Vallejo Municipal Code Ch. 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.

(Ord. 57 N.C. (2d) § 1 (6.01.01), 1971.)

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 maximum term of their maturity following their date, the rate or maximum rate of interest they shall bear.

(Ord. 57 N.C.(2d) § 1 (6.01.02), 1971.)

The bonds and coupons shall be payable to bearer and shall be substantially in the form provided in the plan specified with appropriate cages 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 council.

(Ord. 57 N.C.(2d) § 1 (6.01.03), 1971.)

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 treasurer. There shall be at least one manual signature on the bonds. The signature of the mayor on the bonds and of the treasurer on the coupons and the city seal may be printed, engraved or lithographed thereon in facsimile.

(Ord. 57 N.C.(2d) § 1 (6.01.04), 1971.)

The bonds shall be dated as the council shall determine; provided, that in the proceeding pursuant to Sections 14.20.100 through 14.20.200, the written consent of the contractor or his assigns shall be obtained before delaying their date.

(Ord. 57 N.C.(2d) § 1 (6.01.05), 1971.)

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 and be subject to prior redemption on such terms as the 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 council shall determine.

(Ord. 57 N.C.(2d) § 1 (6.01.06), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.01.07), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.01.08), 1971.)

The bonds shall be sold as the council shall determine. Their proceeds shall be deposited in the proper fund and used exclusively for the objects and purposes thereof.

(Ord. 57 N.C.(2d) § 1 (6.01.09), 1971.)

Premiums received on the sale of bonds shall be deposited in the construction fund, unless the council shall otherwise determine.

(Ord. 57 N.C.(2d) § 1 (6.01.10), 1971.)

Accrued interest received on the sale of bonds shall be deposited in the bond fund, unless the council shall otherwise determine.

(Ord. 57 N.C.(2d) § 1 (6.01.11), 1971.)

The bonds may be registered against theft, in which event Article 7, Chapter 4, Division 4, Title 4 of the Government Code shall apply.

(Ord. 57 N.C.(2d) § 1 (6.01.12), 1971.)

Bonds may be registered for nonpayment, in which event Article 2, Chapter 3, Part 1, Division 1, Title 5 of the Government Code shall apply.

(Ord. 57 N.C.(2d) § 1 (6.01.13), 1971.)

New bonds or coupons may be issued to replace lost or destroyed bonds, in which event the provisions of Article 3, Chapter 3, Part 1, Division 2, Title 5 of the Government Code shall apply.

(Ord. 57 N.C.(2d) § 1 (6.01.14), 1971.)

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 cancelled, and the interest and sinking fund of the district shall be credited with the face value thereof.

(Ord. 57 N.C.(2d) § 1 (6.01.15), 1971.)

Upon the entry of the payment of any bond or coupon in the bond register, and under any additional conditions as the treasurer shall establish, the treasurer or other fiscal agent of the city may destroy or cremate any and all bonds and coupons pertaining thereto which have been previously paid or cancelled.

(Ord. 57 N.C.(2d) § 1 (6.01.16), 1971.)

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 provision 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.

(Ord. 57 N.C.(2d) § 1 (6.01.17), 1971.)

When the law provides a premium on the call of bonds, the 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).

(Ord. 57 N.C.(2d) § 1 (6.01.18), 1971.)

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 dial tax levies for the purpose of advancing funds to meet delinquencies in assessment installments of principal and interest, 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).

(Ord. 57 N.C.(2d) § 1 (6.01.19), 1971.)

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 14.20.110 through 14.20.190, inclusive, of this code.

(Ord. 57 N.C.(2d) § 1 (6.01.20), 1971.)

When bonds are issued pursuant to this plan, the bond provisions of the Improvement Act of 1911 shall apply, provided that alternative methods of collecting the assessments may be employed as provided in Chapter 14.28 of this code.

(Ord. 57 N.C.(2d) § 1 (6.02.01), 1971.)

The first one percent penalty on the bonds shall be retained by the treasurer and charged as a cost of serving the delinquency.

(Ord. 57 N.C.(2d) § 1 (6.02.02), 1971.)

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; and provided further that alternate methods of collecting assessments may be employed as provided in Chapter 14.28 of this code.

