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Stockton Municipal Code

Chapter 9
PUBLIC WORKS

Part V
STOCKTON IMPROVEMENT PROCEDURE CODE

Division 6
ASSESSMENT BOND PROCEDURE

Article 4
Bond Plan C
District (Liability) Bonds


SEC. 9-321. POWERS:

When bonds are issued pursuant to this plan, in any proceeding pending or hereafter taken, the provisions of Article 3 (Bond Plan B) of this Division shall apply, except as herein provided.

SEC. 9-322. BOND FORM:

Appropriate changes shall be made in the form of the bonds to show that they have been issued pursuant to this Article.

SEC. 9-323. SUPPLEMENTAL ADVANCES:

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.

SEC. 9-324. SUPPLEMENTAL LEVIES:

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 ten cents (10¢) on the one hundred dollars ($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.

SEC. 9-325. SUPPLEMENTAL DISTRICT:

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.

SEC. 9-326. DESCRIPTION:

The supplemental district shall be described and declared in the resolution of intention to be the district so benefited.

SEC. 9-327. NOTICE, PROTEST, HEARING AND DETERMINATION:

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.

SEC. 9-328. SPECIAL LEVY FUND:

Moneys realized from special levies made pursuant to Section 9-324 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.

SEC. 9-329. TRANSFERS TO REDEMPTION FUND:

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.

SEC. 9-330. RESTORATION OF SPECIAL LEVY FUNDS:

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.

SEC. 9-331. DISPOSITION OF SURPLUS SPECIAL LEVY FUNDS:

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.

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