1996 RES R-25-96 - Laserfiche WebLink

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Improvement Bond Act of 1915 (herein, the "1915 Act"), and the last installment of such bonds shall mature not to exceed thirty (30) years from the second day of September next succeeding twelve (12) months from their date. The provisions of Part 11.1 of the 1915 Act, providing an alternative procedure for the advance payment of assessments and the calling of bonds, shall apply. 1 It is hereby determined, and this Board hereby declares that the County will not obligate itself to advance available funds from the County treasury to cure any deficiency which may occur in the bond redemption fund; provided ,however, that if any deficiency occurs, the County may in its discretion elect to advance available funds at that time. An even annual proportion of the aggregate principal sum of the bonds shall be payable on the second day of September in each year next succeeding the first twelve (12) months after their date until the whole is paid, provided however, that this Board hereby reserves the right to determine, in its resolution providing for their issuance, (a) that the amount of principal maturing or becoming subject to mandatory prior redemption each year shall be other than an amount equal to an even annual proportion of the aggregate principal amount of the bonds, or (b) that the amount of principal maturing or becoming subject to mandatory prior redemption in each year plus the amount of interest payable in that year will be an aggregate amount that is substantially equal each year, except for the moneys falling due on the first maturity or mandatory prior redemption date of the bonds which shall be adjusted to reflect the amount of interest earned from the date when the bonds bear interest to the date when the first interest is payable on the bonds. This Board reserves the right to classify assessments into different terms of maturity so that smaller assessments may be made to mature over a shorter period of time. Unpaid assessments and the interest thereon, including, in each case, a fee to cover the expense of such collection as provided by law, together with any fee in connection with the maintenance by the County of a registration system for the bonds, will be collected during the term of the bonds and shall be payable in the same manner and at the same time and in the same installments as the general property taxes and shall be payable and become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property. It is hereby determined that the bonds proposed to be issued in these proceedings may be refunded. Any adjustment to assessments resulting from such refunding shall be done on a pro rata basis as required pursuant to Section 8571.5 of the Streets and Highways Code. Any such refunding shall be pursuant to the provisions of Division 11.5 (commencing with Section 9500) of the Streets and Highways Code, except that, if, following the filing of the report specified in Section 9523 and any subsequent modifications of the report, the Board finds that 3009.04 / 34109.00005 7