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SEC. 9-332. POWERS:

There is hereby vested in the Council the power to issue serial ad valorem land bonds upon any district created under this Code.

SEC. 9-333. ASSESSMENTS PROVISIONS INAPPLICABLE:

No assessment or diagram shall be required. A preliminary first report may be made for the purpose of providing information as to the apportionment of estimated assessments.

SEC. 9-334. IMPROVEMENT BONDS:

If the proceedings are had pursuant to Article 2 of Division 5 of this Code, then upon completion of the work, the person appointed by the Council to be in charge of the work shall prepare and file with the Council a declaration that the work has been completed according to the contract therefor, together with an itemized statement of the cost of the work and of the expenses incidental to said proceedings, estimated to the conclusion of the proceedings.

SEC. 9-335. Id — CONTRIBUTIONS:

The amount of any contribution shall be stated therein as well as the balance for which bonds are to be issued.

SEC. 9-336. Id — DELIVERY TO CONTRACTOR:

When the bonds have been issued, they shall be delivered to the contractor upon his paying to the City the moneys due it for incidental expenses as stated in the declaration.

SEC. 9-337. Id — PURCHASE BY CITY:

The Council may provide in the resolution of intention that the contractor shall be paid in cash from advances to be made to the project or from the proceeds of the sale of the bonds, in which event the bonds shall be issued as provided for the issuance of acquisition bonds in Section 9-338 of this Code.

SEC. 9-338. ACQUISITION BONDS:

If the proceedings are had pursuant to Article 3 of Division 5 of this Code, then upon the entry of all interlocutory judgments in any eminent domain proceedings brought pursuant thereto, proceedings shall be had substantially as provided in Section 9-334 of this Code.

SEC. 9-339. MUNICIPAL IMPROVEMENT DISTRICT BONDS:

If proceedings are had pursuant to Articles 4 or 6 of Division 5 of this Code, then in the resolution ordering the acquisitions or improvements, the Council shall determine the estimated cost of the acquisitions and improvements and of the expenses incidental thereto, and the total estimated amount of the bonds to be issued.

SEC. 9-340. POSSESSION BONDS:

If proceedings shall be had for the taking of immediate possession of the property to be acquired, and funds are not then available therefor, the person in charge of the proposed acquisitions shall prepare and file with the City an estimate of the amount of money necessary to be deposited in court for immediate possession, and other funds necessary for incidental costs, and proceedings shall be had for the issuance and sale of bonds therefor as provided for the issuance of acquisition bonds in Section 9-338 of this Code.

SEC. 9-341. Id — USE IN FINAL COSTS:

The Council may either provide for the retirement of possession bonds out of the proceeds of the bonds of the project, or issue only an amount of additional bonds as is necessary to provide for the additional costs of the project after having credited the proceeds of the possession bonds upon the final costs of the project and expenses incidental thereto.

SEC. 9-342. NOTICE OF HEARING:

Excepting in proceedings had pursuant to Articles 4 or 6 of Division 5 of this Code, the Clerk shall publish notice of a time and place of hearing on the declaration filed in relation to the issuance of bonds.

SEC. 9-343. Id — FORM OF NOTICE:

The notice shall:

(a) Refer to the resolution of intention by number and name for a description of the work to be done or acquisitions or improvements to be had and for the boundaries of the assessment district;

(b) Give notice to all persons interested that it is proposed to hear the report and issue bonds pursuant to this Article; and

(c) That any person feeling aggrieved by any act or determination done or made in the proceedings or claiming that any previous acts or proceedings were irregular, defective, erroneous or faulty, or claiming that the work or improvement has not been performed according to the contract in a good and substantial manner, or claiming that any portion of the work or improvement for any reason was omitted or illegally included in the contract, or having any objections or reasons why bonds should not be issued in the amount set forth in the declaration and statement on file, may appear before the Council at the time and place so fixed by it and be heard.

SEC. 9-344. Id — HEARING:

The contractor or his assigns, and any other person or persons interested in the matter, may appear and be heard upon any of the matters referred to in the notice.

