Issuing bonds for unpaid improvement district assessments

As soon as practicable after enactment of the ordinance levying assessments, the council shall, by resolution, provide for the issuance of bonds of the county for any improvement district for which there are unpaid assessments. The aggregate principal amount of such bonds shall equal the total amount of unpaid assessments as certified by the director of finance pursuant to section 14.50.080 . Such bonds shall be coupon bonds payable to the bearer in not less than five nor more than twenty years; shall be subject to call as provided in this chapter at such premium, if any, as may have been provided for in the resolution of the council adopted pursuant to section 14.42.060 ; shall bear serial numbers; shall be of such denomination, not exceeding five thousand dollars each, as the council shall determine; shall bear interest at a rate of not more than 9 percent per year, payable semiannually; and shall bear the name of the improvement district for which same are issued. The council in its resolution authorizing issuance of such bonds shall prescribe the form of the bonds, the number of years in which the bonds shall be payable, and the respective amounts of the aggregate principal of the bonds which shall mature in each year. The bonds maturing in any year shall constitute the annual series of that year. The bonds may be issued without privilege of registration or registrable as to principal only or as to both principal and interest, as determined by the council. B. Such bonds shall be executed by the director of finance, or by a deputy of the director duly designated by director to execute such bonds, shall bear the lithographed or engraved facsimile signature of the mayor and shall be impressed with a lithographed or engraved facsimile of the seal of the county. Interest coupons shall bear a lithographed or engraved facsimile of the signature of the director of finance. C. The bonds, by their issuance, shall be conclusive evidence of the regularity of all proceedings had prior thereto under and pursuant to this chapter. (Ord. 827 § 1(b), 1975: Ord. 801 § 1 (part), 1974: prior code § 25-8.1)