(Ord. 57 N.C.(2d) § 1 (6.03.01), 1971.)

The provisions of Part 11.1 of the Improvement Bond Act of 1915 shall apply to proceedings taken pursuant to Section 14.24.115, and it shall not be necessary to refer thereto in the resolution of intention.

(Ord. 57 N.C.(2d) § 1 (6.03.02), 1971.)

When bonds are issued pursuant to this plan, in any proceeding pending or hereafter taken, the provisions of Sections 14.24.115 and 14.24.120 shall apply, except as herein provided.

(Ord. 57 N.C.(2d) § 1 (6.04.01), 1971.)

Appropriate changes shall be made in the form of the bonds to show that they have been issued pursuant to Sections 14.24.125 through 14.24.175.

(Ord. 57 N.C.(2d) § 1 (6.04.02), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.04.03), 1971.)

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 benefited thereby and described in the resolution of intention, and shall not be enforceable against the city as a whole.

(Ord. 57 N.C.(2d) § 1 (6.04.04), 1971.)

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 benefited by the levy of the special tax, which may be greater than the assessment district.

(Ord. 57 N.C.(2d) § 1 (6.04.05), 1971.)

The supplemental district shall be described and declared in the resolution of intention to be the district so benefited.

(Ord. 57 N.C.(2d) § 1 (6.04.06), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.04.07), 1971.)

Moneys realized from serial levies made pursuant to Section 14.24.140 of this code for a particular project, shall 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 14.24.330 through 14.24.350.

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.

(Ord. 57 N.C.(2d) § 1 (6.04.09), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.04.10), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.04.11 ), 1971.)

There is vested in the council the power to issue serial ad valorem land bonds upon any district created under this code.

(Ord. 57 N.C.(2d) § 1 (6.05.01), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.02), 1971.)

If the proceedings are had pursuant to Sections 14.20.100 through 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 said proceedings, estimated to the conclusion of the proceedings.

(Ord. 57 N.C.(2d) § 1 (6.05.03), 1971.)

The amount of any contribution shall be stated therein as well as the balance for which bonds are to be issued.

(Ord. 57 N.C.(2d) § 1 (6.05.04), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.05), 1971.)

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 14.24.420.

(Ord. 57 N.C.(2d) § 1 (6.05.06), 1971.)

If the proceedings are had pursuant to Sections 14.20.210 through 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 14.24.380.

(Ord. 57 N.C.(2d) § 1 (6.05.07), 1971.)

If proceedings are had pursuant to Sections 14.20.260 through 14.20.350 or 14.20.540 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.

(Ord. 57 N.C.(2d) § 1 (6.05.08), 1971.)

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 14.24.420.

(Ord. 57 N.C. (2d) § 1 (6.05.09), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.10), 1971.)

Excepting in proceedings had pursuant to Sections 14.20.260 through 14.20.350 or 14.20.540 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.

(Ord. 57 N.C.(2d) § 1 (6.05.11), 1971.)

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 14.24.180 through 14.24.375; 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 runs 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.

(Ord. 57 N.C.(2d) § 1 (6.05.12), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.13), 1971.)

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 through 14.20.350 or 14.20.540 of this code, the council shall order the issuance of bonds. 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.

(Ord. 57 N.C.(2d) § 1 (6.05.14), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.15), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.16), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.17), 1971.)

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 on 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.

(Ord. 57 N.C.(2d) § 1 (6.05.18), 1971.)

The bonds 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.

(Ord. 57 N.C.(2d) § 1 (6.05.19), 1971.)

For each district in which bonds have been issued pursuant to Sections 14.24.180 through 14.24.375, 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.

(Ord. 57 N.C.(2d) § 1 (6.05.20), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.21), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.22), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.23), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.24), 1971.)

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 composed of and include all of the lands within the district which will be benefited in like measure.

(Ord. 57 N.C.(2d) § 1 (6.05.25), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.26), 1971.)

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 determine the amounts to be raised from the lands in each zone.

(Ord. 57 N.C.(2d) § 1 (6.05.27), 1971.)

Each zone shall be designated by 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.