SEC. 9-345. Id — ISSUANCE OF BONDS:

In the final determination of the Council upon the hearing, or in the resolution ordering the acquisitions or improvements when the proceedings are had pursuant to Articles 4 or 6 of Division 5 of this Code, the Council shall order the issuance of bonds. The resolution shall state the total principal amount of the bonds and the amounts to mature in each year during their term. The bonds may be made to mature on July 2nd over a period of not to exceed forty (40) years from their date.

SEC. 9-346. SUPPLEMENTAL BONDS:

If the proceeds of the bonds for any reason are less than the total final costs of the acquisitions and improvements and expenses incidental thereto, additional bonds may be issued by filing with the Clerk a declaration or statement of the amount necessary therefor and by giving notice and holding a hearing and determining the amount of bonds to be issued therefor as provided herein for the issuance of bonds upon declaration, notice and hearing. The bonds shall be deemed a division of the bonds of the main issue.

SEC. 9-347. INTEREST:

Semiannual interest coupons shall be attached to the bonds and be payable on the second days of January and July of each year, excepting that the first coupons shall be for interest from their date to the second day of January next succeeding four (4) months after the date of the bonds.

SEC. 9-348. INTEREST AFTER MATURITY:

Each bond will continue to bear interest after maturity at the rate stated therein; provided it is presented at maturity or date of redemption fixed for call prior to maturity, and payment thereof is refused upon the sole ground that there are not sufficient moneys in the redemption fund with which to pay same.

SEC. 9-349. REDEMPTION FUND:

A fund to be named Bond Plan D, Series No.___, Bond Fund, shall be created and maintained for each issue of bonds. Moneys collected for the payment of the bonds shall be deposited in the fund and be used solely to pay the principal and interest of the bonds and premiums on and cost of calling bonds before their maturity. Any balance after the bonds have been paid shall be transferred to the general fund.

SEC. 9-350. CALLABLE BONDS:

The bonds may be made callable in inverse numerical order, in which event they shall so state on their face. A premium may be provided to be paid to the holder of the bonds in the event of their call, in an amount or amounts as is prescribed in the resolution providing for the issuance of the bonds, not to exceed five percent (5%) of the principal amount thereof

SEC. 9-351. Id — INTEREST TERMINATES:

Interest shall not accrue on the bonds called for redemption after the redemption date specified in the notice of redemption, subject to the provisions of Section 9-348 of this Code.

SEC. 9-352. Id — NOTICE OF REDEMPTION:

The Director of Finance shall cause notice to be given by registered mail to the last-known holder or holders of the bonds called. He shall also publish a notice in a financial paper published in San Francisco or in New York. Both publication and mailing shall be at least thirty (30) days prior to the day fixed for redemption.

SEC. 9-353. Id — FORM OF NOTICE:

The notice of redemption shall:

(a) State the redemption date;

(b) State the redemption price;

(c) State the numbers and dates of maturity of the bonds to be redeemed; provided, however, that whenever any call includes all of the bonds of a maturity the numbers of the bonds of the maturity need not be stated;

(d) Require that the bonds be surrendered with all interest coupons maturing on or subsequent to the redemption date (except that no coupons need be surrendered on bonds registered as to both principal and interest) at the office of the Director of Finance;

(e) Require that bonds which at the time of call are registered so as to be payable otherwise than to bearer shall be accompanied by appropriate instruments of assignment to the City duly executed; and

(f) Give notice that further interest on the bonds called will not accrue after the designated redemption date.

SEC. 9-354. Id — RECEIPT OF NOTICE UNNECESSARY:

The actual receipt by the holder of any bond of notice of redemption shall not be a condition precedent to redemption, and failure to receive notice shall not affect the validity of the proceedings for the redemption of the bonds or the cessation of interest on the date fixed for redemption.

SEC. 9-355. Id — CERTIFICATE OF NOTICE CONCLUSIVE:

A certificate by the Director of Finance that notice of call and redemption has been given to owners of bonds as provided in Section 9-352 of this Code shall be conclusive as against all parties, and no bondholder whose bond is called for redemption may object thereto or to the cessation of interest on the redemption date fixed by any claim or showing that he had failed to actually receive notice.

