The council may provide for the refunding of outstanding improvement district bonds in the manner provided in this chapter. Refunding bonds may be issued and sold to obtain the funds necessary to retire or purchase the bonds to be refunded or may be issued and exchanged for the bonds to be refunded, or both. (Ord. 801 § 1 (part), 1974: prior code § 25-11.1)

Refunding proceeding shall be conducted, refunding assessments shall be made and collected and refunding bonds issued in the same manner, as nearly as may be, as in the case of original assessments; and the provision of this article applicable to original assessments shall apply to refunding assessments unless the context clearly indicates otherwise; provided, however, that the provisions of Sections 14.58.030 through 14.58.150 shall govern insofar as same conflict with or vary from other provisions of this article. (Ord. 801 § 1 (part), 1974: prior code § 25-11.2)

Property with respect to which original assessments have been fully paid shall not be subject to refunding assessments. (Ord. 801 § 1 (part), 1974: prior code § 25-11.3)

Holders of not less than sixty percent of the principal amount of outstanding bonds issued upon the security of assessments levied upon property within an improvement district may file with the council a petition requesting refunding of such bonds. Petitions of owners, or bondholders as aforesaid, or recommendations of the mayor shall set forth a proposed plan of refunding. Section 14.40.040 shall apply to a petition by bondholders regardless of the number of bondholders who sign the petition. (Ord. 801 § 1 (part), 1974: prior code § 25-11.4)

If the council accepts such a petition or recommendation, or if on its own motion the council determines to initiate a plan for refunding of bonds, the council shall by resolution refer the matter to the mayor for investigation and preparation by the director of public works of a refunding report. (Ord. 801 § 1 (part), 1974: prior code § 25-11.5)

The descriptive title and numerical designation of the improvement district shall be the same as in the original assessment proceeding; and the preliminary report and final report as filed and approved, with or without changes or modifications, in the original assessment proceedings shall be deemed a part of the refunding proceedings. No resolutions proposing to make the improvement or creating the improvement district, and no hearing upon proposed improvements, shall be necessary. The intention of the council to consider making subsection A of Section 14.50.190 applicable with respect to properties to be assessed for refunding and a provision that a reserve fund shall be established may be set forth in the resolution referring the matter to the mayor, rather than in the resolution proposing to make the improvement; and the method of assessment, which may vary from the method used in the original or reassessment proceedings, shall be set forth in the resolution approving and adopting the refunding report, rather than in the resolution creating the improvement district. (Ord. 801 § 1 (part), 1974: prior code § 25-11.5.1)

The refunding report shall contain the following:

A. An estimate of the cost of the proposed refunding plan, which shall include the following:

1. The principal amount of the bonds to be refunded,

2. Any premiums necessary to be paid in calling and retiring outstanding bonds,

3. Any price in excess of the par value required to be paid for purchase of outstanding bonds, in the open

market or otherwise,

4. Interest accrued, or to accrue, on the bonds to be refunded to the date of their refunding, or to the next interest payment date thereafter when required to be paid,

5. Costs of engineering, legal and other technical consultants employed to accomplish the refunding,

6. Cost of printing and advertising, and all other costs of the county incurred or to be incurred in the refunding proceedings,

7. The amount of any reserve fund proposed to be established, and

8. The amount proposed to be allowed, if any, for discount on the refunding bonds;

B. An estimate of any amounts available for payment of such cost from sources other than refunding assessments;

C. A refunding assessment roll, on which the lot or parcel numbers shall be those shown on the assessment map or plat for the improvement district as filed and approved, with or without modifications, in the original assessment proceedings, including any amendments thereof pursuant to Chapter 14.54 and any additions thereto pursuant to subdivision 2 of subsection A in Section 14.56.070, and on which roll any lot or parcel excluded from refunding assessment pursuant to Section 14.58.030, on Section 14.56.050, if reassessment bonds are to be refunded, shall be listed with a notation of such exclusion;

D. The method of assessment used in arriving at the refunding assessments set forth on the roll;

E. Recommendations with respect to the matters set forth in subsection I of Section 14.42.010 and with respect to the refunding bonds proposed to be issued;

