Sec. 122-1236. - Creation, boundaries, purposes.

(a)

The Naples Park Area Drainage Improvement Municipal Service Taxing and Benefit Unit (the "unit") is hereby created, with boundaries described as follows:

All those certain lands lying within portions of Section 28, 29, 32, and 33, Township 48 South, Range 25 East, Collier County, Florida, and being further described as follows, all of:

Unit No. 1, Naples Park, as recorded in Plat Book 1, page 106; and

Subdivision of Block 1, Unit No. 1, Naples Park, as recorded in Plat Book 4, page 5; and

Replat of Blocks 4 and 5, Unit No. 1, Naples Park, as recorded in Plat Book 4, page 6; and

Unit No. 2, Naples Park, as recorded in Plat Book 2, page 107; and

Unit No. 3, Naples Park, as recorded in Plat Book 3, page 5; and

Unit No. 4, Naples Park, as recorded in Plat Book 3, page 7; and

Unit No. 5, Naples Park, as recorded in Plat Book 3, page 14; and

Unit No. 6, Naples Park, as recorded in Plat Book 3, page 15; and

Unit No. 2, Conner's Vanderbilt Beach Estates, as recorded in Plat Book 3, page 17; and

Unit No. 3, Conner's Vanderbilt Beach Estates, as recorded in Plat Book 3, page 89, all of the Public Records of Collier County, Florida;

together with all those certain lands lying within Section 33, Township 48 South, Range 25 East, and being bounded on the:

North by the south right-of-way line of 91st Avenue;

South by the north right-of-way line of Vanderbilt Beach Road;

East by the west right-of-way line of U.S. 41, North Tamiami Trail;

West by the east right-of-way line of Vanderbilt Drive;

together with those certain lands lying in Section 32, Township 48 South, Range 25 East, Collier County, Florida, and being described as follows:

Begin at the southeast corner of Lot 1, Block G, of the plat thereof, Unit No. 2, Conner's Vanderbilt Beach Estates, as recorded in Plat Book 3, page 17, of the Public Records of Collier County, Florida; thence run along a line 30 feet west, as measured perpendicular to, the east line of said Section 32 and being the west right-of-way line of Vanderbilt Drive, south 1°00′00″ east 459.25 feet to a point on the northerly right-of-way line of Vanderbilt Beach Road; thence along said northerly right-of-way line north 80°29′30″ west 305.12 feet; thence leaving said northerly right-of-way line north 1°00′00″ west 154.55 feet; thence north 89°00′00″ east 120 feet; thence south 1°00′00″ east 65.00 feet; thence north 89°00′00″ east 55.00 feet; thence north 1°00′00″ west 316.51 feet to the southwest corner of aforesaid Lot 1, Block G; thence along the southerly line of said Lot 1, Block G, south 89°52′30″ east 125.00 feet to the point of beginning.

(b)

The unit hereby created and established is for the purpose of providing a preliminary engineering study, for the construction or reconstruction of the assessable improvements which shall include, but is not limited to, the costs for engineering design, construction, financing, and land acquisition, and to do all things reasonably necessary in connection therewith and for the purpose of exercising those powers authorized by F.S. ch. 125 and other applicable laws.

(Ord. No. 86-37, § 1; Ord. No. 95-44, § 1, 7-18-95)

State law reference— Authority to create municipal service taxing or benefit unit, F.S. § 125.01(1)(q).

Sec. 122-1237. - Governing board, powers and duties.

The governing board of the unit shall be the Board of County Commissioners with the power and duty to conduct the affairs of the unit as prescribed by state law.

(Ord. No. 86-37, § 2)

State law reference— Board of county commissioners to be governing body of unit, F.S. § 125.01(2).

Sec. 122-1238. - Annual budget, taxing authority.

For the purpose of carrying into effect this article, the Board of County Commissioners shall annually, at the time required by general budgetary law, make an itemized estimate of the amount of money required to carry out the business of the district for the next fiscal year, which shall be from October 1 to and including September 30 following. The estimate shall have for what purpose the moneys are required and the amount necessary to be raised by taxation within the district. At the time and place for fixing the annual rate of taxation for county purposes, the board shall fix and cause to be levied on all property within the district subject to taxation a millage sufficient to meet the requirements of the estimate; however, the total millage shall not exceed the millage authorized by law for municipal service taxing or benefit units.

