How to start refunding improvement district debt

Initiation by Owners.Subject to the provisions of Subsection (b) of Section 24-5.1, the owners or lessees of real property as herein specified in any improvement district whose property represents seventy-five percent (75%) 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. The Council shall thereupon by resolution requiring not more than one (1) reading for its adoption, request the Mayor to direct the County Engineer to investigate and report to the Council the amount of unpaid assessments and the property subject to the same in the improvement district, the detail of any delinquent assessments and of any unpaid penalties, whether the petitioners own real estate representing seventy-five percent (75%) or more of the unpaid assessments in the district, the proposed method of reassessment of the lands subject to existing assessments, a new assessment roll showing the proposed new assessments, the cost of the proposed refunding and other details which may be necessary to carry into effect the proposed refunding. Such report of the County Engineer shall be filed with the Council. Within seven (7) days after the filing of the County Engineer's report the petitioners shall deposit with the Director of Finance a sum sufficient to meet the cost of preparing the proposed refunding plan.Thereafter, the Council shall by resolution requiring not more than one (1) reading for its adoption, propose the adoption of the suggested refunding plan specifying the outstanding indebtedness of the district, that the owners and lessees of land representing not less than seventy-five percent (75%) of the unpaid improvement assessments have petitioned that the outstanding indebtedness of the district be refunded, the proposed refunding plan in detail, and the proposed method of reassessment, including the number of installment payments to be proposed, and the amount of assessment which may include all costs of refunding. The resolution shall refer to and incorporate by reference the assessment roll and such other data reported by the County Engineer 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 (15) days after the first publication of notice thereof in a newspaper of general circulation in the County. After the adoption of the resolution, the County Clerk shall cause a notice, stating the time and place of the public hearing and where the resolution, assessment roll and other data may be seen and examined prior to the hearing, to be published and mailed as provided for in Section 24-3.1. Affidavits of publication and mailing shall be filed with the Council at the hearing.The refunding of improvement district bonds under this Article 6 may be initiated by the Council on its own motion as an alternative to initiation by petition of the owners and lessees as hereinabove provided and without obtaining the prior approval of such owners and lessees. Notwithstanding that a proposed refunding of improvement district bonds is initiated by the Council on its own motion, the report of the County Engineer required by Subsection (a)(1) of this Section shall be prepared, and the public hearing required by Subsection (a)(2) of this Section shall be held, in accordance with the provisions of such Subsection (a). In the event a proposed refunding is initiated by the Council on its own motion pursuant to this Subsection (b), the new assessments approved by the Council pursuant to Section 24-6.4 hereof shall not be greater in any year than the assessments for such year in effect prior to the approval of such new assessments.