SEC. 9-356. Id — REDEMPTION OF BONDS:

When notice of redemption has been given substantially as provided in Section 9-352 of this Code, and when the amount necessary for the redemption of the bonds called is in the bond fund, the bonds designated shall become due and payable on the date fixed for the redemption thereof, and, upon presentation and surrender of the bonds and all interest coupons maturing after the redemption date, to the Director of Finance, and, if any of the bonds be registered, upon the appropriate assignment thereof, the bonds shall be redeemed and paid at the redemption price out of the bond fund.

SEC. 9-357. Id — CANCELLATION:

All bonds redeemed and all interest coupons thereof shall be canceled forthwith and shall not be reissued.

SEC. 9-358. AD VALOREM TAX:

For each district in which bonds have been issued pursuant to this Article, the Council shall annually, until all of the bonds and interest thereon shall have been paid in full, at the time of levying the taxes for general City purposes, levy an ad valorem assessment upon all taxable lands within the assessment district in an amount clearly sufficient, together with any moneys which are or may be in the redemption fund, and after making adequate allowance for estimated delinquencies, to pay all of the principal of and interest on the bonds which shall become payable before the proceeds of another levy shall be available therefor.

SEC. 9-359. Id — METHOD OF COLLECTION:

The annual special assessment levies shall be collected upon the tax roll on which general City taxes are collected, shall be in addition to all other taxes levied for general City purposes, and shall be levied, computed, entered, collected and enforced in the same manner and by the same persons and at the time, and with the same penalties and interest, as are other taxes for City purposes, shall be payable together with and not separately from other City taxes and all laws applicable to the levy, collection and enforcement of taxes for City purposes are hereby made applicable to the special assessment levies, and properties on which the levy is delinquent shall be subject to redemption within one (1) year from the date of sale by operation of law in the same manner as real property is redeemed for delinquent general City taxes, and if not redeemed shall in like manner pass to the purchaser.

(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)

SEC. 9-360. Id — OMITTED PROPERTY:

If the levy on any land is omitted in any year, it shall be assessed for the omitted amount in a year or years after the omission is discovered.

SEC. 9-361. CONTRIBUTIONS AND PLEDGES:

The Council may annually, at or prior to the time the levy is made, or at any other time as it shall determine, transfer to a bond fund amounts as it shall determine, or it may pledge revenues not prohibited by law for the security and payment of the principal and interest of the bonds, premiums on and costs of calling bonds, and for costs of administration, maintenance, operation, improve-ment, extension, repair and replacement of the improvements.

SEC. 9-362. ZONES:

If, in the judgment of the Council, varying benefits will be derived by the different parcels of land lying within the assessment district, the district may be divided into zones according to benefits.

SEC. 9-363. Id — NUMBER:

The district may be divided into as many zones, up to the total number of parcels of land in the district, as may be deemed proper, and each zone shall be composed of and include all of the lands within the district which will be benefited in like measure.

SEC. 9-364. Id — PERCENTAGE:

The Council shall also determine the percentage of the sum to be raised each year by the levy and collection of the ad valorem assessments in the district for the payments of the principal and interest of the bonds, or other method of apportionment, which will be raised from the lands in each zone.

SEC. 9-365. Id — RESOLUTION OF INTENTION:

When the district is divided into zones, the resolution of intention shall so state, giving the percentages or other method of apportionment to be used to determine the amounts to be raised from the lands in each zone.

SEC. 9-366. Id — DESIGNATION:

Each zone shall be designated by a different letter or number and shall be plainly shown on the map or plat of the assessment district filed in the office of the City Clerk and referred to in the resolution of intention, either by separate boundaries, coloring or other convenient and graphic method, so that all persons interested may with accuracy ascertain within which zone any parcel of land is located.

SEC. 9-367. Id — PLAT:

It shall be sufficient, in all cases where the assessment district is to be divided into zones according to benefits, if the resolution of intention states the fact and refers to the plat or map for the boundaries and all details concerning the zones.

