Ordinance 1141-85 - Laserfiche WebLink

ordinance . The bonds shall be issued in exchange for and/or in redemption of any and all revenue warrants issued hereunder or other short-term obligations hereafter authorized and not redeemed in cash within twenty days after the expiration of the thirty-day period for the cash payment of assessments without interest on the assessment roll for the District . The bonds shall be redeemed by the collection of special assessments to be levied and assessed against the property within the District, payable in annual installments, with interest at a rate to be hereafter fixed by ordinance under the mode of "payment by bonds, " as defined by law and the ordinances of the City. The exact form, amount, date, interest rate and denominations of such bonds shall be hereafter fixed by ordinance of the City Council . Such bonds shall be sold in such manner as the City Council shall hereafter determine . Section 7 . In all cases where the work necessary to be done in connection with the making of such improvement is car- ried out pursuant to contract upon competitive bids (and the City shall have and reserves the right to reject any and all bids) , the call for bids shall include a statement that payment for such work will be made in cash warrants drawn upon the Local Improvement Fund . Section 8 . There is created and established in the office of the City Treasurer for the District the Local Improvement Fund, into which fund shall be deposited the proceeds from the sale of revenue warrants or other short-term obligations drawn against the fund which may be issued and sold by the City and collections pertaining to assessments , and against which fund shall be issued cash warrants to the contractor or contractors in payment for the work to be done by them in connection with the improvement, and against which fund cash warrants shall be - 4 -