Laserfiche WebLink
• <br /> If the City shall authorize expenditures to be made for such Improvements (other than for any <br /> cost or expense expected to be borne by the City) prior to the date that any short-term <br /> obligations or local improvement district bonds are issued to finance the Improvements, from <br /> proceeds of interfund loans or other funds that are not, and are not reasonably expected to be, <br /> reserved, allocated on a long-term basis or otherwise set aside to pay the cost of the <br /> Improvements herein ordered to be assessed against the property specially benefited thereby, the <br /> City declares its official intent that those expenditures, to the extent not reimbursed with prepaid <br /> special benefit assessments, are to be reimbursed from proceeds of short-term obligations or <br /> local improvement district bonds that are expected to be issued for the Improvements in a <br /> principal amount not exceeding $545,450. <br /> The City is authorized to issue local improvement district bonds for the District which <br /> shall bear interest at a rate and be payable on or before a date to be hereafter fixed by <br /> ordinance. The bonds shall be issued in exchange for and/or in redemption of any and all <br /> revenue warrants issued hereunder or other short-term obligations hereafter authorized and not <br /> redeemed in cash within twenty days after the expiration of the thirty-day period for the cash <br /> payment without interest of assessments on the assessment roll for the District. The bonds shall <br /> be paid and redeemed by the collection of special assessments to be levied and assessed against <br /> the property within the District, payable in annual installments, with interest at a rate to be <br /> hereafter fixed by ordinance under the mode of "payment by bonds," as defined by law and the <br /> ordinances of the City. The exact form, amount, date, interest rate and denominations of such <br /> bonds hereafter shall be fixed by ordinance of the City Council. Such bonds shall be sold in <br /> such manner as the City Council hereafter shall determine. <br /> Section 6: <br /> In all cases where the work necessary to be done in connection with the making of such <br /> Improvements is carried out pursuant to contract upon competitive bids (and the City shall have <br /> and reserves the right to reject any and all bids), the call for bids shall include a statement that <br /> payment for such work will be made in cash warrants drawn upon the Local Improvement Fund. <br /> Section 7: <br /> The Local Improvement Fund for the District is created and established in the office of the <br /> Director of Finance and Budget. The proceeds from the sale of revenue warrants or other short- <br /> term obligations drawn against the fund which may be issued and sold by the City and the <br /> collections of special assessments, interest and penalties thereon shall be deposited in the Local <br /> Improvement Fund. Cash warrants to the contractor or contractors in payment for the work to <br /> be done by them in connection with the Improvements and cash warrants in payment for all <br /> other items of expense in connection with the Improvements shall be issued against the Local <br /> Improvement Fund. <br /> Section 8: <br /> Within 15 days of the passage of this ordinance there shall be filed with the City Treasurer the <br /> title of the improvement and District number, a copy of the diagram or print showing the <br /> 0213217.01 <br /> 3 - <br />