SEC. 9-368. VALIDITY OF BONDS AND ASSESSMENTS:

All bonds issued and all ad valorem assessments levied and collected pursuant to the provisions of this Article shall by their issuance be conclusive evidence of the regularity, validity and legal sufficiency of all proceedings, acts and determinations in anywise pertaining thereto, and after the bonds are issued, no levies for paying the principal or interest on the bonds shall be held invalid or illegal, or be set aside by reason of any error, informality, irregularity, omission or defect in the proceedings not amounting to a want of due process of law.

SEC. 9-369. REASSESSMENT PROCEEDINGS:

When any court of competent jurisdiction shall determine that any contract purporting to have been made, or any proceedings, steps or actions purporting to have been taken, or any bond or bonds issued, or any levy of assessment made, under this Article, is or are void, invalid or unenforceable for any reason, or shall for any cause enjoin the issuance of any bonds proposed to be issued under this Article, the court shall also determine that a reassessment proceedings shall be had as provided in this Article.

SEC. 9-370. Id — COUNCIL VOLITION:

The Council may also order a reassessment proceedings when it shall determine the existence of voidness, invalidity or unenforceability, or that the validity thereof is questionable or that the questioning of the validity thereof is threatened, or that the public interest will be served thereby.

SEC. 9-371. Id — ACTION BY COUNCIL:

In that event, the Council shall adopt a resolution so declaring which shall state the amount of any work performed, improvements made, acquisitions had, and the expenses incidental thereto, and the estimated cost of any to be had.

SEC. 9-372. Id — NOTICE AND HEARING:

The proposal to reassess shall be noticed and heard and a reassessment ordered as provided in Section 9-338 of this Code. To the extent applicable the provisions of Article 2 of Division 3 of this Code shall apply.

SEC. 9-373. Id — SECURITY FOR EXISTING BONDS:

If the invalidity is not in the bonds themselves, the Council may so declare in the reassessment proceedings. In that event, the reassessment proceedings shall be and constitute the proceedings providing the legal authority for the issuance of the outstanding bonds, and the redemption fund created in any reassessment proceedings shall constitute a trust fund for their payment.

SEC. 9-374. Id — EXCHANGE OF EXISTING BONDS:

If the invalidity is in the bonds themselves or if the Council shall so determine in the reassessment proceedings, new bonds shall be issued and exchanged for the outstanding bonds. The new bonds shall mature in the amounts and at the times provided for the outstanding bonds, as nearly as may be. If the Council shall so determine, it may assign different bonds and allot maturities as it shall deem equitable.

SEC. 9-375. Id — SALE OF NEW BONDS AND RETIREMENT OF OLD BONDS:

If any part of the outstanding bonds have matured or will mature before the time for providing for the servicing of the new bonds, or if interest shall have accrued or will so accrue, the Council may provide for the issuance of additional new bonds in the amount thereof and for their maturity. If the holders of the outstanding bonds or coupons, or any other holders of outstanding bonds or coupons shall have refused to accept exchange of bonds therefor, the Council shall sell additional bonds in the amount thereof and deposit the proceeds in the redemption fund. The outstanding bonds shall forthwith become due and payable without premium, and shall no longer bear interest.

SEC. 9-376. SUPPLEMENTAL REMEDIES:

The supplemental security and remedy provisions of Part 13 (commencing at Section 8800) of Division 10 of the Streets and Highways Code shall apply. This Section is adopted pursuant to Section 43240 of the Government Code.

SEC. 9-377. MODIFICATIONS:

All of the provisions of this Article shall constitute a contract between the City and the holders of the bonds. From and after the sale and delivery of any of the bonds, no amendment alteration or modification of the bonds or of the coupons appertaining thereto or of this Article, which shall impair, impede or lessen the rights of the holders of the bonds or the coupons appertaining thereto then outstanding shall be made without the prior written consent or, alternatively, the prior consent given at the bondholders' meeting, of the holders of at least sixty-six and two-thirds percent (66-2/3%) of the aggregate principal amount of bonds of the affected series then outstanding, unless the amendment, alteration or modification be herein authorized.

