Chapter 17.04
PAYMENT BY BOND ISSUANCE AUTHORIZED

Sections:

17.04.030    Bonds – Time of issuance and sale procedure – Unsold bonds.

17.04.030 Bonds – Time of issuance and sale procedure – Unsold bonds.

When any local improvement shall be made under an ordinance providing that the cost and expense shall be paid by the mode of “payment by bonds,” the ordinance confirming the assessment roll and making the levy of the special assessments upon the property in the improvement district shall also fix a date for the issuance of the bonds of the district. On the date so fixed, or as soon thereafter as practicable, such bonds shall be issued and delivered to the superintendent of the department of finance and accounting, who shall have authority to sell or deliver the whole or any part of the issue to the highest and best bidder or bidders therefor; and the proceeds of such sale shall be immediately paid into the fund of the local improvement district, and so much thereof as may be necessary applied in the redemption of outstanding warrants of such district; provided that none of the bonds shall be sold or exchanged for less than par value, with accrued interest; and provided, further, that all of the bonds remaining unsold at the expiration of sixty days after the date of issue shall be delivered to the holder or holders of the outstanding warrants of the improvement district in redemption of the warrants. (Prior code § 8.04.030).