35500-35512
STREETS AND HIGHWAYS CODE
SECTION 35500-35512
35500. Bonds shall be issued pursuant to this article.
35501. The list of unpaid assessments shall be certified and filed
with the city treasurer. Upon the filing of the list, the city
treasurer shall make out and sign a separate bond representing upon
each lot or parcel of land on the list the total amount of the unpaid
assessment against it as shown on the list.
35502. The legislative body shall sell the bonds for cash for not
less than the amount of the assessments represented by the bonds.
35503. At any time after the assessment is recorded, the
legislative body may call for sealed bids on the bonds proposed to be
issued. Notice inviting bids shall be given by two publications in a
newspaper published in the city, the first publication to be at
least 10 days before the bids are to be opened.
35504. The legislative body shall sell the bonds for cash, and if
bids are made, for cash to the best responsible bidder.
35505. The bonds may be sold at any rate of interest not exceeding
that stated in the resolution of intention. The maximum interest rate
shall not exceed 7 percent a year.
35506. The bonds shall extend over a period not to exceed 24 years
from January 2nd next succeeding the next September 1st following
their date.
35507. Upon the award of the bonds to a purchaser, the treasurer
shall issue bonds representing the liens of the unpaid assessments as
shown on the list and bearing interest at the rate fixed by the
legislative body.
35508. The treasurer shall deliver the bonds to the purchaser upon
receiving the purchase price bid. The purchase price shall be
deposited in the fund for the redemption of the bonds issued pursuant
to Chapter 3 (commencing with Section 35400) of this part.
35509. Except as otherwise provided in this article, bonds to be
issued pursuant to this article shall be issued pursuant to Part 5
(commencing with Section 6400) of Division 7 (the Improvement Act of
1911). Except as modified by this article, the provisions of that
part are adopted for the issuance, collection, and enforcement of
bonds issued pursuant to this article, and the provisions of that
part apply to bonds issued pursuant to this article.
35510. The date of the bonds shall be the date selected and
specified for that purpose by the legislative body in the resolution
or order calling for sealed bids upon the bonds. The date shall be a
date between the date of recordation of the assessment and the date
of delivery of the bonds to the purchaser thereof. The bonds shall
bear interest from their date.
35511. Where an action or proceeding is brought to set aside,
cancel, avoid, annul, or correct any assessment or reassessment, or
to review any of the proceedings, acts or determinations pursuant to
this chapter, or to question the validity or enjoin the collection of
any assessment or reassessment or to enjoin the issuance of bonds to
represent any assessment or reassessment, said action or proceeding
being brought after recordation of the assessment or reassessment but
before the sale and award of the bonds, the legislative body may
issue and sell the bonds unless prevented by order of court and may,
in its discretion, order: (1) that the bonds be dated and bear
interest as provided in Section 35510, or (2) that the bonds be dated
and bear interest from such date as may be specified by the
legislative body, or (3) that notice of the assessment or
reassessment be refiled in the office of the county recorder, in
which case the time of recording as used in this part and in Section
4289 shall be the time of refiling such notice instead of the time of
filing the original notice with the county recorder.
35512. The bonds shall be substantially in the following form:
Parking District No. _____________________
(Number of district)
of the City of
_______________
Improvement Bond
$___________ No. _________
Under and by virtue of the Parking District Law of 1951, I, out of
the fund for the above designated Parking District No. ____ of the
City of ____ bonds, will pay to ____, or order, (or to bearer,) the
sum of $____, with interest at the rate of ___ percent per annum, all
as is hereinafter specified, and at the office of the Treasurer of
the City of ____, State of California.
This bond is issued to provide funds necessary for the redemption
of bonds for certain parking places in the City of ____ as the same
are more fully described in assessment number ____ issued by the
street superintendent of said city and recorded in his office. Its
amount is the amount assessed in said assessment against the lot or
parcel of land numbered therein, and in the diagram attached thereto,
as number ____, and which now remains unpaid, and constitutes a lien
upon the property affected thereby, as the same is described herein,
and in said recorded assessment with its diagram, to wit: The lot or
parcel of land in said City of ____, County of ____, State of
California, described as follows: ______
This bond is payable exclusively from said fund, and neither the
city nor any officer thereof is to be holden for payment otherwise of
its principal or interest. The term of this bond is ____ years from
the second day of January next succeeding the next ____ following its
date, and at the expiration of said time the whole sum then unpaid
shall be due and payable; but on the second day of January of each
year, following the next ____ after its date, an even annual
proportion of its whole amount is due and payable, upon presentation
of the coupon therefor, until the whole is paid, with all accrued
interest at the rate of ____ per centum per annum.
The interest is payable semiannually, to wit: On the second days
of January and of July in each year hereafter, upon presentation of
the coupons therefor, hereto attached, the first of which is for the
interest from date to the next second day of ____ and thereafter the
interest coupons are for semiannual interest.
This bond may be redeemed by the owner or any person interested in
any lot or parcel of land described herein, in the manner provided
in said law, at any time before maturity, and before commencement of
proceedings for sale, upon payment to the treasurer, for the holder
of this bond, of the amount then unpaid on the principal thereof,
with interest thereon calculated up to the due date of the next
maturing interest coupon, and all penalties accrued and unpaid
together with a premium of 3 percent of the unpaid principal.
Should default be made in the annual payment upon the principal,
or in any payment of interest from the owner of said lot or parcel of
land, or anyone in his behalf, the holder of this bond is entitled
on or after the second day of January or July, as the case may be,
following such default to declare the whole unpaid amount to be due
and payable, and to have said lot or parcel of land advertised and
sold forthwith, in the manner provided by law; provided, however,
that any bond may be reinstated after such default in the manner
provided in said law. In case of such default there shall be
immediately added to such defaulted amount 1 percent of the amount
thereof, and on the first day of each month following such default
there shall be added a further penalty of 1 percent of such defaulted
amount. The 1 percent penalty first imposed and all subsequent
penalties shall be paid to the holder of the bond along with and as a
part of such defaulted payment.
At said City of ____, this ___ day of ____, in the year one
thousand, nine hundred and ____.
_________________________
Treasurer of the City of
_________________________