SEC. 9-378. Id — CONSENT BINDING:

Any amendment, alteration or modification which shall have received the consent of the holders of the percentage of said outstanding bonds as provided in Section 9-377 of this Code shall be binding on the holders of all of the bonds and coupons appertaining thereto, either attached to or detached from the bonds. If any alteration, amendment or modification shall affect less than all of an issue of outstanding bonds, then the provisions of Section 9-377 of this Code shall apply only to the series affected by the amendment, alteration or modification.

SEC. 9-379. Id — CALLING BONDHOLDERS' MEETING:

If the City shall desire to or shall be required to obtain the consent of the bondholders to a proposed action, the Council may adopt a resolution calling a meeting of the bondholders affected by the proposed action for the purpose of considering the action, the consent to which is desired or required.

SEC. 9-380. Id — COUNCIL DISCRETION:

The place, date and hour of holding the meeting and the date or dates of publishing and mailing notice shall be determined by the Council in its discretion.

SEC. 9-381. Id — NOTICE OF MEETING:

Notice specifying the purpose, place, date and hour of the meeting shall be given by mail and by publication at least once not less than thirty (30) nor more than sixty (60) days prior thereto in one or more financial papers published in San Francisco or New York. The notice shall set forth the nature of the proposed action, consent to which is desired or required.

SEC. 9-382. Id—MAILING:

The Director of Finance shall mail notice by registered mail to the last-known holders of bearer bonds, as shown by the records in his office, and to the registered owners of any registered bonds, at their addresses shown on the bond registry books.

SEC. 9-383. Id — LIST OF OWNERS:

The Director of Finance shall prepare and deliver to the chairman of the meeting a list of the names and addresses of the registered owners of the bonds as shown on the bond registry books, and, to the extent known by him, a list of the names and addresses of the owners of bearer bonds, together with a statement of the maturities, series and numbers of the bonds held and deposited by each and no bondholder shall be entitled to vote at the meeting unless his name appears upon the lists or unless, at the meeting, he shall present his bond or bonds or a certificate of deposit thereof.

SEC. 9-384. Id — CERTIFICATE OF DEPOSIT:

A holder of bearer bonds may deposit his bonds with a bank, trust company, investment banker, bond dealer or broker within or without the state, and obtain from the depository a certificate of deposit which shall constitute proof of ownership and entitled the depositor named therein to vote upon filing it with the Director of Finance who shall add it to the list of owners. The Director of Finance may designate a depository where bonds may be deposited which shall be an agency for that purpose.

SEC. 9-385. Id — LIMIT ON VOTING:

No bondholder shall be permitted to vote with respect to a larger aggregate principal amount of bonds than is set against his name on the list, unless he shall produce the additional bonds upon which he desires to vote or a certificate of deposit.

SEC. 9-386. Id — ATTENDANCE AND VOTING BY PROXY:

Attendance and voting by bondholders at the meeting may be by proxy. Owners of registered bonds may, by an instrument in writing under their hands, appoint any person as their proxy to vote at the meeting for them, and that instrument when presented at the meeting shall be sufficient to entitle that person to vote as the proxy of the registered owner. Any person may vote as the proxy of the owner of a bearer bond on presentation of the bond or certificate of deposit thereof and an instrument in writing under the hand of the bondholder appointing the person as his proxy to vote at the meeting for him, or if the instrument in writing has been delivered to the agency designated by the City at the time the bond was delivered to the agency as provided for in Section 9-384 of this Code and the person's name appears on the list delivered by the Director of Finance to the chairman of the meeting, the certificate of deposit may verify him as the proxy of the owner of the bearer bond.

SEC. 9-387. Id — ISSUER-OWNED BONDS:

The Council shall present at the meeting a certificate, signed and verified by the Director of Finance, stating the maturities, series and numbers of all bonds owned by, or held for account of, the City directly or indirectly. No person shall be permitted at the meeting to vote or consent with respect to any bond which it shall be established at or prior to the meeting is owned by the City directly or indirectly, and no bond referred to as "issuer-owned bond" shall be counted in determining whether a quorum is present at the meeting.

