There is vested in the Council the power to issue serial ad valorem land and improvement bonds upon any district created under this chapter.
(Prior code App. A, § 400)
The proposed district shall be described in the resolution of intention and established as provided in Article I of Chapter 4-12 pursuant to which such proceedings are had.
(Prior code App. A, § 401)
If, in the judgment of the Council, varying benefits will be derived by the several parcels of real property lying within the assessment district, the district may be divided into zones according to benefits. Zones may be established as provided in Section 4-16.040, the provisions of which shall apply.
(Prior code App. A, § 401.1)
If said proceedings are had pursuant to Article II of Chapter 4-12, 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 such work and of the expenses incidental to said proceedings, estimated to the conclusion of said proceedings. The amount of any contribution shall be stated therein as well as the balance for which bonds are to be issued. When the bonds have been issued they shall be delivered to the contractor upon his paying to the City any moneys due it for incidental expenses as stated in the declaration. The Council may provide in the resolution of intention that the contractor shall be paid in cash from advances to be made to said 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.
(Prior code App. A, § 402)
If the proceedings are had pursuant to Article III of Chapter 4-12, then upon the entry of all interlocutory judgments in any eminent domain proceedings brought pursuant thereto, proceedings shall be had substantially as provided herein for the issuance of improvement bonds. The bonds shall be sold by the Council and the proceeds shall be used to pay the costs and expenses of the project.
(Prior code App. A, § 403)
If the proceedings are had pursuant to Articles IV, V or VI of Chapter 4-12, then in the resolution ordering the acquisition or improvements, the Council shall determine the estimated cost of said acquisitions and improvements and the expenses incidental thereto, and the total estimated amount of the bonds to be issued. The bonds shall be issued and sold and the proceeds shall be used to pay the costs and expenses of the project.
(Prior code App. A, § 404)
If assessment proceedings are had pursuant to Article III of Chapter 4-12, and proceedings shall be had for the taking of immediate possession of the property to be acquired, then the person in charge of said 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 proceedings shall be had for the issuance and sale of bonds therefor as provided for the issuance of acquisition bonds. In such event the Council shall issue only such amount of additional bonds as is necessary to provide for the additional costs of said project and the proceeds of the possession bonds shall be finally used to apply to the cost of the acquisitions and improvements and expenses incidental thereto.
(Prior code App. A, § 405)
The Clerk shall give notice of a time and place of hearing on the declaration filed in relation to the issuance of any bonds to be issued other than pursuant to Article IV of Chapter 4-12. Such notice shall be published twice in a newspaper of general circulation published in said City, the first of which shall be at least 10 days before the date set for hearing.
(Prior code App. A, § 406)
Said notice shall refer to the resolution of intention in the proceedings for identification, for a description of the work to be done or acquisitions or improvements to be had and for the boundaries of the assessment district, and notice shall be given therein to all persons interested that it is proposed to hear the report and issue bonds pursuant to this article, and any person feeling aggrieved by any act or determination done or made in said 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 App. A, § 407)
All objections shall be made in writing and signed by the protestant and any grounds not stated therein and filed at or before the time fixed for hearing shall be deemed waived. The contractor or his assigns, and any other person or persons interested in said matter, may appear and be heard upon any of the matters referred to in said notice. The Council may confirm, amend, alter, modify or correct the report in such manner as it deems just, and require the work to be completed according to its directions or those of the person designated by it therefor.
(Prior code App. A, § 408)
In the Council's final order upon the hearing, or in the resolution ordering the acquisitions or improvements when the proceedings are had pursuant to Sections 4-12.220 through 4-12.400, and Chapters 4-16 and 4-20, the Council shall by resolution order the issuance of bonds. The resolution shall state the total principal amount thereof and the amount 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 40 years from their date.
(Prior code App. A, § 409)
The bonds shall be in such form, shall be executed by the officers, and shall be made payable at the place or places within or without the state, as the Council shall determine. The bonds shall be negotiable in form and be payable to bearer.
