SEC. 9-481. GENERAL LAW ASSESSMENT BONDS:
Special assessments and special assessment bonds heretofore or hereafter levied or issued pursuant to general law may be refunded pursuant to this Article. The provisions of the Special Assessment and Bond Refunding Act of 1939, Chapter 5, Division 1, Title 6 (commencing with Section 59100) of the Government Code shall apply.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-482. PROCEDURE CODE ASSESSMENT BONDS:
Special assessments and special assessment bonds hereafter levied or issued pursuant to this Code may be refunded by proceedings had pursuant to Article 4 of Division 5 of this Code. The provisions of this Article are to be read in pari materia with the provisions of Division 5 and 6 of this Code pursuant to which the former assessments were levied or bonds were issued.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-483. CHARTER REVENUE BONDS:
Bonds that have been issued pursuant to Article III of the Charter of the City that have or will mature or that are or will be subject to call and redemption prior to the completion of the proceedings provided therefor under this Section, may be refunded by proceedings had pursuant to Article 4 of Division 5 of this code. Refunding proceedings may also be had and refunding bonds issued pursuant to this Section, in anticipation of the former bonds maturing, or becoming subject to call, or of being purchased in the open market, or pursuant to an agreement made or to be made with the holders for the purchase of outstanding bonds that have not matured and are not subject to prior call and redemption.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-484. REFUNDING BONDS:
The refunding bonds shall be issued pursuant to the provisions of Division 6 of this Code.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-485. AMOUNTS FUNDED OR REFUNDED:
Refunding bonds may be issued in a principal amount sufficient to provide for the payment of all of the following:
(a) The principal amount of the bonds to be refunded;
(b) The premiums necessary to be paid in calling and retiring the outstanding bonds;
(c) The price in excess of the par value of bonds required to be paid for their purchase in the open market;
(d) Interest accrued, or to accrue, on the bonds to be refunded, to the date of their refunding or to the next interest payment date thereafter when required to be paid;
(e) The costs of engineering, legal and other technical services employed to accomplish the refunding;
(f) The costs of printing and advertising, and all other costs of the City incurred or to be incurred in the refunding proceedings; and
(g) Interest on the refunding bonds from their date to the date they are delivered to the former bondholders, in exchange for former bonds.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-486. EXCHANGE:
Refunding bonds may be exchanged for former bonds, in which event the holder of the former bonds and the City Council shall agree upon the amounts and maturities of the bonds to be exchanged.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-487. SALE:
Refunding bonds may be sold in the manner provided in Division 6 of this Code, and the proceeds used to purchase or pay for all or any of the former bonds, and costs of refunding.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-488. REFUNDING PLAN:
The City Council may by resolution establish a plan of refunding and rules and regulations therefor, to be performed by the City Manager, Director of Finance or other persons designated by it.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-489. DEPOSITARY:
The City Council may appoint and provide a bank or other trust company to act as depositary of the former bonds for their holders, and to otherwise assist in the consummation of a refunding plan.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-490. JOINT PROCEEDINGS:
Proceedings for refunding bonds may be had in conjunction with proceedings for the acquisition or construction of public improvements pursuant to Article 4 of Division 5 of this Code.
(Amended by Ordinance 2640-C.S. —- Effective April 10, 1975)
SEC. 9-491. CONTRACT RIGHTS:
Nothing in this Article shall be construed as authorizing the City to violate any contract or other vested rights arising from the issuance or ownership of the former bonds. The City is authorized to and shall conduct a refunding proceedings and take all proceedings necessary therein to avoid the violation of a contract or vested right. To this end, the City may exercise in whole or in part the procedures therefor in any law or provide therefor itself.
(Amended by Ordinance 2640-C.S. — Effective April 10, 1975)
SEC. 9-492. EX PARTE PROCEEDINGS:
If the City Council makes the following findings and determinations, any outstanding bonds (the "refunded bonds") may be refunded or advance refunded by the issuance of refunding bonds (the "refunding bonds") by resolution or indenture adopted or approved by the City Council without notice and hearing or further process:
(a) That the total aggregate amount of the principal of and interest on the refunding bonds is less than the total aggregate amount of the principal of and interest on the refunded bonds;
(b) That each annual installment of principal of and interest on the refunding bonds is less than the corresponding installment of principal and interest on the total amount of refunded bonds which was originally issued; and
(c) That the term of the refunding bonds is equal to or less than the original term of the refunded bonds as originally issued.
(Added by Ordinance 037-91C.S. — Effective July 25, 1991)
SEC. 9-493. PROCEEDINGS WITHOUT FINDINGS:
If the City Council is unable to make the findings required by Section 9-492, it may proceed with refunding proceedings pursuant to any other appropriate section of this Article.
(Added by Ordinance 037-91C.S. — Effective July 25, 1991)
SEC. 9-494. GENERAL AUTHORITY:
Any action or determination made necessary by reason of State or Federal constitutional requirements or otherwise, or any action or determination which is convenient in the refunding proceedings, which is not expressly set forth in this Article, is hereby authorized and the same when made shall be valid and sufficient.
(Added by Ordinance 037-91C.S. — Effective July 25, 1991)
Stockton, CA 