SEC. 9-388. Id — QUORUM AND PROCEDURE:

A representation of at least sixty-six and two-thirds per cent (66-2/3%) in aggregate principal amount of the bonds affected by the proposed action and then outstanding (exclusive of issuer-owned bonds, if any) shall be necessary to constitute a quorum at the meeting of bondholders, but less than a quorum may adjourn the meeting, from time to time, and the meeting may be held as so adjourned without further notice, whether the adjournment shall have been by a quorum or less than a quorum.

SEC. 9-389. Id — OFFICERS:

The Council shall, by an instrument in writing, appoint a temporary chairman of the meeting, and the meeting shall be organized by the election of a permanent chairman and a secretary.

SEC. 9-390. Id — VOTES:

At the meeting, each bondholder shall be entitled to one (1) vote for every one thousand dollars ($1,000.00) principal amount of bonds with respect to which he shall be entitled to vote, and the vote may be given in person or by proxy. The Council, by its duly authorized representative, may attend the meeting of the bondholders, but shall not be required to do so.

SEC. 9-391. Id — VOTE REQUIRED:

At the meeting, there shall be submitted for the consideration and action of the bondholders a statement of proposed action, consent to which is desired or required, and if the action shall be consented to and approved by the bondholders in person or by proxy holding at least sixty-six and two-thirds percent (66-2/3%) in aggregate amount of the bonds affected by the proposed action and then outstanding (exclusive of issuer-owned bonds), the chairman and the secretary of the meeting shall so certify in writing to the Council, and the certificate shall constitute complete evidence of the consent of the bondholders.

SEC. 9-392. Id — CERTIFICATE OF NOTICE CONCLUSIVE:

The actual receipt by a bondholder of the notice required to be given by Section 9-381 of this Code shall not be a condition precedent to the undertaking, notice of which is required to be given, and failure to receive notice shall not affect the validity of the proceedings thereat or prevent the notice from having the effect intended by the giving of notice, provided that notice has been published and has also been mailed to bondholders to the extent known to the Director of Finance. No irregularity in the form of the notice shall affect its validity provided notice has been given. A certificate signed by the chairman and secretary of the meeting shall be conclusive evidence and the only competent evidence of the matters stated in the certificate relating to the proceedings taken at the meeting, as against all parties and it shall not be open to a bondholder to show that he failed to receive notice.

SEC. 9-393. Id — FILING CERTIFICATE:

The certificate shall be filed in the office of the Director of Finance and shall be kept on file so long as the bonds and the interest thereon are outstanding and unpaid. A duplicate original, if there is one, and if not, then a reproduced copy thereof including the signatures thereon, shall be filed with the City Clerk who shall likewise keep it filed with the papers of the proceedings authorizing the issuance of the affected bonds.

SEC. 9-394. DEFAULT, EVENT OF:

One or more of the following events shall constitute an event of default:

(a) Principal. If default shall be made in the due and punctual payment of the principal of a bond when and as the same shall become due and payable whether at maturity as therein expressed, by proceedings for redemption, by declaration or otherwise; or (b) Interest. If default shall be made in the due and punctual payment of an installment of interest of a bond when and as the interest installment shall become due and payable; or

(c) Covenants. If default shall be made in the observation of any of the covenants, agreements or conditions on its part herein or in the bonds contained, any of the defaults shall have continued for a period of thirty (30) days; or

(d) Bankruptcy. If the City shall file a petition or answer seeking reorganization or arrangement under the Federal Bankruptcy laws or other applicable laws or statutes of the United States of America, or if a court of competent jurisdiction shall approve a petition, filed with or without the consent of the City seeking reorganization under the Federal Bankruptcy laws or other applicable laws or statutes of the United States of America, or if under the provisions of other law for the relief or aid of debtors any court of competent jurisdiction shall assume custody or control of the City or of the whole or any substantial part of its property.

SEC. 9-395. Id — ACCELERATION:

Upon the happening of an event of default, the holders of not less than sixty-six and two-thirds percent (66-2/3%) in aggregate principal amount of the bonds at the time outstanding shall be entitled, upon notice in writing to the City, to declare the principal of all of the bonds then outstanding and the interest accrued thereon to be due and payable immediately, and upon any declaration the same shall become and shall be immediately due and payable.