(Ord. No. 86-37, § 3)

Sec. 122-1239. - Collection of taxes.

Taxes herein provided for shall be assessed and collected in the same manner and form as provided for the assessment and collection of general county taxes and subject to the same fees for assessing and collecting as general county taxes.

(Ord. No. 86-37, § 4)

Sec. 122-1240. - Definitions.

The following words and terms shall have the following meanings, unless some other meaning is plainly intended:

Approving resolution shall mean the resolution described herein which shall approve the plans, specifications, estimated costs and tentative assessment roll and shall confirm or deny the initial resolution.

Assessable improvements shall mean that portion or portions of improvements of a local nature and of benefit to the premises or lands served thereby.

Assessment bonds shall mean bonds or other obligations secured by and payable from pledged revenues.

Assessment roll shall mean the assessment roll as approved by the final resolution.

Board shall mean the Board of County Commissioners of Collier County, Florida.

Clerk shall mean the clerk of the circuit court and ex officio clerk of the Board of County Commissioners.

Cost or costs as applied to the acquisition and construction of any improvements authorized by the board shall include the cost of construction or reconstruction, acquisition or purchase, the cost of all labor, materials, machinery and equipment, cost of all lands and interest therein, property rights, easements and franchises of any nature whatsoever, financing charges, interest prior to and during construction and for not more than seven years after completion of the construction or acquisition of such improvements, the creation of initial reserve or debt service funds, bond discount, cost of plans and specifications, cost of construction plans, surveys and estimates of costs and revenues, cost of engineering, financial and legal services, and all other expenses necessary or incidental in determining the feasibility or practicability of such construction, reconstruction or acquisition, costs of issuance of the assessment bonds, administrative expenses and such other expenses as may be necessary or incidental to financing authorized by this article; and including reimbursement of the county or any other person, firm or corporation for any moneys advanced to the unit for any expenses incurred by the unit or county in connection with any of the foregoing items of cost, or the creation of the unit.

District shall mean the Naples Park Area Drainage Improvements Special Assessment District.

Final resolution shall mean the resolution described herein which shall approve the assessment roll.

Initial resolution shall mean the resolution described herein which shall be the initial proceeding for levying and imposing special assessments.

Notes shall mean notes issued for the financing of the project costs.

Plans and specifications shall mean preliminary drawings and specifications which shall show the location, size, nature of the improvements and a description of the kind and quantities of major material items.

Pledged revenues shall mean:

(1)

The proceeds of the bonds, including investment earnings.

(2)

Proceeds of the special assessments as specified by the resolution authorizing the bonds; and

(3)

Any other non-ad valorem revenues or other legally available moneys pledged by the county under the resolution authorizing the bonds.

Preliminary assessment roll shall mean the preliminary assessment roll prepared by the engineer as described herein.

Special assessments shall mean the total amount of the lien to be levied in accordance with this article and other applicable provisions of law on the benefited properties within the Naples Park Area Drainage Improvements Special Assessment District.

Special assessment district shall mean the area described as the Naples Park Area Drainage Improvements Special Assessment District.

Tentative assessment roll shall mean the tentative assessment roll prepared by the engineer as described herein.

Unit shall mean the Naples Park Area Drainage Improvement Municipal Service Taxing and Benefit Unit created by Ordinance No. 86-37, as amended.

Unit resolution shall mean the resolution described herein which shall establish the special assessment district.

(Ord. No. 95-44, § 2, 7-18-95)

Sec. 122-1241. - Procedure for the levy and collection of the special assessments.

The district may provide for the construction or reconstruction of assessable improvements as defined herein and for the levying of special assessments upon the benefited properties for the payment thereof, under the provisions of this section.

(1)

The procedure for creating the special assessment district and adoption of the unit resolution is as follows:

a.