(Prior code App. A, § 410)
An issue of bonds shall constitute all of the bonds issued pursuant to a resolution of intention. Each issue shall be given a serial designation. The Council may, in its discretion, divide the issue into two or more divisions and fix different dates for the bonds of each division, in which event the bonds of each division shall be made payable at such time or times as the Council determines. Possession bonds shall constitute a division of an issue. All bonds of an issue shall have equal priority.
(Prior code App. A, § 411)
Bonds are not subject to call or redemption prior to their fixed maturity date unless the right to exercise the call is expressly stated on the face of the bonds. Provision may be made therein for a premium on call.
(Prior code App. A, §412)
If the proceeds of the bonds for any reason are less than the cost 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. Said bonds shall be deemed a division of the bonds of the main issue.
(Prior code App. A, § 413)
Semiannual interest coupons shall be attached to said bonds and be made payable on the 2nd day of January and July of each year, excepting that the first coupon shall be for interest from their date to the 2nd day of January next succeeding four months after the date of such bonds or on the 2nd day of January or July prior thereto as the Council determines. Provision may be made for the payment of interest from the proceeds of the sale of the bonds for the period of acquisition and construction of the project and for one year thereafter. If upon presentation at maturity, payment of any bond is not made as herein provided, interest shall continue at the same rate until the principal is paid in full.
(Prior code App. A, § 414)
For each district in which an issue of bonds has been had pursuant to this chapter, the Council shall annually, until all of the bonds and interest thereon have been paid in full, at the time of levying the taxes for general City purposes, levy an ad valorem assessment upon all land and improvements within said assessment district which might be assessed under the Improvement Act of 1911, which levy shall be 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 said bonds which shall become payable before the proceeds of another such levy shall be available therefor. Said special assessment levy shall be levied and collected, upon the tax roll upon which general City taxes are collected, it 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 made applicable to said special assessment levy, and be subject to redemption within one year from the date of sale in the same manner as such real property is redeemed from the sale for general City taxes, and if not redeemed in like manner pass to the purchaser.
(Prior code App. A, § 415)
The Council may annually, at or prior to the time the levy is made, or at such other time as it determines, transfer to the redemption fund of said bonds such amount or amounts as it determines.
(Prior code App. A, § 416)
All bonds issued and all taxes levied and collected pursuant to the provisions of this article shall by their issuance be conclusive evidence of the regularity, validity and legal sufficiency of all proceedings, acts and determinations in anyway pertaining thereto, and after the same are issued no tax levied or collected for the purpose of paying the principal or interest on said bonds shall be held invalid or illegal, or set aside by reason of any error, informality, irregularity, omission or defect in said proceedings, not amounting to a want of due process of law.
(Prior code App. A, § 417)
If any court of competent jurisdiction determines that any contract purporting to have been made, or any proceedings, steps or actions purporting to have been taken, or any bonds or bonds issued, or any levy of assessment made, under this article, is or are void, invalid or unenforceable for any reason, said court shall also order that reassessment proceedings consistent with such determination be conducted in the manner herein provided and, if the validity of any outstanding bonds is tainted by such determination, that new bonds be issued in the place thereof. The Council may also order reassessment proceedings and, if necessary, the issuance of new bonds, if it determines the existence of such voidness, invalidity or unenforceability. The reassessment proceedings and, if necessary, the issuance of new bonds, shall be conducted and accomplished in the manner provided in Article VII of this chapter, except that the proceedings shall refer throughout to the reassessment rather than to the assessment. Any such reassessment together with any other source of funds identified in the reassessment proceedings, shall constitute the security for the outstanding bonds or any new bonds issued pursuant to this section.
Reassessment proceedings may be conducted pursuant to this section regardless of whether the acquisition and construction of the local improvement being financed has commenced, is under construction or is complete.
(Prior code App. A, § 418; Ord. 2760 §4, 1989)
The boundaries of any district heretofore or hereafter created pursuant to this article may be altered from time to time in the manner provided in Section 4-16.160.
(Prior code App. A, § 420)
In recognition of the fact that the addition of Article XIIIA to the State Constitution by the voters of the State in June, 1978 established a new system of property taxation in the State, substituting an acquisition value roll in place of the ad valorem roll as the basis for such property taxation, any special assessment levied pursuant to Section 4-36.405 of this article after the fiscal year 1977-78 shall be denominated an acquisition value assessment, rather than an ad valorem assessment, or tax, and shall be otherwise levied and collected as provided in Section 4-36.405. Except in cases where the intent is clearly to the contrary, whenever the term "tax," "taxes" or any variant thereof is used in this article, it shall be deemed to mean acquisition value assessments.