(Ord. 57 N.C.(2d) § 1 (6.05.28), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.29), 1971.)

All bonds issued and all ad valorem assessments levied and collected pursuant to the provisions of Sections 14.24.180 through 14.24.375 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.

(Ord. 57 N.C.(2d) § 1 (6.05.30), 1971.)

When any court of competent jurisdiction shall determine 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 14.24.180 through 14.24.375 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 14.24.180 through 14.24.375 the court shall also determine that a reassessment proceedings shall be had as provided in Sections 14.24.180 through 14.24.375.

(Ord. 57 N.C.(2d) § 1 (6.05.31), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.32), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.33), 1971.)

The proposal to reassess shall be noticed and heard and a reassessment ordered as provided in Section 14.24.210. To the extent applicable, the provisions of Sections 14.12.160 through 14.12.210 of this code shall apply.

(Ord. 57 N.C.(2d) § 1 (6.05.34), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.35), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.05.36), 1971.)

If any part of the outstanding bonds have matured or will mature before the time for providing for the servicing of the new bonds, or if interest shall have accrued or will so accrue, the council may provide for the issuance of additional new bonds in the amount thereof and for their maturity. If the holders of the outstanding bonds or coupons, or any other holders of outstanding bonds or coupons shall have refused to accept exchange of bonds therefor, the council shall sell additional bonds in the amount thereof and deposit the proceeds in the redemption fund. The outstanding bonds shall forthwith become due and payable without premium, and shall no longer bear interest.

(Ord. 57 N.C.(2d) § 1 (6.05.37), 1971.)

The supplemental security and remedy provisions of Part 13 (commencing at Section 8800) of Division 10 of the Streets and Highways Code shall apply. This section is adopted pursuant to Section 43240 of the Government Code.

(Ord. 57 N.C.(2d) § 1 (3.05.38), 1971.)

The council may prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds whose holders are required to consent thereto, and the manner in which such consent may be given.

(Ord. 57 N.C.(2d) § 1 (6.05.39), 1971.)

The council may define events of default, establish the consequences thereof and provide bondholders' remedies and the nature thereof.

(Ord. 57 N.C.(2d) § 1 (6.05.40), 1971.)

No assessment district shall be formed nor any bonds issued nor assessments levied under this article unless and until such formation and levy have been approved by majority vote of the qualified voters of the assessment district in the manner herein provided. The election shall be called and conducted in the manner provided in Article 6, commencing with Section 2285 of Chapter 3 of Part 4 of Division 1 of the Revenue and Taxation Code of the state, except that:

1. If there are less than twelve registered voters, as defined in the Elections Code, residing within the assessment district, the proposition submitted at the election shall be approved by majority vote of both registered voters and landowners as defined in Section 2285 of the Revenue and Taxation Code.

2. The election shall be conducted by the city clerk in the manner provided for general city elections.

3. The election may be held at any time not less than thirty nor more than sixty days after the call of the election by the council.

(Ord. 288 N.C.(2d) § 9, 1975: Ord. 57 N.C.(2d) § 1 (6.05.41), 1971.)

There is vested in the council the power to issue serial ad valorem realty bonds upon a district created pursuant to this code.

(Ord. 57 N.C.(2d) § 1 (6.06.01), 1971.)

The annual ad valorem assessment to be levied therein shall be upon all taxable real property (land and improvements) within the assessment district, unless the council, in the resolution of intention, declares that said assessment shall be levied upon all real property within the assessment district (other than property of any public agency acquired for public use or in use in the performance of any public function), in which event said assessment shall be levied as provided in said resolution.

(Ord. 113 N.C.(2d) § 1, 1972: Ord. 57 N.C.(2d) § 1 (6.06.02), 1971.)

Except as otherwise provided in Sections 14.24.380 and 14.24.385, all of the provisions of Sections 14.24.180 through 14.24.375 shall apply.

(Ord. 57 N.C.(2d) § 1 (6.06.03), 1971.)

Bonds to represent unpaid assessments against lands or properties of any public agency, including assessments against lands or properties of any duly established and legally constituted department or special fund of the city pursuant to Section 14.20.540 or otherwise, may be issued pursuant to Chapter 4.5 (commencing with Section 6468) of Part 5 of Division 7 of the Streets and Highways Code.

