How to start refunding an improvement district's debt

(a) The owners of assessment units in any improvement district whose assessment units represent seventy-five percent or more of the outstanding improvement assessments at the time of the filing of the petition shall, if it is desired that the indebtedness of the district be refunded, file with the council a petition, which petition shall set forth the indebtedness of the district, that it is desired that the indebtedness be refunded, and the proposed method of refunding the outstanding indebtedness. (b) The council shall thereupon, by resolution requiring not more than one reading for its adoption, direct the director of finance to investigate and report to the council: (1) The amount of unpaid assessments and the assessment units subject to the assessment in the improvement district; (2) The detail of any delinquent assessments and of any unpaid penalties; (3) Whether the petitioners own assessment units representing seventy-five percent or more of the unpaid assessments in the district; (4) The proposed method of reassessment of the assessment units subject to existing assessments; (5) A new assessment roll showing the proposed new assessments; (6) The cost of the proposed refunding scheme; and (7) Other details which may be necessary to carry into effect the proposed refunding project. (c) The report of the director of finance shall be filed with the council. (d) Thereafter the council shall, by resolution requiring one reading for its adoption, propose the adoption of the suggested refunding plan specifying: (1) The outstanding indebtedness of the district; (2) That the owners of assessment units representing not less than seventy-five percent of the unpaid improvement assessments have petitioned that the outstanding indebtedness of the district be refunded; (3) The proposed refunding plan in detail; and (4) The proposed method of reassessment, including the minimum number of installment payments to be proposed, and the maximum amount to be assessed against a unit of assessment. The resolution shall refer to and incorporate by reference the preliminary assessment roll and such other data reported by the director of finance as shall be approved by the council. The resolution shall also fix the date of public hearing upon such plan, which date shall not be less than fifteen days after the first publication of notice thereof in a newspaper of general circulation in the County. In addition, the resolution may require the petitioners to deposit with the director of finance, within seven days after adoption of such resolution, a sum sufficient to meet the cost of the refunding project as reported by the director of finance, in which case the holding of the public hearing and any other actions of the County with respect to the refunding shall be conditioned on the making of such deposit within such period. (e) After the adoption of the resolution, the clerk shall cause a notice of the public hearing to be published as provided in section 12-10, giving notice generally to all owners of the assessment units still under assessment in the improvement district, stating the time and place of the public hearing and where the resolution, preliminary assessment roll and other data may be seen and examined prior to the hearing. Like notices shall be posted in three of the most conspicuous places in the improvement district for which the outstanding bonds are issued. Affidavits of publication, both in the newspaper and of the posting, respectively, shall be filed with the council at the hearing.