(1) As a method and procedure for payment for the afore described improvements, after having formed the local improvement district, the City may, based on estimates of cost, issue and sell general obligation warrants within the statutory limitation of not to exceed three percent of the latest true cash valuation of the City.

(2) Upon completion of the improvements, the City shall then assess the benefitted property owners the actual cost thereof, or such part of said cost as the City deems that said property owners should be assessed and cause a lien to be recorded against the benefitted property, in the method heretofore described.

(3) In order to pay the described general obligation warrants, the City may cause to be issued and sold pursuant to law, general obligation bonds, the receipts from which shall be used to pay the described warrants. Thereafter, the receipts from assessments shall be used to retire said bonds according to law.

(4) As an alternative, the City may pay for the improvements from its general fund or a designated fund, thereafter make the afore described assessments, and then issue and sell the bonds as described above. Said bonds shall not exceed $5,000 in value per bond, and the total value thereof of all bonds issued and sold shall not exceed nine percent of the latest true cash value of the City. Said bonds shall be in serial form with definite maturity dates to be determined by the Council and shall mature in annual or semiannual installments.

(5) The first installment of principal of each issue of such bond shall become due and payable not later than two years from the date of issue and the last installment not later than 20 years from the date of first installment payment on the principal amount.

(6) The bond shall not be retired by taxes unless the Council first determines that the same is necessary, and takes the proper procedural steps for establishing a tax on real property within the City. The interest on the bonds and the amounts of the installments due of maturing bonds shall be included in the annual budget of the City, and there shall be deducted in the budget such an amount as the Council estimates will be received from payments of the principal of and the interest on installments of assessments pertaining to the particular bond issue.

(7) The bonds shall be advertised for sale and sold for the highest price obtainable but for not less than par and accrue interest. The City may redeem the bonds at any time after they are issued, and shall do so consecutively by the number of the bond, and after having given notice by publication once per week for three weeks, giving the number of the bond to be redeemed in said publication. (Ord. 22 § 18, passed 12-14-1976; Code 2014 § 34.33)