(Ord. 57 N.C.(2d) § 1 (6.07.01), 1971.)

The bonds may be issued in series and the annual proportion of the aggregate principal sum thereof payable on June 2nd of every year need not be equal.

(Ord. 57 N.C.(2d) § 1 (6.07.02), 1971.)

As an alternative to the issuance of bonds under Sections 14.24.395 and 14.24.400, certificates may be issued to represent said unpaid assessments in the manner provided in Chapter 4 (commencing with Section 6467) of Part 5 of Division 7 of the Streets and Highways Code.

(Ord. 57 N.C.(2d) § 1 (6.07.03), 1971.)

The supplemental security and remedy provisions of Part 13 (commencing at Section 8800) of Division 10 of the Streets and Highways Code shall apply in the event bonds or certificates are issued to represent assessments against lands or properties of any city department, and the income and revenues of such department are inadequate to pay installments of principal and interest on said assessments as they fall due. The duties to advance available funds and levy limited special taxes provided therein shall be exercised for the pose of paying principal and interest on bonds in the event of inadequacy of such income and revenues.

(Ord. 57 N.C.(2d) § 1 (6.07.04), 1971.)

There is 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.

(Ord. 57 N.C.(2d) § 1 (6.08.01), 1971.)

The purpose of Sections 14.24.415 through 14.24.535 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 or revenues and contributions and to allow the assessments to reflect credits to properties which provided private off-street parking places and facilities.

(Ord. 57 N.C.(2d) § 1 (6.08.02), 1971.)

As used in Sections 14.24.415 through 14.24.535:

A. "Charge" means fees, tolls, rates and rentals.

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

C. "Net meter revenues" mean the revenues 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.

D. "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.

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

F. "'Real property" means land and improvements.

G. "Revenues" mean 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.

(Ord. 57 N.C.(2d) § 1 (6.08.03), 1971.)

Except as otherwise provided in Sections 14.24.415 through 14.24.535, all of the provisions of Sections 14.20.260 through 14.20.350 or 14.20.360 through 14.20.530 of this code and Sections 14.24.005 through 14.24.110 of this chapter shall apply.

(Ord. 57 N.C.(2d) § 1 (6.08.04), 1971.)

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 14.24.415 through 14.24.535, 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.

(Ord. 57 N.C.(2d) § 1 (6.08.05), 1971.)

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 14.24.415 through 14.24.535 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 14.24.435.

(Ord. 57 N.C.(2d) § 1 (6.08.06), 1971.)

The resolution of intention shall state any pledges proposed to be made by the city pursuant to Sections 14.24.435 and 14.24.440. 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 assessments upon the 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.

(Ord. 57 N.C.(2d) § 1 (6.08.07), 1971.)

In stating the formulae under Section 14.24.440, the council may provide for but is not limited to modification of the assessed valuations of properties to be assessed, 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 the city planning and zoning ordinances.

(Ord. 57 N.C.(2d) § 1 (6.08.08), 1971.)

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 hereinafter 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.

(Ord. 57 N.C.(2d) § 1 (6.08.09), 1971.)

Each notice to property owners shall state the estimated amount of the first annual assessment against the particular parcel covered by the notice.

(Ord. 57 N.C.(2d) § 1 (6.08.10), 1971.)

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 Sections 14.08.080 through 14.08.120 of this code.

(Ord. 57 N.C.(2d) § 1 (6.08.11), 1971.)

The director of finance shall annually cause to be prepared an estimate for each bond issue under Sections 14.24.415 through 14.24.535 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 tend succeeding assessment levy under Sections 14.24.415 through 14.24.535 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 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 an annual assessment is to be levied.

(Ord. 57 N.C.(2d) § 1 (6.08.12), 1971.)

The engineer shall annually cause to be prepared, a report for each bond issue under Sections 14.24.415 through 14.24.535, 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 assessment for said year, on each parcel of land to be assessed.

(Ord. 57 N.C.(2d) § 1 (6.08.13), 1971.)

When the report has been completed, it shall be endorsed by the engineer and filed with the clerk on or before July 15th of each year.

