(1)For the
purpose of paying all or such portion of the cost of any improvement constructed
under this part 5 as may be assessed against the property specially benefited,
special assessment bonds of the municipality may be issued of such date, in such
form, and on such terms, including, without limitation, provisions for their sale,
payment, and redemption, as may be prescribed by the governing body, bearing the
name of the street, alley, or district improved and payable in a sufficient period of
years after such date to cover the period of payment provided and in convenient
denominations. All such bonds shall be issued upon estimates approved by the
governing body, and the municipal treasurer shall preserve a record of the same in
a suitable book kept for that purpose. All such
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(1) For the
purpose of paying all or such portion of the cost of any improvement constructed
under this part 5 as may be assessed against the property specially benefited,
special assessment bonds of the municipality may be issued of such date, in such
form, and on such terms, including, without limitation, provisions for their sale,
payment, and redemption, as may be prescribed by the governing body, bearing the
name of the street, alley, or district improved and payable in a sufficient period of
years after such date to cover the period of payment provided and in convenient
denominations. All such bonds shall be issued upon estimates approved by the
governing body, and the municipal treasurer shall preserve a record of the same in
a suitable book kept for that purpose. All such bonds shall be subscribed by the
mayor, countersigned by the municipal treasurer, with the corporate seal thereto
affixed, and attested by the clerk. Such bonds shall be payable out of the moneys
collected on account of the assessments made for said improvements, from reserve
accounts, if any, established to secure payment of such bonds, and from any other
legally available moneys. Whenever three-fourths of the bonds for an improvement
constructed under this part 5 have been paid and canceled and for any reason any
remaining assessments are not paid in time to pay the remaining bonds for the
district and the interest due thereon, the municipality may pay, from legally
available moneys, the bonds when due and the interest due thereon and reimburse
itself by collecting the unpaid assessments due the district. All moneys collected
from such assessments for any improvement shall be applied to the payment of the
bonds issued until payment in full is made of all the bonds, both principal and
interest, or to fund or replenish reserve accounts, if any, established to secure the
payment of such bonds. The bonds may be used in payment of the cost of the
improvement as specified; or the governing body, upon advertisement published at
least once in a newspaper of general circulation in such municipality and in such
other newspapers as may be designated by the governing body, may sell a
sufficient number of said bonds to pay such cost in cash for the best bid submitted
in accordance with the terms of the notice of sale. All bids may be rejected at the
discretion of the governing body. In addition, the bonds may be sold on such terms
and conditions at a private sale if determined by the governing body to be in the
best interests of the municipality.
(2) When all bonds of a district have been paid, any moneys remaining to the
credit of such district may be transferred to a special surplus and deficiency fund,
and, whenever there is a deficiency in any improvement district bond fund to meet
the payment of outstanding bonds for other improvement districts and interest due
thereon or to redeem such outstanding bonds in accordance with any estimated
redemption schedule used in connection with the sale of such bonds, the deficiency
may be paid from the moneys available therefor in the surplus and deficiency fund.
(3) In connection with the issuance of bonds payable solely from special
assessments, the governing body of the municipality may provide by ordinance or
resolution for the submission of the question of issuing such bonds to the electors
eligible to vote on the question. The governing body of the municipality may provide
by ordinance or resolution that all registered electors of the municipality shall be
eligible to vote on the question or that only electors of the district shall be eligible
to vote on the question.
(4) In connection with the issuance of bonds payable from special
assessments which are additionally secured by a pledge of any other funds of the
municipality, including the surplus and deficiency fund, the governing body of the
municipality may provide by ordinance or resolution for the submission of the
question of issuing the bonds to all registered electors of the municipality.
(5) Notwithstanding any other provision of this part 5, bonds issued in
accordance with the requirements of this section may be payable from the
assessments levied in one or more improvement districts.
(6) Notwithstanding any other provision of this part 5, any district formed for
the purpose of encouraging, accommodating, and financing improvements as
authorized in section 31-25-502 (2) may be authorized to issue one or more series of
bonds, and bonds of any such district may be payable from the assessments levied
pursuant to one or more assessment ordinances.