F. Any time schedule, agreements, or other matters which may be required to effectuate the proposed refunding plan. (Ord. 801 § 1 (part), 1974: prior code § 25-11.6)

When the refunding report is filed with and by resolution approved and adopted by the council, such resolution shall also fix a date, time and place of public hearing upon the proposed refunding assessment and the proposed refunding plan. Protests may be made as provided in Sections 14.46.010 and 14.46.020, with the same effect as provided in Section 14.46.030, except that such protest may pertain only to the proposed refunding plan. (Ord. 801 § 1 (part), 1974: prior code § 25-11.7)

The notices of hearing upon the proposed refunding assessments shall also contain a brief description of the proposed refunding plan and a statement that any person interested may file a protest in writing as provided in this chapter. Notices shall also be mailed to the person or persons who purchased the bonds to be refunded at the original sale thereof, and any holders of the bonds whose names and addresses are known to the county clerk or director of finance. (Ord. 801 § 1 (part), 1974: prior code § 25-11.7.1)

For the purpose of Section 14.46.120, in addition to the applicable changes or modifications set forth in that section which require a further hearing, no change or modification which will substantially alter the proposed refunding plan shall be made without further hearing, and notice thereof, as provided in Sections 14.46.120, 14.46.130, 14.46.140 and 14.58.090. (Ord. 801 § 1 (part), 1974: prior code § 25-11.7.2)

The ordinance levying the refunding assessments shall provide that the original or reassessments to be replaced thereby be deemed canceled upon, and only upon, consummation of the refunding plan, which plan shall be deemed consummated only upon issuance, sale, delivery and receipt of payment for the refunding bonds and use of the proceeds thereof to retire and/or purchase the bonds to be refunded, or completion of exchange of the refunding bonds for the bonds to be refunded, or both, as the case may be. By the ordinance or by separate resolution, the council shall provide for the issuance of the refunding bonds and all matters requisite to consummation of the refunding plan, including cancellation of the refunded bonds. (Ord. 801 § 1 (part), 1974: prior code § 25-11.8)

Refunding assessments, being in lieu of the original or reassessments, shall be liens upon the lots or parcels subject thereto, respectively, from the date of the publication of the enacted ordinance levying the original assessments. (Ord. 801 § 1 (part), 1974: prior code § 25-11.9)

When the refunding plan has been consummated, the director of finance, on his record pertaining to the original or reassessments, or both, shall note thereon that same have been displaced by the refunding assessment. Collections from payments of refunding assessments during the thirty-day period provided in Section 14.50.060 shall be credited to a separate refunding account for the special improvement district fund referred to in Section 14.50.230, from which shall be paid the costs of the refunding plan, including retirement or purchase of bonds to be refunded. Proceeds of the sale of refunding bonds shall also be credited to the refunding account. Collections from payments of installments on or advance payment of unpaid refunding assessments shall be credited to a separate refunding bond account for the special fund. (Ord. 801 § 1 (part), 1974: prior code § 25-11.10)

The director of finance may call for payment, pursuant to Section 14.52.090, of any of the bonds to be refunded pursuant to the refunding plan by call and retirement thereof, and for such purpose moneys in the refunding account shall be deemed the same as moneys in the special fund by reason of advance payment of unpaid assessment installments. (Ord. 801 § 1 (part), 1974: prior code § 25-11.10.1)

No provision contained in this chapter shall be construed as authorizing the council to violate any contractual or other vested rights arising out of or from the issuance of the bonds to be refunded or to impair the obligations created by the issuance of such bonds. Refunding proceedings shall be conducted in such manner as to avoid such violation or impairment, and to that end the council may approve and authorize agreements between the county and some or all of the holders of bonds to be refunded relating to exchange of refunding bonds for bonds to be refunded, and/or other appropriate matters, and may provide in such proceedings for any procedures not otherwise provided for in this chapter which appear to be necessary to avoid such violation or impairment, including refunding rules and regulations to be followed by county officials and agents, and may appoint a bank or trust company to act as depository of the bonds to be refunded and otherwise assist in consumption of the refunding plan. (Ord. 801 § 1 (part), 1974: prior code § 25-11.11)