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 Article
XI through XIX.
(Prior code § 9-267)
When the Council shall have 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, not to exceed the
maximum rate per year authorized by the laws of the State.
(Prior code § 9-268)
The bonds and coupons shall be payable to bearer and shall be
substantially in the form provided in the plan specified with appropriate
changes 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 City Council.
(Prior code § 9-269)
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 City Director of Finance. There shall be at least
one manual signature on the bonds. The signature of the Mayor on the
bonds and of the Director of Finance on the coupons and the City seal
may be printed, engraved or lithographed thereon in facsimile.
(Prior code § 9-270)
The bonds shall be dated as the Council shall determine; provided,
that in a proceeding pursuant to Article VI the written consent of
the contractor or assigns shall be obtained before delaying their
date.
(Prior code § 9-271)
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 as the City
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 City Council shall determine.
(Prior code § 9-272)
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 12 months.
(Prior code § 9-273)
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.
(Prior code § 9-274)
The bonds shall be sold as the City Council shall determine.
Their proceeds shall be deposited in the proper fund and used exclusively
for the objects and purposes thereof.
(Prior code § 9-275)
Premiums received on the sale of bonds shall be deposited in
the construction fund, unless the City Council shall otherwise determine.
(Prior code § 9-276)
Accrued interest received on the sale of bonds shall be deposited
in the bond fund, unless the City Council shall otherwise determine.
(Prior code § 9-277)
Upon the direction of the City Council, the Director of Finance,
having the duty of paying the interest on an issue of ad valorem special
assessment district improvement bonds, shall keep a register. Upon
presentation of an interest coupon of a bond, he or she shall enter
in the register the name and address of the owner or holder and the
number and amount of the bond.
(Prior code § 9-278)
Any coupon bond or other bond payable to bearer is subject to
registration either as to principal and interest or as to principal
only upon written request of the bondholder and presentation of the
bond to the Director of Finance for registration.
(Prior code § 9-279)
Upon presentation and request for registration as to principal and interest, the Director of Finance shall cut off the coupons and destroy them. He or she shall maintain a book in which he or she shall enter the numbers of all registered bonds and the names and addresses of the owners of registered bonds. Until the registration is canceled as provided in Section 3.76.1290 of this code, the interest and principal thereof shall be payable only to the registered owner. There shall be provided on the back of each bond a suitable blank showing the name and address of the registered owner, the date of registration or transfer, the type of registration and the signature of the Director of Finance.
(Prior code § 9-280)
The bonds may be registered as to principal only. A notation
shall be made to that effect in the registration book and on the bond.
The coupons shall not be detached and the interest on the bonds shall
be paid upon presentation of the coupons in the same manner as unregistered
bonds. The principal, however, shall be paid only to the registered
owner upon presentation of the bond.
(Prior code § 9-283)
There may be printed on the bond a form of the endorsements
for registration which may be as follows:
This bond is registered in the name of the registered owner
whose name and address appear last in the space below and both the
principal of and interest on the bond are payable to the registered
owner, unless it is registered as to principal only, in which case
only the principal is so payable.
Note: There must be no writing in the space below except by
the Director of Finance.
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Date of Registry
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Type of Registration
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Name of Registered Owner
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Address of Registered Owner
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Signature of Director of Finance
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|---|---|---|---|---|
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Principal only and interest
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Principal only and interest
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Principal only and interest
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Principal only and interest
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*In the event registration is as to principal only, strike the
words "and interest;" if as to principal and interest, strike the
word "only."
|
(Prior code § 9-282)
When a form for registration is not printed on the bonds, there
shall be stamped thereon a form which shall be substantially as follows:
|
(Date, giving month, year and day)
|
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This bond is registered as to principal (only) (and interest)
pursuant to the statute in such cases made and provided in the name
of (here insert name of owner) and the principal thereof is hereafter
payable to the owner.
|
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____________________
Director of Finance
|
In the event separate stamps are not made for registration as
to principal only and as to principal and interest, strike the words
"and interest" when registration is as to principal only, and strike
the word "only" when registration is as to principal and interest.
(Prior code § 9-283)
The Director of Finance shall keep in his or her office a book
showing what bonds are registered and in whose names, and whether
registered as to principal only or as to principal and interest.
(Prior code § 9-284)
A registered bond may only be transferred by the registered
owner in writing, in person, or by attorney duly authorized, on presentation
of the bond to the Director of Finance and by his or her endorsing
thereon and in his or her record the fact of the transfer.
(Prior code § 9-285)
The registration of any unmatured bond may be canceled upon
written request of the registered owner. Upon receipt of a request,
the Director of Finance shall cancel the registration in the bond
register book and on the back of the bond, cause all unmatured coupons
to be reprinted and re-attached to the bond, and deliver the bond
and attached coupons to the owner. Until the bond is re-registered,
the principal thereof shall be payable to bearer, and the interest
shall again be paid upon surrender of proper coupons. The cost of
reprinting the coupons shall be paid by the person requesting de-registration.
(Prior code § 9-286)
De-registered bonds are subject to re-registration in the same
manner as previously unregistered bonds.
(Prior code § 9-287)
Notwithstanding any provisions of law to the contrary, bonds,
issued pursuant to statute or City Charter, may be in the form of
coupon bonds or registered bonds, or some in the form of coupon bonds
and some in the form of registered bonds, as provided in the proceedings
for their issuance.