SEC. 9-396. Id — APPLICATION OF BONDS:

All of any gross revenues pledged to the payment and security of the bonds, including all sums in all of the funds provided therefor upon the date of the happening of an event of default, and all sums thereafter received by the City shall be applied by it, upon presentation of the several bonds and coupons, and the stamping thereon of the payment if only partially paid, or upon the surrender thereof if fully paid, in the following order:

(a) Costs and Expenses. To the payment of the costs and expenses of the bondholders in declaring an event of default, including reasonable compensation to their agents, attorneys and counsel, and to the payment of the costs and expenses of the Director of Finance in carrying out the provisions of Sections 9-394 through 9-397, inclusive, of this Code, including reasonable compensation to his agents, attorneys and counsel;

(b) Interest on Undue Bonds. In case the principal of the bonds shall not have become due and shall not then be due and payable, to the payment of the interest in default, first in the order of registration under Sections 9-289 through 9-293, inclusive, of this Code, and then in the order of maturity of the installments of the interest;

(c) Principal and Interest on Due Bonds. In case the principal of the bonds shall have become and shall be then due and payable, to the payment of the principal and interest of the bonds, first, in the order of registration under Sections 9-289 through 9-293, inclusive, of this Code, and then in the order of the maturity of the installments of principal and interest;

(d) Insufficient Funds. In case the moneys shall be insufficient to pay in full the whole amount so owing and unpaid upon the bonds, under Subdivisions (b) or (c) of this Section, then the moneys shall be applied to the payment, first, of interest, and then of principal, ratably to the aggregate of the interest or principal then due to the persons entitled thereto without discrimination or preference.

SEC. 9-397. Id — REFUNDING DEFAULTED BONDS:

The City may refund any defaulted bonds by the issuance of new bonds maturing after the maturity of the last bond issued under this Article, but otherwise on a parity as to payment with the bonds issued under this Article, and sell the bonds and use the proceeds to pay the defaulted bonds, in which event the action shall be deemed to avoid or cure a default under this Article. With the consent of the bondholder, the refunding bonds may be exchanged for the bonds refunded.

SEC. 9-398. BONDHOLDER REMEDIES:

Subject to any contractual limitations binding upon the holders of the bonds (including but not limited to, limitations upon the exercise of a remedy to the bondholders holding a specific proportion or percentage of the bonds), the holders of bonds shall have the right, for the equal benefit and protection of all holders of bonds similarly situated, in addition to those provided in the bond law:

(a) Accounting. By action or suit in equity to require the City and the City Council and other officers, agents and employees to account as the trustee of an express trust;

(b) Injunction. By action or suit in equity to enjoin acts or things which may be unlawful or violate the rights of the bondholders; or

(c) Mandamus. By mandamus or other suit, action or proceeding at law or in equity to enforce his rights against the City and its City Council and other officers, agents and employees, and to require and compel it or them to perform and carry out its and their duties and obligations under the law and its and their covenants and agreements with bondholders.

SEC. 9-399. Id — NATURE OF REMEDIES:

As to remedies of the bondholders:

(a) Cumulative. No remedy conferred by this Section or by the law is intended to be exclusive of any other remedy, but each remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this Section or by the law or by any other law;

(b) Waiver. No waiver of a default or breach of duty or contract by any bondholder shall extend to or shall affect a subsequent default or breach of duty or contract or shall impair rights or remedies thereof;

(c) Delays. No delay or omission of a bondholder to exercise a right or power accruing upon a default shall impair the right or power or shall be construed to be a waiver of the default or acquiescence thereof;

(d) Enforcement. Every substantive right and every remedy conferred upon the bondholders may be enforced and exercised from time to time and as often as may be deemed expedient; and

(e) Status Quo. In case an action, suit or proceeding to enforce a right or exercise a remedy shall be brought or taken and then discontinued or abandoned, or shall be determined adversely to the bondholders, then, and in every case, the City and the bondholders shall be restored to their former positions and rights and remedies as if no suit action, or proceedings had been brought or taken.