There is hereby authorized the creation and establishment by subsequent resolution of the board under the authority of F.S. § 125.01, the creation of the Naples Park Area Drainage Improvements Special Assessment District.

b.

The clerk shall publish, in a newspaper of general circulation, published and circulating in the county, a notice stating that at a meeting of the board on a certain day and hour, not earlier than 15 calendar days from such publication (excluding Saturdays, Sundays and legal holidays), which meeting may be a regular, adjourned or special meeting, the board will hear objections of all interested persons to the establishment of the Naples Park Area Assessment District and will consider the adoption of the unit resolution creating such district. Such notice shall also describe the area to be encompassed by the proposed district, the nature of the project to be constructed or acquired within such district, the procedure of objecting and such other information as the board deems appropriate to include in such notice. In addition to the published notice described above, the clerk shall mail a copy of such notice by first class mail to each property owner in the proposed district. Notice shall be mailed, at least 15 calendar days prior to the hearing, to each property owner at such address as is shown on the tax rolls. Notice shall be deemed mailed upon delivery thereof to the possession of the U.S. Postal Service. The failure of the clerk to mail such notice shall not constitute a valid objection to holding the hearing or the adoption of the unit resolution as provided herein.

c.

All objections to the adoption of the unit resolution creating the assessment district shall be made in writing, and filed with the clerk at or before the time or adjourned time of such hearing. Upon consideration of the objections and the unit resolution, the board shall consider the unit resolution with such amendments as it deems appropriate or necessary. The adoption of the unit resolution shall be the final adjudication of the issues presented thereby unless proper steps shall be initiated in a court of competent jurisdiction to secure relief within 20 days from the date of board action on the unit resolution.

d.

Any informality or irregularity in the proceedings in connection with the creation of the assessment district under the provisions of this article shall not affect the validity thereof and such district shall be deemed to be valid in all respects unless it be clearly shown that the party objecting to the validity thereof was materially injured by the creation of such district.

(2)

The procedure for the levy and payment of the special assessments is as follows:

a.

The initial proceeding shall be the passage by the board of an initial resolution ordering the acquisition, construction or reconstruction of assessable improvements constituting an individual project, indicating, in general, the location (the location may be established by reference to boundaries or a map or by reference to the unit) and description of such improvements, which shall be sufficient to enable the engineer to prepare the plans and specifications of such improvements as described herein. The initial resolution shall also state the portion, if any, of the project to be paid by the county, the estimated costs of the project, if available, and the method of assessment which may be by frontage, acreage, square footage, parcel or any other combination thereof or any other method deemed equitable by the board. The initial resolution may provide for alternative improvements and method of assessment. The improvements constituting the project need not be contiguous and may be in more than one locality or street. The initial resolution ordering any such improvement may give any short and convenient designation to each improvement ordered thereby. The initial resolution may be adopted at the same meeting of the board at which the unit resolution is adopted.

b.

As soon as possible after the passage of the initial resolution, the engineer shall prepare, or cause to be prepared, in triplicate, plans, specifications and cost estimates for the improvements constituting the project. The plans and specifications need only be in sufficient form to enable the engineer to estimate the costs of the project and prepare a tentative assessment roll based upon the total project cost. If the initial resolution shall provide alternative improvements or method of assessment, such plans, specifications and cost estimates shall include an estimate of the costs of each such alternative.

c.

The engineer shall also prepare, or cause to be prepared, in triplicate, the tentative assessment roll, which shall contain a description of the lots and parcels of real property within the district which will benefit from such assessable improvements and the estimate amount of benefits to each such lot or parcel of property, provided such lots and parcels shall include the property of the county, and any school district, special district, municipality or political subdivision; the name of the owner of record of each lot and parcel as shown on the tax rolls; the total estimated cost of the project to each benefited lot or parcel; and the method or alternative method of assessment utilized in determining the cost of the project to be assessed to property owners, including any formulas for dealing with irregular lots and any assumptions of death of the lots. Such tentative assessment roll shall not be held to limit or restrict the duties of the engineer in the preparation of the preliminary assessment roll under the provisions of this article.

d.

