ORD 2004-094 2002-2004 - Laserfiche WebLink

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(A) Guarantee the payment of the bonds before the termination of the district; or (Q) Establish a method by which the bonds will be paid after the termination of the district; and (6) With respect to incidental expenses accrued for the district: (A) Guarantee the payment of the incidental expenses before the termination of the district; or (B) Establish a method by which incidental expenses, if any, will be paid after the termination of the district; and (7) With respect to supplemental services expenses accrued for the district: (A) Guarantee the payment of the supplemental services expenses before the termination of the district; or (B) Establish a method by which supplemental service expenses, if any, will be paid after the termination of the district. Section -48. Notice of hearing on proposed ordinance terminating the district. (a) The council shall fix the time and place for a hearing on the proposed ordinance terminating the district. The date of the hearing shall not be less than thirty or more than ninety days from the date of introduction of the proposed ordinance. (b) The county clerk shall publish notice of the hearing in the same manner as required under section -12 for notice of a hearing to institute proceedings. In addition. the county clerk shall rnail the notice to each owner of land assessed in the district at least fifteen days before the hearing. (c) The notice shall contain all of the following information: (I) A summary of the proposed ordinance and the fact that the proposed ordinance is on file in the county clerk's office for public inspection (alternatively, the notice may contain the full text of the proposed ordinance); (2) The time and place of the hearing; and (3) A statement that, at the hearing, the testimony of all interested persons and landowners for or against the proposed termination will be heard. Article 7. Bonds. Section -49. Bond ordinance. (a) Whenever the council deems it necessary or appropriate that business improvement district bonds be issued to finance the cost of supplemental improvements or to reimburse the cost thereof previously paid, the council may authorize the issuance of bonds. The issuance shall be authorized by a bond ordinance approved with or after the approval of the ordinance establishing the district and levying the assessment to finance the costs of supplemental improvements. l'he bond ordinance shall provide for the following: (I) The issuance of the bonds in one or more series; (2) The date the bonds shall bear; (3) The maturity date or dates of the bonds, which shall not be more than thirty years after the issuance date of the bonds; (4) The rate or maximum rate of interest on the bonds, which shall not exceed the maximum rate permitted by law and which may be fixed or variable and simple or compound; (5) The time or times at which interest shall be payable; (6) The denomination of the bonds; (7) The form of the bonds; (8) The conversion or registration privileges carried by the bonds; (9) The rank or priority of the bonds; (10) The manner of execution of the bonds; IS