The purpose of this article is to provide a procedure by which assessment bonds may be issued to pay the whole or any part of the costs of any public improvements which are inherently local in nature, payable from annual assessment levies apportioned among the several lots and parcels of land or real property within the district established therefor, the nature and formula or formulae for which is to be determined in the proceeding in which jurisdiction is provided therefor.
(Prior code App. A, § 431)
The respective provisions of Chapters 4-12, 4-16, or 4-20 pursuant to which said proceedings are undertaken to the contrary notwithstanding, no assessment or diagram shall be made, heard, levied or recorded, nor shall any amount of annual levies proposed to be made pursuant hereto be or become payable prior to their levy as herein provided.
(Prior code App. A, § 432)
When the Council proposes to issue bonds pursuant to this article, it shall so declare in the resolution of intention pursuant to which the bonds are to be issued, the maximum term for which the bonds of any series of the issue may be issued, and the maximum rate of interest they may bear, and that bonds will be issued pursuant to this article.
(Prior code App. A, § 433)
In addition to the matters required by Section 4-36.455, the resolution of intention shall contain a statement of the formula or formulae upon and by which annual assessment levies for the payment of said bonds and the interest thereon will be apportioned according to benefits among the several lots and parcels of land within the assessment district to be established therefor.
(Prior code App. A, § 434)
At the hearing provided for establishing the assessment district pursuant to Chapters 4-12, 4-16, or 4-20, property owners may protest against and be heard as to the equitableness and fairness of said formula or formulae in the same manner, at the same time and with like legal effect, as provided for other protests in said proceedings.
(Prior code App. A, § 435)
At the hearing provided in Section 4-36.465, the Council, of its own volition or in response to any protest made, heard or considered, may make modifications in the formula or formulae for the purpose of making the same more fair and equitable; provided, however, that before making a final order in said matter it shall set said matter for hearing at a subsequent meeting of said Council, which it shall call or to which it may adjourn; provided, further, that it shall give notice of the time, place and purpose of said meeting, by one publication in the newspaper in which the original resolution of intention or notice of improvement was published, at least 10 days prior to the hearing.
(Prior code App. A, §436)
At the initial hearing or at the subsequent hearing on the modification of said formula or formulae or at any meeting to which either shall have been adjourned, or at any meeting of the Council subsequent to the full hearing of said matter, with or without said matter having been submitted, the Council, by resolution, shall finally adopt a formula or formulae for the apportionment of benefits in said subsequent levies, which shall be that stated in the resolution of inten-tion, or as modified, and its determination shall be final and conclusive against all persons excepting persons whose protests for grounds stated therein have been denied and who have brought action therefor within 30 days following said determination in the local superior court.
(Prior code App. A, § 437)
If, at any time following the final establishment of the formula or formulae for said subsequent levies, the Council, by resolution, determines that, by reasons of changed conditions or because of defects or insufficiencies therein disclosed by its application, an established formula or formulae is, in any particular, inequitable or unfair, or may be made more equitable and fair, the Council may, by resolution, so declare, stating the grounds therefor, and fix a time and place of hearing thereon.
(Prior code App. A, § 438)
A copy of the resolution provided in Section 4-36.480 shall be published once a week for two successive weeks, the first of which shall be at least 14 days prior to the day of said proposed meeting, in the newspaper in which the resolution of intention or notice of improvement in said proceedings was published.
(Prior code App. A, § 439)
At the hearing provided in Section 4-36.480, protest may be filed, heard and acted upon in the manner and with like effect provided in this article for the initial establishment and modification of said formula or formulae.
(Prior code App. A, § 440)
The bonds shall be of the form prescribed by resolution of the Council, shall be dated as the Council determines, and shall be numbered consecutively, be payable to bearer and be negotiable and serial in nature. They shall be payable on July 1st of each year in such amount as the Council determines. The first maturity shall be not earlier than 10 months after their date. The last maturity of any bond shall be not later than 40 years after July 1st next succeeding its date. The bonds may be registered.
(Prior code App. A, § 441)
The bonds may be issued in successive series, divisions of parts having different dates, terms and dates of maturity.
(Prior code App. A, § 442)
The bonds shall bear interest which, unless registered at issuance, shall be represented by coupons numbered consecutively, bearing corresponding bond numbers, payable on January 1st and July 1st of each year, the first and the form of which shall be fixed and prescribed by the Council.
(Prior code App. A, § 443)
If, upon presentation at maturity, or if redeemable and duly called for redemption, payment of the bonds or any interest coupons thereof is not made in full accordance with the indenture of issuance said bonds or coupons, or both, shall continue to bear interest at the rate stated in the bonds until paid in full.
(Prior code App. A, § 444)
Said bonds may be made subject to call and redemption prior to their fixed dates of maturity with or without a premium, all as shall be prescribed by the Council; provided that no bond shall be subject to prior call unless it so states on its face.
(Prior code App. A, § 445)
The interest coupons shall be executed by the director of the City depository by his printed, lithographed or engraved facsimile signature impressed thereon. The interest for any interest period may be divided as to time or rate and represented by two or more coupons.