One of the triplicates of such plans, specifications, cost estimates and the tentative assessment roll shall be filed with the clerk, one shall be filed with the county administrator or his designee and the other triplicate shall be retained by the engineer in his files, all of which shall remain open to public inspection.

e.

The clerk, upon the filing of such plans, specifications, cost estimates and tentative assessment roll, shall publish once in a newspaper of general circulation, published and circulating in the county, a notice stating that at a meeting of the board on a certain day and hour, not earlier than 15 calendar days from such publication (excluding Saturdays, Sundays and legal holidays), which meeting shall be a regular, adjourned or special meeting, the board will hear objections of all interested persons to the approving resolution which shall approve the aforementioned plans, specifications, cost estimates and tentative assessment roll. Such notice shall state in brief and general terms a description of the applicable project with the location thereof (location may be established by reference to boundaries or a map or by reference to the unit); the procedure for objecting provided in this article; that plans, specifications, cost estimates and the tentative assessment roll, which shall include the method or methods of assessment, are on file with the clerk and the county administrator or his designee and all interested persons may ascertain the amount to be assessed against a lot or parcel of property at the office of the clerk; and in the event the alternative method of collection of special assessments, as described herein, is utilized by the county, that such method may result in the potential loss of title to property which is assessed in the event of non-payment of the special assessments; provided however, the notice described herein may be given at such other time as the board deems appropriate. In addition to the published notice described above, the clerk shall mail a copy of the notice by first class mail to each property owner proposed to be assessed. Notice shall be mailed at least 15 calendar days prior to the hearing to each property owner at such address is shown on the tax rolls. Notice shall be deemed mailed upon delivery thereof to the possession of the U.S. Postal Service. The failure of the clerk to mail such notice shall not constitute a valid objection to holding the hearing as provided in this article or to any other action taken under the authority of this article. The clerk may provide proof of such notice by affidavit.

f.

At the time named in such notice, or to which an adjournment may be taken by the board, the board shall receive any objections of interested persons and may then or thereafter adopt the approving resolution which shall approve the aforementioned plans, specifications, cost estimates and tentative assessment roll, including method of assessment, with such amendments as it deems just and right; repeal or confirm the initial resolution with such amendments, if any, as may be deemed appropriate by the board; and if notice described herein has been provided to the property owners, authorize or reject the alternative method of collection of special assessments as described herein. Special assessments shall be levied against all property in the applicable unit specially benefited by the improvements. In the event the board established alternative improvement or methods of assessment in the initial resolution, the board shall provide in the approving resolution the description of improvement and method of assessment which shall be utilized.

g.

All objections to the approving resolution shall be made in writing, and filed with the clerk at or before the time or adjourned time of such hearing. Special assessments shall be established upon adoption of the approving resolution. The adoption of the approving resolution shall be the final adjudication of the issues presented (including, but not limited to, the method of assessment, the tentative assessment, roll, the plans and specifications, the estimated cost of the project, the levy and lien of the special assessments, the interest rate the special assessments shall bear, and the terms of prepayments of the special assessments) unless proper steps shall be initiated in a court of competent jurisdiction to secure relief within 20 days from the date of board action on the approving resolution. Notice of the lien of the special assessments shall be recorded in the official records book in the office of the clerk. Such notice shall provide in general the locations of the property which are assessed and direct interest parties to the tentative assessment roll, upon approval thereof. The tentative assessment roll, as approved by the approving resolution, shall be delivered to, and kept by, the clerk or such other official as the board, by resolution, deems appropriate.

h.

Whenever the approving resolution shall have been adopted, as hereinabove provided, or at any time thereafter, the board may issue bonds, the principal and interest of which shall be payable from such pledged revenues as the board deems appropriate in the resolution authorizing the issuance of bonds. Said bonds shall mature not later than two years after the last installment in which said special assessments may be paid, and shall bear interest at a rate not exceeding the maximum rate provided by law. In addition, the board may issue notes, the principal and interest of which may be payable from the proceeds of the bonds, the proceeds of the special assessments, the proceeds of the notes and such other legally available moneys as the board deems appropriate. Said notes shall mature within five years of their issuance and shall bear interest at a rate not exceeding the maximum rate provided by law. The board may issue bonds to repay the notes. The proceeds of the bonds and notes, unless otherwise used to refund bonds or notes, shall be used to pay the costs of the project.

i.

