§ 4.60.310. Bonds—Sources of funds authorized for payment.

Any bonds issued under the provisions of this chapter, and the interest thereon, shall be payable from annual assessments levied upon all real property within the district which is subject to special assessment for benefits from local improvements under the state and federal Constitutions, including, without limiting the generality of the foregoing, real property belonging to any county, city, public agent, school board, educational, penal or reform institution, or institution for the feebleminded or the insane, whether or not in use in the performance of any public function, but excepting privately owned tax-exempt property. Said annual assessment shall be computed on the basis of the formula set forth in the resolution of intention to form the district as originally adopted or as modified by subsequent change and modification or other proceedings conducted pursuant to this chapter or any other law, and the limitations upon the rate or period thereof provided in the Act shall not apply. If an ad valorem basis is used, and the assessed value of any parcel of real property does not appear on the tax roll, an estimated assessed value of such parcel shall be made by the director of public works in consultation with the county assessor, and such estimate shall for purposes of such ad valorem assessment be considered the assessed value of such parcel. The bonds may also be payable from on-and-off-street parking revenues (including revenues derived from charges imposed under Section 4.60.330), and from funds annually appropriated by the board to such purposes, including the proceeds of business license taxes levied under the Parking and Business Improvement Area Law of 1965. Any assessments levied against publicly owned property under this section and Sections 4.60.320 through 4.60.340 shall be enforceable obligation against the owner of said property, payable at the same time and in the same manner and subject to the same penalties and interest as other assessments. The city shall have and may exercise all of the remedies for the collection thereof granted by Section 5302.5 of the Streets and Highways Code or any other law, except that the provisions for payment over a longer period than one year shall not apply.

(Ord. 5226 § 16 (part), 1975)