When, in the opinion of the City Council, found and determined by resolution, by reasons of delinquencies or threatened delinquencies, or by reasons of changes in interest rates, the economy and general welfare of the owners of property within an assessment district will be served thereby, proceedings for refunding or advance refunding of outstanding assessment bonds may be had pursuant to this article.
(Prior code App. A, § 500)
Special assessments and special assessment bonds heretofore or hereafter levied or issued pursuant to general law may be refunded pursuant to this article. The provisions of the Special Assessment and Bond Refunding Act of 1939, Chapter 5, Division 1, Title 6 (commencing with Section 59100) of the Government Code shall apply.
(Prior code App. A, § 501)
Special assessments and special assessment bonds hereafter levied or issued pursuant to this title may be refunded by proceedings had pursuant to Article IV of Chapter 4-12. The provisions of this article are to be read in pari materia with the provisions of Chapters 4-12 and 4-36 of this title pursuant to which the former assessments were levied or bonds were issued.
(Prior code App. A, § 502)
Refunding bonds may be issued in a principal amount sufficient to provide for the payment of all of the following:
(A) 
The principal amount of the bonds to be refunded;
(B) 
The premiums necessary to be paid in calling and retiring the outstanding bonds;
(C) 
The price in excess of the par value of bonds required to be paid for their purchase in the open market;
(D) 
Interest accrued, or to accrue, on the bonds to be refunded, to the date of their refunding or to the next interest payment date thereafter when required to be paid;
(E) 
The costs of engineering, legal and other technical services employed to accomplish the refunding;
(F) 
The costs of printing and advertising, and all other costs of the City incurred or to be incurred in the refunding proceedings; and
(G) 
Interest on the refunding bonds from their date to the date they are delivered to the former bondholders, in exchange for former bonds.
(Prior code App. A, § 504)
Refunding bonds may be exchanged for former bonds, in which event the holder of the former bonds and the City Council shall agree upon the amounts and maturities of the bonds to be exchanged.
(Prior code App. A, § 505)
Refunding bonds may be sold in the manner provided in this chapter, and the proceeds used to purchase or pay for all or any of the former bonds and costs of refunding.
(Prior code App. A, § 506)
The City Council may by resolution establish a plan of refunding and rules and regulations therefor, to be performed by the City Manager, Director of Finance or other persons designated by it.
(Prior code App. A, § 507)
The City Council may appoint and provide a bank or other trust company to act as depository or trustee, and to otherwise assist in the consummation of a refunding plan.
(Prior code App. A, § 508)
Proceedings for refunding bonds may be had in conjunction with proceedings for the acquisition or construction of public improvements pursuant to Chapters 4-12, 4-16, and 4-20.
(Prior code App. A, § 509)
Nothing in this article 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 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 procedure therefor in any law or provide therefor itself.
(Prior code App. A, § 510)
If the City Council makes the following findings and determinations, any outstanding bonds may be refunded or advance refunded by resolution or indenture adopted or approved without notice and hearing or further process:
(A) 
That the total aggregate amount of the principal of and interest on the refunding bonds is less than the total aggregate amount of the principal of and interest on the bonds to be refunded;
(B) 
That each annual installment of principal of and interest on the refunding bonds is less than the corresponding installment on the bonds to be refunded;
(C) 
That the term of the refunding bonds is equal to or less than the remaining term of the bonds to be refunded.
(Ord. 2760 § 7, 1989)
Any action or determination made necessary by reason of state or federal constitutional requirements or otherwise, or any action or determination which is convenient in the refunding proceedings, which is not expressly set forth in this article, is hereby authorized and the same when made shall be valid and sufficient.
(Ord. 2760 § 9, 1989)