(Prior code App. A, § 447)
The proceeds of the bonds shall be deposited in a construction fund which shall be created and maintained for each project. The moneys in said fund shall be used solely for the acquisition and construction of the improvements described in said proceedings, and the expenses incidental to said proceedings and the financing thereof, including legal or other fees incidental to or connected with the authorization, issuance and sale of the bonds, the cost of printing the bonds, and may include interest on the bonds during the estimated period of acquisition and construction.
(Prior code App. A, § 448)
A fund to be named "Bond Plan F, Series No. _____, Interest and Redemption Fund," or other designation sufficient to identify it, shall be created and maintained for each issue of bonds.
(Prior code App. A, § 449)
All moneys which have been pledged or contributed to the payment of the bonds and the interest thereon, and all annual assessments levied therefor, shall be deposited in the redemption fund for such issue, shall constitute a trust fund therefor, and shall not be expended for any other purpose; provided that if any moneys remain in the redemption fund after the payment of all the bonds and the interest thereon, it shall be transferred to the City general fund, unless a maintenance, improvement or a service facilities district has been created for the improvements acquired and constructed from the proceeds of said bonds, in which event it shall be transferred to such fund, and be used for the objects and purposes thereof.
(Prior code App. A, § 450)
The Director of Finance shall annually cause to be prepared a budget for each bond issue hereunder which shall include the following:
(A)
The gross amount required to pay the principal of and interest on the bonds and any premiums on bonds to be called, before the proceeds of a second assessment levy will be available therefor;
(B)
The gross amount proposed to be raised for the maintenance and operation of the City improvements involved, and any capital additions, extensions, improvements or replacements therein, during the period provided in subsection (A) of this section;
(Prior code App. A, § 451)
The amount provided in Section 4-36.540(F), including provisions for anticipated delinquencies, shall be raised by annual benefit assessments on all taxable lands or real properties within the assessment district, as provided in Section 4-36.445, until all of the bonds and the interest to accrue thereon have been paid in full.
(Prior code App. A, § 452)
In each year that a balance is provided in the budget pursuant to Section 4-36.540(E), the director of the City depository shall cause to be prepared annually a report for each bond issue under this chapter, which shall, under appropriate headings, show the amounts to be provided in the annual budget pursuant to Section 4-36.540 and by properly headed columns, show the County assessor's description of each lot or parcel to be assessed, the amount of the levy applicable to said lot or parcel, and such other information as will be necessary or useful in carrying out the formula or formulae adopted by the Council for the particular issue of bonds to which said budget provision applies.
(Prior code App. A, §453)
When the report has been completed, it shall be endorsed by the director of the City depository in duplicate and filed with the City Clerk on or before July 15th of each year.
(Prior code App. A, § 454)
If the formula or formulae adopted for an issue of bonds is sufficiently simple as to leave no discretion, it shall be reviewed by the Council and adopted and approved by resolution.
(Prior code App. A, § 455)
Said report shall come on regularly for hearing by the City Council at its regular meeting held on the first Tuesday of August in each year.
(Prior code App. A, § 457)
The City Clerk shall cause notice of the hearing on the report to be given by two publications in a newspaper in the City, and by posting a copy of the notice on the bulletin board of the City Hall. The posting and first publication shall be at least 10 days before the day fixed for hearing.
(Prior code App. A, § 458)
The notice shall be substantially as follows:
Notice Of Hearing On |
(Project Title) |
NOTICE IS HEREBY GIVEN that the Director of Finance has prepared and filed with the City Clerk a report which provided the basis for levying benefit assessments on the properties within the assessment district created and established for the project cited above, and the amounts proposed to be levied for the fiscal year of upon the several lots and parcels in the assessment district created to pay the principal and interest of the bonds issued for said project, which report is open to public inspection. |
(Prior code App. A, § 459)
Affidavits or certificates of publication and posting of hearing shall be made and filed with the Clerk.
(Prior code App. A, § 460)
The Clerk shall endorse on each protest the date it is filed with him, and shall show whether said protest is filed prior to the hour fixed for hearing. No protest received after said hour shall be legal, but the Council may, at its discretion, consider said protests and hear the signers thereof.
(Prior code App. A, § 461)
At the time and place fixed for said hearing, or at any time to which said 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 any 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 the City depository or of the person making said report as contained therein;
(E)
Amend, alter, modify, correct and confirm said report and each of the assessments therein.
(Prior code App. A, §462)
All decisions and determinations of the Council, on notice and hearing as aforesaid, shall be final and conclusive upon all persons entitled to appeal to it, as to all errors, informalities and irregularities which the Council might have avoided, or have remedied during the hearing on the report.
(Prior code App. A, § 463)
The report, approved pursuant to Section 4-36.560 and this section together with the certificate of the Clerk as to the fact and date of approval by the Council, shall be delivered to the County Auditor at or before the time the City Council fixes the general City tax rate for the fiscal year.