(Prior code § 9-288)
Bonds may be registered in the event of delinquency.
(Prior code § 9-289)
When a bond or interest coupon payable from funds in the custody
of the Director of Finance is presented to him or her for payment
and is not paid for want of funds, he or she shall endorse upon it
"Not paid for want of funds," the date of presentation and shall sign
or stamp his or her name thereon.
(Prior code § 9-290)
Upon receipt of the first money in the treasury applicable to
their payment, the Director of Finance shall set apart the amount
necessary to pay the registered bonds and coupons.
(Prior code § 9-291)
The Director of Finance shall give notice by registered mail
to the owner or holder of the registered bonds and coupons, at the
address last filed, stating that he or she is ready to pay them. The
bonds and coupons shall be paid from the money in the order of their
registration.
(Prior code § 9-292)
If the registered bonds and coupons are not presented for payment
within 30 days from mailing of the notice the Director of Finance
shall apply the fund set aside to the payment of the unpaid registered
bonds and coupons next in order, until all registered bonds and coupons
have been paid.
(Prior code § 9-293)
A.
When
a bond of the City is mutilated or defaced the City Council shall
issue a duplicate if all of the following conditions exist:
1.
It
appears by clear and unequivocal proof that the bond is so mutilated
or defaced as to impair its value to the owner.
2.
There
is no bad faith on the part of the owner.
3.
The
bond is identifiable by number and description.
4.
The
regulations, including restrictions as to time and retention for security
or otherwise, prescribed by the City Council are met.
B.
Form
of Bond. The duplicate shall have the same time to run, bear like
interest, and have the same number, as the mutilated or defaced bond.
C.
Application.
The owner of the bond desiring a duplicate shall make a written application
to the City Council stating the facts required.
D.
Deposit.
The owner shall accompany his or her application with a deposit of
money required by the City Council for the cost of printing, lithographing
or otherwise preparing the duplicate, and all other expenses connected
with the issuance of the duplicate.
E.
Indemnification.
If required by the City Council, the owner shall also file with his
or her application a bond in the required sum with good and sufficient
sureties, to be approved by the City Council, and conditioned to indemnify
the City for any claim upon the mutilated or defaced bond.
F.
Resolution.
Upon receipt of the application, the City Council shall adopt a resolution:
G.
Issuance.
The duplicate bond shall be signed by the same officers and as nearly
as possible shall be issued in the manner of the original.
H.
Exchange.
The duplicate shall be delivered in exchange for the original bond.
I.
Identification.
Any exchange shall not be made unless the defaced or mutilated bond
with any coupons attached is identifiable and is first surrendered
by the owner
J.
Cancellation.
When the original is surrendered the City Council shall cause proper
record to be made of its cancellation and thereafter the duplicate
has the validity of the original.
(Prior code §§ 9-294—9-303)
A.
The
City Council may issue a new bond similar to the original to replace
it if:
1.
By
competent proof it is made to appear to the City Council that a bond
issued by the City is lost or destroyed.
2.
The
owner gives security approved by the City Council to indemnify the
City against any loss incurred on account of the bond.
3.
The
owner pays all cost of the insurance of the new bond.
B.
Procedure. To the extent applicable the provisions of Section 3.76.1370, of this code, shall apply.
C.
Refusal
to Issue. If the City Council refuses to issue a new bond, the owner
of any lost or destroyed bond may apply to the Superior Court of the
County for an order requiring the City Council to show cause why it
should not be required to issue a new bond or cause it to be issued.
D.
Application
to Show Cause. The application shall be by petition, a copy of which
shall be served upon the Mayor or City Manager not later than 10 days
prior to the time set for the hearing.
E.
Hearing
and Order. The Court shall inquire into the truth of the facts stated
in the petition and hear the proofs and allegations of the petition.
If satisfied that the petitioner is the lawful owner of the bond described
in the petition, that it has been lost or destroyed and cannot after
due diligence be found, and that no sufficient cause has been shown
why a new bond to replace it should not be issued, the Court shall
make an order requiring the City Council to issue and deliver, or
cause to be issued and delivered, to the petitioner a new bond in
place of the lost or destroyed bond, upon the petitioner giving such
security to the City as the Court directs.
F.
Endorsement.
Each bond and attached coupon so issued shall state upon its face:
G.
Filing
Security. The security required, duly endorsed as approved, shall
be filed in the office of the Director of Finance of the City as the
City Council directs.
(Prior code § 9-304—9-310)
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 canceled, and the interest and sinking fund of the district shall
be credited with the face value thereof.
(Prior code § 9-311)
Upon the entry of the payment of any bond or coupon in the bond
register, and under any additional conditions as the Director of Finance
shall establish, the Director of Finance or other fiscal agents of
the City may destroy or cremate any and all bonds and coupons pertaining
thereto which have been previously paid or canceled.
(Prior code § 9-312)
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.
(Prior code § 9-913)
When the law provides a premium on the call of bonds, the City
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).
(Prior code § 9-314)
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 special
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).
(Prior code § 9-315)
As an alternative method of collecting fixed lien assessments which are less in amount than $50.00, when bonds are issued pursuant to Bond Plans A, B or C herein, proceedings, therefor may be had as provided in Section 3.76.530 of this code.
(Prior code § 9-316)
