When bonds are issued pursuant to this plan, in any proceeding
pending or hereafter taken, the provisions of Article XIII (Bond Plan
B) of this Division shall apply, except as herein provided.
(Prior code § 9-321)
Appropriate changes shall be made in the form of the bonds to
show that they have been issued pursuant to this article.
(Prior code § 9-322)
The provisions of the Improvement Bond Act of 1915 which require
the City to advance, as a loan to the bond redemption fund from available
surplus funds, the amount of any delinquent installment of principal,
interest and penalties thereon, shall not be mandatory and shall not
be enforceable.
(Prior code § 9-323)
The provisions of the Improvement Bond Act of 1915 which require
that the City shall cause to be levied a special tax of not to exceed
$0.10 on the $100.00 of taxable property in the City shall be restricted
to the taxable property within the district created in the proceedings
or other district deemed benefited thereby and described in the resolution
of intention, and shall not be enforceable against the City as a whole.
(Prior code § 9-324)
The district within which the supplemental taxes are to be levied
shall include all of the properties within the City which, in the
opinion of the Council, will be benefited by the levy of the special
tax, which may be greater than the assessment district.
(Prior code § 9-325)
The supplemental district shall be described and declared in
the resolution of intention to be the district so benefited.
(Prior code § 3-326)
Notice shall be given to all owners within the supplemental
district by posting and mailing, they shall have the right to protest,
and the Council shall make the determinations, all as provided for
the assessment district.
(Prior code § 9-327)
Moneys realized from special levies made pursuant to Section
3.76.1520 of this code for a particular project, shall be deposited in a special fund to be separately numbered or otherwise known as the special levy fund for the project, and shall be used as provided in this article.
(Prior code § 9-328)
Moneys in a special levy fund shall be transferred to the bond
interest and redemption fund of the project for which they are levied,
as they are needed for the prompt payment of the annual installments
of the fixed lien assessments levied therefor.
(Prior code § 9-329)
When properties are redeemed or sold for the nonpayment of any
annual installments of fixed lien assessments levied therefor, the
amounts transferred from a special levy fund to the bond interest
and redemption fund of the bonds, shall be restored to the special
levy fund from the bond redemption fund.
(Prior code § 9-330)
At the time of final payment of the bonds and the interest thereon
of any series, surplus funds in the special levy fund created therefor
shall be transferred to the redemption fund of the bonds and supplied
as provided by law therefor.
(Prior code § 9-331)