(Ord. 2760 § 5, 1989)
(A)
As used in this section:
(1)
The term "annual assessment" means the annual ad valorem or acquisition value assessment levied against all land and improvements within the boundaries of any special assessment district with respect to which bonds have been issued pursuant to this article which are subject to assessment pursuant to Section 4-36.405, including all state-assessed property, for the purpose of paying principal of and/or interest on said bonds;
(2)
The term "state-assessed property" means all unitary and operating nonunitary property, as defined in Section 723 and Section 723.1, respectively, of the Revenue and Taxation Code of the state, which is assessed by the State Board of Equalization;
(3)
The term "County" means the County of Sonoma.
(B)
All state-assessed property all or any portion of which is located within the boundaries of any district with respect to which bonds have been issued pursuant to this article is subject to annual assessment as are other properties in the district.
(C)
The City shall obtain from appropriate officials of the County or the State Board of Equalization the following information and data as determined pursuant to Section 98.9:
(1)
The assessed value of all state-assessed property assigned to the tax rate area comprising the County, determined pursuant to Section 98.9(a);
(2)
The amount of the County's total ad valorem tax levies for state-assessed property for the prior year for debt service only, determined pursuant to Section 98.9(b) (2)(A);
(3)
The amount of the County's total ad valorem state-assessed property assessed value for the prior year for debt service only, determined pursuant to Section 98.9 (b)(2)(A);
(4)
The percentage adjustment between the two preceding fiscal years in the County's ad valorem debt service levy for the secured roll, not including state-assessed property debt service, determined pursuant to Section 98.9(b)(2)(B); and
(5)
The total amount computed for all taxing jurisdictions in the County (other than the parking district) for each taxing jurisdiction pursuant to Section 98.9(d)(1) and required to be computed as a total pursuant to Section 98.9(d)(2).
(D)
Upon receipt of the foregoing information and data for appropriate sources, and after July 1 of each year, the Director of Finance shall make the following computations:
(1)
Add to the numerator of the fraction used in determining the tax rate under Section 98.9(b)(2)(A) (as determined under subsection (c)(2)) the total amount of annual assessments against state-assessed properties in the district for the prior year;
(2)
Compute the rate resulting from dividing the numerator computed under subsection (d)(1) by the denominator obtained under subsection (c)(3), and adjust the resulting rate by the percentage obtained under subsection (c)(4);
(3)
Multiply the adjusted rate computed under subsection (d)(2) by the total assessed valuation of state-assessed property as determined under subsection (c)(1);
(4)
Multiply the amount required for principal of and interest on the outstanding bonds of the district during the current fiscal year or payable on the next succeeding January 2 or July 2 by a percentage determined by dividing the total amount of annual assessments received in the prior fiscal year from state-assessed property by the total amount of annual assessments received in the prior fiscal year from all property in the district;
(5)
Add the amount computed under subsection (d)(4) to the total amount obtained under subsection (c)(5) as the numerator of the fraction described in Section 98.9(d)(2);
(6)
Multiply the fraction which results from using the figure computed under subsection (d)(4) as the numerator and the figure computed under subsection (d)(5) as the denominator by the total amount of property tax revenue available for allocation under subsection (c)(5).
(E)
The foregoing computations shall be made separately with respect to the assessed value of the state-assessed property of each state assessee.
(F)
The amounts arrived at in subsection (d)(6) for each state assessee represent the annual assessment against the state-assessed property of each state assessee. Said amounts shall be transmitted to the County Assessor and County Tax Collector for inclusion in the tax bill sent for each state assessee pursuant to Section 98.9(g) and shall be collected at the same time and in the same manner as County taxes and other annual special assessments of the district are collected and all laws applicable to the levy, collection and enforcement of County taxes shall be and are hereby made applicable to such special assessments.
(Ord. 2760 § 6, 1989)