Municipal Code, Complete - City of Santa Barbara

4.65.060 Improvement Bond Act of 1915 -- Amendments and Deletions.
A. Definitions. Certain provisions of the California Streets and Highways Code, as incorporated in this Chapter,
are revised or deleted, as follows:
1. Section 8503 of the California Streets and Highways Code is amended to read as follows: Section 8503.
City. "City" means the City of Santa Barbara.
2. Section 8504 of the California Streets and Highways Code is amended to read as follows:
Section 8504. Legislative body. "Legislative body" means the City Council of the City of Santa Barbara.
B. Substantive Changes.
1. Section 8573 of the California Streets and Highways Code is amended to read as follows: Section 8573.
Form of bond declaration. The bond declaration in the resolution of intention, assessment, and notice of recording the
assessment may be substantially in the following form:
"Notice is hereby given that serial or term bonds, or both, to represent unpaid assessments, and to bear
interest at the rate of not to exceed Fourteen (14) percent per annum, will be issued hereunder in the manner provided
by the City of Santa Barbara Seismic Assessment Program, which incorporates by reference certain provisions of
Division 10 of the Streets and Highways Code, the Improvement Bond Act of 1915, and the last installment of such
bonds shall mature Thirty five (35) years from the second day of September next succeeding 12 months from their
date."
2. Section 8650 of the California Streets and Highways Code is amended to read as follows: Section 8650.
Issuance in series; principal and interest payments; interest rate. Except as the legislative body shall otherwise
provide pursuant to Section 8650.1, the bonds shall be issued in series and an even annual proportion of the aggregate
principal sum thereof shall be payable on the first day of August every year succeeding the first 12 months after their
date, until the whole is paid. The bonds shall bear interest at a rate not in excess of the maximum rate permitted by
law from the 31st day after recording the assessment, or from their date if the work was done under the Municipal
Improvement Act of 1913, on all sums unpaid, until the whole of the principal sum and interest are paid.
Interest shall be payable semiannually on the first day of February and August, respectively, of each
year. The first payment of interest shall become due on the interest payment date which is six months before the
maturity of the first series of bonds, but, if any portion of the interest is funded, the legislative body may specify that
the first payment of interest shall become due on any earlier interest payment date following the date of the bonds.
Interest shall be payable to the registered holders of the bonds as their names and addresses appeared on the
registration records of the City or its registration agent on the 15th day of the month preceding the interest payment
date.
3. Section 8651.5. of the California Streets and Highways Code is amended to read as follows: Section
8651.5. Redemption; redemption premium. Each bond, or any portion of the bond in a fixed amount or any integral
multiple of the fixed amount, shall be subject to redemption in advance of its maturity on any interest payment date
upon payment to the registered owner of the principal and accrued interest to the date of redemption together with a
redemption premium, if any, as determined by the legislative body, but not to exceed 5 percent of the principal. At or
before issuance of the bonds, the legislative body may reduce the redemption premium to an amount equal to not less
than 0 percent of the principal.
4. Section 8652 of the California Streets and Highways Code is amended to read as follows: Section 8652.
Form. The bonds shall be substantially in the following form, subject to such changes thereto as the legislative body
shall deem necessary or desirable:
United States of America
State of California
County of Santa Barbara
PRINCIPAL AMOUNT:
REGISTERED OWNER:
REGISTERED REGISTERED
Number $
LIMITED OBLIGATION IMPROVEMENT BOND
City of Santa Barbara
SERIES NO.
INTEREST MATURITY BOND CUSIP
RATE DATE DATE NUMBER
Under and by virtue of its Charter, Ordinance No. duly adopted by the City Council of the City of Santa
Barbara on , 19 and, to the extent incorporated in said Ordinance, the Improvement Bond Act of
1915, Division 10 (commencing with Section 8500) of the Streets and Highways Code (collectively, the "Act"), the
City of Santa Barbara, County of Santa Barbara, State of California (the "City"), will, out of the redemption fund for
87-10 rev. 3/31/92