said Council will examine said report and hear all persons interested therein.

Any interested person, objecting to the amount of the assessment on any parcel of land owned by him, may file with the city clerk at or before the hour fixed for hearing, a protest in writing signed by him, describing the parcel so that it may be identified, and stating the grounds of his protest, and may appear at said meeting and be heard in regard thereto. (Prior code § 12-6.1518; Ord. 1509-69 § 1, 1969)

notice.

Affidavits of publication and affidavits or certificates of posting and mailing notices of hearing shall be made and filed with the clerk. (Prior code § 12-6.1519; Ord. 1509-69 § 1, 1969)

The clerk shall endorse on each protest the date it is filed with her, and shall show whether the protest is filed prior to the hour fixed for hearing. No protest received after that hour shall be legal, but the council may, at its discretion, consider the protests and hear the signers thereof. (Prior code § 12-6.1520; Ord. 1509-69 § 1, 1969)

hearing—Action.

At the time and place fixed for hearing, or at any time to which the hearing is adjourned, the council shall:

(a) Hear all persons having an interest in any real property within the district;

(b) Hear all objections, protests or other written communications from persons interested in any real property within the district;

(c) Take and receive oral and documentary evidence pertaining to the matters contained in the report;

(d) Remedy and correct any error or informality in the report, and revise and correct any of the acts or determinations of the director of finance or of the person making the report as contained therein;

(e) Amend, alter, modify, correct and confirm the report and each of the assessments therein. (Prior code § 12-6.1521; Ord. 1509-69 § 1, 1969)

The report, together with the certificate of the clerk as to the fact and date of approval by the council, shall be delivered to the director of finance at or before the time the city council fixes the general city tax rate for the fiscal year. (Prior code § 12-6.1522; Ord. 1509-69 § 1, 1969)

budget.

The estimated amounts provided under Sections 14.24.728 (c), (d), (e) and (f), as finally approved in the report, shall be included in the city budget for the fiscal year referred to in that section. (Prior code § 12-6.1523; Ord. 1509-69 § 1, 1969)

The amount provided in Section 14.24.728(6), including provision for anticipated delinquencies, shall be raised by annual ad valorem assessments on all taxable real property within the parking assessment district, in the ratio of their assessed valuation as modified by zones and other provisions of the formulae, until all of the bonds and the interest to accrue thereon have been paid in full. (Prior code § 12-6.1524; Ord. 1509-69 § 1, 1969)

Special assessments and special assessment bonds heretofore or hereafter levied or issued pursuant to general law may be refunded pursuant to Sections 14.24.784 to 14.24.820. The provisions of the Special Assessment and Bond Refunding Act of 1939, Chapter 5, Division 1, Title 6 (commencing with Section 59100) of the Government Code shall apply. (Prior code § 12-6.1601; Ord. 1509-69 § 1, 1969)

Special assessments and special assessment bonds hereafter levied or issued pursuant to this code may be refunded by proceedings had pursuant to Sections 14.20.260 to 14.20.460 of this code. The provisions of Sections 14.24.780 to 14.24.820 are to be read in pari materia with the

provisions of this chapter and Chapter 14.20 pursuant to which the former assessments were levied or bonds were issued. (Prior code § 12-6.1602; Ord. 1509-69 § 1, 1969)

Bonds that have been issued by the city that have or will mature or that are or will be subject to call and redemption prior to the completion of the proceedings provided therefor under this section, may be refunded by proceedings had pursuant to Sections 14.20.260 to 14.20.460 of this code. Refunding proceedings may also be had and refunding bonds issued pursuant to this section, in anticipation of the former bonds maturing, or becoming subject to call, or of being purchased in the open market, or pursuant to an agreement made or to be made with the holders for the purchase of out-standing bonds that have not matured and are not subject to prior call and redemption. (Prior code § 12-6.1603; Ord. 1509-69 § 1, 1969)

The refunding bonds shall be issued pursuant to the provisions of this chapter. (Prior code § 12-6.1604; Ord. 1509-69 § 1, 1969)

Refunding bonds may be issued in a principal amount sufficient to provide for the payment of all of the following:

(a) The principal amount of the bonds to be refunded;

(b) The premiums necessary to be paid in calling and retiring the outstanding bonds;

(c) The price in excess of the par value of bonds required to be paid for their purchase in the open market;

(d) Interest accrued, or to accrue, on the bonds to be refunded, to the date of their refunding or to the next interest payment date thereafter when required to be paid;

(e) The costs of engineering, legal and other technical services employed to accomplish the refunding;

(f) The costs of printing and advertising, and all other costs of the city incurred or to be incurred in the refunding proceedings; and

(g) Interest on the refunding bonds from their date to the date they are delivered to the former bondholders, in exchange for former bonds. (Prior code § 12-6.1605; Ord. 1509-69 § 1, 1969)

Refunding bonds may be exchanged for former bonds, in which event the holder of the former bonds and the city council shall agree upon the amounts and maturities of the bonds to be exchanged. (Prior code § 12-6.1606; Ord. 1509-69 § 1, 1969)

Refunding bonds may be sold in the manner provided in this chapter, and the proceeds used to purchase or pay for all or any of the former bonds, and costs of refunding. (Prior code § 12-6.1607; Ord. 1509-69 § 1, 1969)

The city council may by resolution establish a plan of refunding and rules and regulations therefor, to be performed by the city manager, director of finance or other persons designated by it. (Prior code § 12-6.1608; Ord. 1509-69 § 1, 1969)

The city council may appoint and provide a bank or other trust company to act as depositary of the former bonds for their holders, and to otherwise assist in the consummation of a refunding plan. (Prior code § 12-6.1609; Ord. 1509-69 § 1, 1969)

Proceedings for refunding bonds may be had in conjunction with proceedings for the acquisition or construction of public improvements pursuant to Sections 14.20.260 to 14.20.460. (Prior code § 12-6.1610; Ord. 1509-69 § 1, 1969)

Nothing in Sections 14.24.780 to 14.24.816 shall be construed as authorizing the city to violate any contract or other vested rights arising from the issuance or ownership of the former bonds. The city is authorized to and shall conduct a refunding proceedings and to take all proceedings necessary therein to avoid the violation of a contract or vested right. To this end, the city may exercise in whole or in part the procedures therefor in any law or provide therefor itself. (Prior code § 12-6.1611; Ord. 1509-69 § 1, 1969)