The Council may provide for the refunding of the outstanding indebtedness of improvement districts located within the County in the manner hereinafter provided.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
(a)
Initiation by Owners.
(1)
Subject to the provisions of Subsection (b) of Section 24-5.1, the owners or lessees of real property as herein specified in any improvement district whose property represents seventy-five percent (75%) or more of the outstanding improvement assessments at the time of the filing of the petition, shall, if it is desired that the indebtedness of the district be refunded, file with the Council a petition, which petition shall set forth the indebtedness of the district, that it is desired that the indebtedness be refunded, and the proposed method of refunding the outstanding indebtedness. The Council shall thereupon by resolution requiring not more than one (1) reading for its adoption, request the Mayor to direct the County Engineer to investigate and report to the Council the amount of unpaid assessments and the property subject to the same in the improvement district, the detail of any delinquent assessments and of any unpaid penalties, whether the petitioners own real estate representing seventy-five percent (75%) or more of the unpaid assessments in the district, the proposed method of reassessment of the lands subject to existing assessments, a new assessment roll showing the proposed new assessments, the cost of the proposed refunding and other details which may be necessary to carry into effect the proposed refunding. Such report of the County Engineer shall be filed with the Council. Within seven (7) days after the filing of the County Engineer's report the petitioners shall deposit with the Director of Finance a sum sufficient to meet the cost of preparing the proposed refunding plan.
(2)
Thereafter, the Council shall by resolution requiring not more than one (1) reading for its adoption, propose the adoption of the suggested refunding plan specifying the outstanding indebtedness of the district, that the owners and lessees of land representing not less than seventy-five percent (75%) of the unpaid improvement assessments have petitioned that the outstanding indebtedness of the district be refunded, the proposed refunding plan in detail, and the proposed method of reassessment, including the number of installment payments to be proposed, and the amount of assessment which may include all costs of refunding. The resolution shall refer to and incorporate by reference the assessment roll and such other data reported by the County Engineer as shall be approved by the Council. The resolution shall also fix the date of public hearing upon such plan, which date shall not be less than fifteen (15) days after the first publication of notice thereof in a newspaper of general circulation in the County. After the adoption of the resolution, the County Clerk shall cause a notice, stating the time and place of the public hearing and where the resolution, assessment roll and other data may be seen and examined prior to the hearing, to be published and mailed as provided for in Section 24-3.1. Affidavits of publication and mailing shall be filed with the Council at the hearing.
(b)
The refunding of improvement district bonds under this Article 6 may be initiated by the Council on its own motion as an alternative to initiation by petition of the owners and lessees as hereinabove provided and without obtaining the prior approval of such owners and lessees. Notwithstanding that a proposed refunding of improvement district bonds is initiated by the Council on its own motion, the report of the County Engineer required by Subsection (a)(1) of this Section shall be prepared, and the public hearing required by Subsection (a)(2) of this Section shall be held, in accordance with the provisions of such Subsection (a). In the event a proposed refunding is initiated by the Council on its own motion pursuant to this Subsection (b), the new assessments approved by the Council pursuant to Section 24-6.4 hereof shall not be greater in any year than the assessments for such year in effect prior to the approval of such new assessments.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
Any owner of property, the assessments on which to pay the outstanding indebtedness have not been fully discharged, may, at any time prior to or at the public hearing, file in writing with the Council any protest, objection or suggestion as to the proposed refunding measure, stating briefly the reason therefor, or may present the same in person orally at the public hearing. If the owners of real property representing thirty percent (30%) or more of the outstanding improvement assessments at the hearing, or prior thereto, file with the Council written protests duly acknowledged by such owners against the proposed refunding project, or against any part of the plan therefor, the same shall not be made contrary to such protest. If the protest is against the adoption of any refunding plan, the same shall not be made, and the proceedings shall not be renewed within one (1) year from the date of closing the public hearing, unless each owner protesting shall sooner withdraw his or her protest. Any lessee of any property to be assessed under this Chapter who by the express terms of his or her lease must pay the kind of assessments contemplated by this Chapter, shall be subrogated to all the rights of such owner to protest by filing with the Council prior to or at the hearing a certified copy of his or her lease, together with a citation, of the book and page of the public record of the same if it be recorded; provided, that any lessor of such lessee, or any owner of property to be assessed, may, at any time before the closing of the public hearing, make void the protest or the right of protest of any lessee of the property on consideration of filing with the Council a duly acknowledged waiver of the stipulation in the lease which requires the lessee to pay the special assessment, and a written undertaking by the lessor or owner to pay the special assessment to be made under the proposed improvement. The Council shall also at the hearing sit as a board of equalization to receive complaints or objections respecting the total amounts of the proposed assessments.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