Within such period of time after the completion of the acquisition or construction of the project as may be directed by the county administrator (but in no event more than six months after such completion of the project), the engineer shall prepare the preliminary assessment roll and file the same with the clerk and the county administrator or his designee, which roll shall contain the following:

1.

A description of lots and parcels of land or land within the district which will benefit from such assessable improvements constituting the project and the amount of such benefits to each such lot or parcel of land. Such lots and parcels shall include the property of the county and any school district, municipality, special district or other political subdivision. There shall also be given the name of the owner of record of each lot or parcel as shown on the tax rolls.

2.

The total cost of the improvement to each benefited lot or parcel.

3.

The method of assessment utilized in determining the cost of improvements to be assessed to property owners, including any formulas for dealing with irregular lots, and any assumptions of depth of lots.

4.

The preliminary assessment roll shall be advisory only and shall be subject to the action of the board as hereinafter provided. Subsequent to the filing with the clerk of the preliminary assessment roll, the clerk shall publish at least once in a newspaper of general circulation, published and circulating in the county, a notice stating that at a meeting of the board to be held on a certain day and hour, not earlier than 15 calendar days from publication (excluding Saturdays, Sundays and legal holidays), which meeting may be a regular, adjourned or special meeting, all interested persons may appear and file written objections to the approval of the preliminary assessment roll. Such notice shall describe in general terms the assessable improvements and the location thereof (location may be established by reference to boundaries or a map or by reference to the unit), and advise all persons interested that the description of each property to be assessed and the amount to be assessed to each lot or parcel of property may be ascertained at the office of the clerk. In addition to the published notice described above, the clerk shall mail at least 15 calendar days prior to the hearing a copy of the notice by first class mail to each property owner proposed to be assessed. Notice shall be mailed to each property owner at such address as is shown on the tax rolls. The failure of the clerk to mail such notice shall not constitute a valid objection to the approval of the preliminary assessment roll. Notice shall be deemed mailed upon delivery thereof to the possession of the U.S. Postal Service. All objections shall be made in writing, and filed with the clerk at or before the time or adjourned time of the hearing. The clerk may provide proof of such notice by affidavit.

5.

At the time and place stated in such notice, the board shall meet and receive the objections in writing of all interested persons as stated in such notice. The board may adjourn the hearing from time to time. After the completion thereof the board shall adopt the final resolution which shall either annul or sustain or modify in whole or part the preliminary assessment as indicated on the preliminary assessment roll, either by approving the preliminary assessment against any or all lots or parcels described therein or by canceling, increasing or reducing the same, according to the special benefits which the board shall decide each lot or parcel has received or will receive on account of such improvements. If any property which may be chargeable under this section shall have been omitted from the preliminary assessment roll or if the preliminary assessment shall not have been made against it, the board may, upon compliance with the procedures set forth in this section, provide for the assessment of such omitted property. The board shall not approve any special assessment in excess of the special benefits to the property assessed, and the special assessments so approved shall be in proportion to the special benefits. Upon adoption of the final resolution, the preliminary assessment roll shall become the assessment roll. The final resolution shall provide for the rate of interest which the special assessments shall bear. In the event notes or bonds have been issued and are outstanding at the time the final resolution is presented to the board, the board may establish the rate of interest the special assessment are to bear at the rate of one percent above the true interest cost on the notes until such time as bonds are issued to repay the notes at which time the special assessments shall bear interest at a rate not to exceed one percent above the true interest cost on the bonds or notes. Forthwith after adoption of the final resolution, the assessment roll shall be delivered to, and kept by, the clerk or such other official as the board, by resolution, deems appropriate; provided, however, issues adjudicated in the approving resolution may not be disputed except as provided herein. The clerk shall cause the final resolution and the approved assessment roll to be recorded in the official records. In the event the alternative method of collection of special assessments, as described in F.S. § 197.363, is utilized by the county, a copy of the assessment roll, together with any changes thereto, shall be delivered to the property appraiser and tax collector by the clerk. The special assessment so made shall be final and conclusive as to each lot or parcel assessed and the adoption of the final resolution shall be the final adjudication of the issues presented unless proper steps be initiated within 20 days of adoption of the final resolution in a court of competent jurisdiction to secure relief. If the special assessment against any property shall be sustained or reduced or abated by the court, the clerk shall note that fact on the assessment roll opposite the description of the property affected thereby. The amount of the special assessment against any lot or parcel which may be reduced or abated by the court, unless the assessment upon the entire district be reduced or abated, may by resolution of the board be made chargeable against the applicable district at large, or, at the discretion of the board, a new assessment roll may be prepared and approved in the manner hereinabove provided for the preparation and the approval of the original assessment roll.