(Prior code App. A, § 464)
If, at the time of ordering a report to be prepared as directed by Section 4-36.550 of this article, the Council shall determine that the fair market value pursuant to which the individual assessments shall be apportioned shall be those provided or to be provided in the general equalized County tax roll for the forthcoming fiscal year, then, in lieu of the report provided to be prepared pursuant to section 4-36.550, the Council shall cause the assessments to be levied and collected in the manner provided in Section 4-36.405 of Article VI of Chapter 4-16, and the assessment shall be so posted to and collected on the County tax roll.
(Ord. 2418 § 9, 1984)
The County Auditor shall post to the County tax roll, in a column provided therefor, the total amount of the benefit assessment to be levied and collected for said year on each lot or parcel within the assessment district.
(Prior code App. A, § 465)
Said benefit assessments shall be levied and collected upon the tax rolls upon which general City taxes are collected. They shall be in addition to all other taxes levied for general City purposes, and shall be levied, entered and collected together with, and not separate from, general City taxes, 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 applicable to said special assessment levy, and the assessed real property, if sold for taxes, shall 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 shall in like manner pass to the purchaser.
(Prior code App. A, § 466)
The Council may annually, at, or prior to, the time the levy is made, or at such other time as it determines, advance as a loan or contribution to the redemption fund of said bonds such amount or amounts as it may from time to time determine.
(Prior code App. A, § 467)
Public property, whether or not in use in the performance of a public function, shall be exempt from the levy of benefit assessments to service bonds of this article.
(Prior code App. A, § 468)
If any parcel of property is omitted from the tax roll for any year in which such levy is made, it shall be added at the end of the roll and assessed as contained in the report hereinafter provided. If any property is omitted in any such report, it shall be assessed for the omitted amount in the next year after said omission is discovered, and appropriate provision shall be made in the report for said year.
(Prior code App. A, § 469)
All bonds issued and all taxes levied and collected pursuant to the provisions of this article, shall by their issuance or levy be conclusive evidence of the regularity, validity and legal sufficiency of all proceedings, acts and determinations in anywise 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, §470)
No assessment or bonds, or any order for their issuance, and no proceedings prior thereto, shall be held invalid by any court for any error, omission, irregularity, informality or other defect in the same, where the resolution of intention has been published as provided in this chapter.
(Prior code App. A, § 471)
No proceeding taken or had under this title shall be held to be invalid on the ground that the real property or a portion thereof, upon which the work or improvement or part thereof, is to be done or was done, has not been lawfully dedicated or acquired, provided the same has been lawfully dedicated or acquired, or an action for the acquisition thereof has been filed, or otherwise, at any time before judgment has been entered in any legal action or proceeding involving such issue.
(Prior code App. A, § 472)
All the decisions and determinations of the Council, upon notice and hearing as aforesaid, shall be final and conclusive upon all persons entitled to appeal under the provisions of this title as to all errors, informalities, omissions, irregularities and other defects which the Council might have avoided or might have remedied during the progress of the proceedings, or which it can at that time remedy.
(Prior code App. A, § 473)
When any court of competent jurisdiction or the Council of its own volition, determines that any contract purported to have been made, or any proceedings, steps or actions purported to have been taken, or any bond or bonds issued, or a levy of assessment made under this article is or are void, invalid or unenforceable for any reason, or any court for any cause enjoins the issuance of payment of any bonds proposed to be or which have been issued under this article, or the payment of any pledge or contribution, or the levy of any annual benefit assessment, or any other action or determination which might or will affect the prompt and orderly payment of any such bonds or the interest thereon as they shall accrue, said court or the Council shall also determine that new bonds shall be issued in the place thereof. In such event, the Council shall cause a declaration to be filed which shall state the amount of any work performed, improvements made, acquisitions had, and the costs thereof and expenses incidental thereto, and the estimated cost of any future work improvements, acquisition and incidental costs and expenses. Jurisdiction therefor shall be had after notice published and posted, and hearing had as provided in Article IV of Chapter 4-12, provided that there shall be no bar to said proceedings by reason of a majority or other protest against them.
(Prior code App. A, § 474)
If the invalidity is not in the bonds themselves or in the issuance thereof, the Council may so declare in the reassessment proceedings. In such event, the reauthorization proceedings shall 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 App. A, § 475)
If the invalidity is in the bonds themselves or in the issuance thereof, or if the Council so determines 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 so determines, it may assign different bonds and allot maturities as it deems equitable.
(Prior code App. A, § 476)
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 has 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 said outstanding bonds or coupons, or any other holders of outstanding bonds or coupons 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. Said outstanding bonds shall forthwith become due and payable without premium, and shall no longer bear interest.
(Prior code App. A, § 477)
Notwithstanding any other provisions of this article, the Council may provide that any bonds heretofore or hereafter authorized to be issued pursuant hereto be payable on July 2nd in each year, and that the interest coupons by payable on January 2nd and July 2nd in each year.
(Prior code App. A, § 478)
The foreclosure provisions of Part 14 (commencing at Section 8830) of Division 10 of the Streets and Highways Code shall apply.
(Ord. 2915 § 1, 1991)
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, § 480; Ord. 2418 § 10, 1984)