After the hearing the Council shall consider any protests or suggestions which may have been made or filed and whether sufficient valid protests have been filed to compel it to abandon the proposed refunding plan. If the Council still has jurisdiction to continue, it shall, then proceed to determine whether or not the refunding plan shall be adopted as proposed, or adopted with modifications, and in the latter event the County Clerk shall be directed to give notice again of the hearing as provided in Section 24-6.2(a)(2). If after such initial and further advertisement and hearing the Council determines to proceed with the refunding measure, it shall by ordinance promulgate the refunding measure. Should the refunding project provide for the issuance of new improvement district bonds in the improvement district, the ordinance shall provide for the form of new improvement district bonds to be issued, approve of the assessment roll, and incorporate the same by reference, which assessment roll as provided in Section 24-3.8, shall contain only the names of the property owners who have not fully paid the assessments originally provided for the payment of the outstanding improvement bonds and shall provide for the levying of new assessments in amounts sufficient to retire the improvement district refunding bonds to be issued pursuant to the terms hereof. After the final enactment of the ordinance the amounts of the several assessments so listed, advertised, or incorporated, not previously objected to, shall conclusively be presumed to be just and equitable and not in excess of the special benefits accruing or to accrue by reason of the original improvement project. Upon final passage of the ordinance as provided above, all assessments therein made shall be a lien in the same manner and to the same extent as provided in Section 24-4.4; provided, that in no case shall this new assessment constitute a lien on property which has been discharged from the payment of the original assessment.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
(a)
Improvement district bonds issued for the refunding of the outstanding indebtedness of any improvement district shall bear the name of the improvement district for which they are issued, shall be in the form and issued and sold and subject to call and under all the other conditions and terms as prescribed by Sections 24-5.1 to 24-5.5, except as otherwise prescribed in this Chapter.
(b)
A lower rate of interest than that authorized in the original issue of bonds may be prescribed and the improvement district refunding bonds may be authorized to run for a term not to exceed fifteen (15) years from the maturity date of the outstanding improvement district bonds.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
The provisions of Sections 24-4.5 to 24-4.7, relating respectively to the payment of the assessments in installments and the effect of failure to pay installments, are incorporated in Sections 24-6.1 to 24-6.9 by reference; provided that the maximum number of annual installments in which the assessment as provided for in Section 24-6.1 to 24-6.9 may be paid shall be dependent upon the term of the improvement district bonds.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
If the petition is filed and acknowledged by the owners of land representing one hundred percent (100%) of the unpaid assessments in any improvement district, and by all lessees of any property to be assessed, who, by the express terms of their respective leases, must pay the kind of assessments contemplated by Sections 24-6.1 to 24-6.9 unless the lessor of such lease files with the petition a duly acknowledged waiver of the stipulation in the lease which requires the lessee to pay such special assessments, and a written undertaking by the lessor or owner to pay the special assessments to be made under the proposed refunding plan, then the Council upon the payment to the Director of Finance of the cost of preparing the proposed refunding plan, as estimated by the County Engineer, shall proceed as provided above to have a hearing on the proposed new method of assessment and the assessment roll; provided that in case the owners of one hundred percent (100%) as aforesaid, consent, in writing, to the amount and apportionment of the proposed assessments under the refunding plan, it shall be unnecessary to give the notice or to hold any of the hearings specified above and the Council may immediately proceed to fix the assessment in the manner provided.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
Upon payment and retirement of the outstanding bonds of the improvement district, the refunded improvement district bonds shall be forwarded to the registrar for the refunded improvement district bonds for cancellation.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)