(Ord. 57 N.C.(2d) § 1 (6.08.14), 1971.)

The report shall come on regularly for hearing by the council at its regular meeting held on the first Monday of August in each year.

(Ord. 57 N.C.(2d) § 1 (6.08.15), 1971.)

The clerk shall cause notice of the hearing on the report to be given by publication, posting and mailing.

(Ord. 57 N.C.(2d) § 1 (6.08.16), 1971.)

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 14.24.485.

(Ord. 57 N.C.(2d) § 1 (6.08.17), 1971.)

The notice shall be substantially as follows:

"NOTICE OF HEARING ON PARKING ASSESSMENT ROLL PROJECT NO _____

NOTICE IS HEREBY GIVEN that the Director of Public Works has caused to be prepared and filed with the City Clerk a report which provides the basis for levying assessments on the properties within the parking district created and established for Vehicle Offstreet 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 _____, 19___, at the hour of 8:00 o'clock P.M., Council Chambers, City Hall, Vallejo, 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."

(Ord. 57 N.C.(2d) § 1 (6.08.18), 1971.)

Affidavits of publication and affidavits or certificates of posting and mailing notice of hearing shall be made and filed with the clerk.

(Ord. 57 N.C.(2d) § 1 (6.08.19), 1971.)

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 included in the computation of the percentage of protests, but the council may, in its discretion, consider the protests and hear the signers thereof.

(Ord. 57 N.C.(2d) § 1 (6.08.20), 1971.)

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 document 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.

(Ord. 57 N.C.(2d) § 1 (6.08.21), 1971.)

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 council fixes the general city tax rate for the fiscal year.

(Ord. 57 N.C.(2d) § 1 (6.08.22), 1971.)

The estimated amounts provided under Section 14.24.470 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.

(Ord. 57 N.C.(2d) § 1 (6.08.23), 1971.)

The amount provided in Section 14.24.470F including provisions for anticipated delinquencies, shall be raised by annual assessments on all real property within the parking assessment district, in accordance with the provisions of the formulae, until all of the bonds and the interest to accrue thereon have been paid in full.

(Ord. 57 N.C.(2d) § 1 (6.08.24), 1971.)

The supplemental security and remedy provisions of Part 13 (commencing at Section 8800) of Division 10 of the Streets and Highways Code shall apply. This section is adopted pursuant to Section 43240 of the Government Code.

(Ord. 57 N.C.(2d) § 1 (6.08.25), 1971.)

Special assessments and special assessment bonds heretofore or hereafter levied or issued pursuant to general law may be refunded pursuant at Sections 14.24.545 through 14.24.585. The provisions of the Special Assessment and Bond Refunding Act of 1939, Chapter 5, (commencing with Section 59100) Division 1, Title 6 of the Government Code shall apply.

(Ord. 57 N.C.(2d) § 1 (6.09.01), 1971.)

Serial 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 through 14.20.350 of this code. The provisions of Sections 14.24.540 through 14.24.585 are to be read in pari materia with the provisions of this chapter and Chapter 14.20 of this code pursuant to which the former assessments were levied or bonds were issued.

(Ord. 57 N.C.(2d) § 1 (6.09.02), 1971.)

The refunding bonds shall be issued pursuant to the provisions of this chapter.

(Ord. 57 N.C.(2d) § 1 (6.09.03), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.09.04), 1971.)

Refunding bonds may be exchanged for former bonds, in which event the holder of the former bonds and the council shall agree upon the amounts and maturities of the bonds to be exchanged.

(Ord. 57 N.C.(2d) § 1 (6.09.05), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.09.06), 1971.)

The council may by resolution establish a plan of refunding and rules and regulations therefor, to be performed by the city officials or other persons designated by it.

(Ord. 57 N.C. (2d) § 1 (6.09.07), 1971.)

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.

(Ord. 57 N.C.(2d) § 1 (6.09.08), 1971.)

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 through 14.20.350 of this code.

(Ord. 57 N.C.(2d) § 1 (6.09.09), 1971.)

Nothing in Sections 14.24.540 through 14.24.580 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.

(Ord. 57 N.C.(2d) § 1 (6.09.10), 1971.)