6.

Except as otherwise provided by resolution of the board, no prepayments of the special assessments shall be accepted prior to the adoption of the final resolution. Thereafter, any prepayments shall be made only upon payment of applicable interest, including interest included as a cost of the related improvement, and applicable prepayment premium at the office of the clerk (or such other official as the board shall determine by resolution). Any assessment may be paid at the office of the clerk within 30 days after the confirmation thereof, without interest. Thereafter all assessments shall be payable in equal installments, with interest at the rate set forth in this article.

7.

All such special assessments may be collected by the tax collector at the same time as the ad valorem taxes of the district and general county taxes are collected by the tax collector if the board shall, prior to the confirmation of the resolution ordering the improvements pursuant to this article, have entered into an agreement with the property appraiser and otherwise met the applicable requirements of F.S. ch. 197. Notwithstanding any provision in this article to the contrary, the county may add an amount to each installment of an assessment equal to the estimated pro-rata share of the costs of collecting the assessments, including without limitation, the estimated amount of discount which the property owners may receive if the assessment installments are placed on the tax roll pursuant to F.S. § 197.3631, and the amounts owing to the tax collector for placing such installments on the tax roll.

8.

All special assessments shall constitute a lien upon the property so assessed from the date of the approving resolution ordering the improvements, of the same nature and to the same extent as the lien for general county taxes falling due in the same year or years in which such special assessments or installments thereof fall due. Except as otherwise provided by law, such lien shall be superior in dignity to all other liens, titles and claims, until paid. Any special assessment or installment not paid when due shall be collectible with such interest and with a reasonable attorney's fee and costs, but without penalties, by the district by proceedings in a court of equity to foreclose the lien of assessments as a lien for mortgages is or may be foreclosed under the laws of the state; provided that any such proceedings to foreclose shall embrace all installments of principal remaining unpaid with accrued interest thereon, which installments shall, by virtue of the institution of such proceedings, immediately become due and payable. The collection procedure described herein shall be an additional method to the collection procedures as contained in F.S. ch. 197.

(Ord. No. 95-44, § 3, 7-18-95)

Sec. 122-1242. - Issuance of bonds.

The board shall have the power and it is hereby authorized to provide by resolution, at one time or from time to time in series, for the issuance of bonds of the county for the purpose of paying all or part of the cost of the project. The principal of an interest on each series of bonds shall be payable from pledged revenues. At the option of the board, the county may covenant to budget and appropriate from non-ad valorem revenue sources identified by the county by resolution or from general non-ad valorem revenues of the county an amount necessary to make up any deficiency in the payment of the bonds.

In anticipation of the sale of bonds, the county may, by resolution, issue notes and may renew the same from time to time. Such notes may be paid from the moneys derived by the county from the proceeds of the bonds, the proceeds of the special assessments, the proceeds of the notes and such other legally available moneys as the board deems appropriate. The notes shall be issued in the same manner as the bonds. Bonds and notes shall be, and shall be deemed to be, for all purposes, negotiable instruments, subject only to the provisions of the bonds and notes for registration.

The bonds shall be dated, shall bear interest at such rate or rates, shall mature at such times, as may be determined by resolution of the board, and may be made redeemable before maturity, at the option of the county, at such price or prices and under such terms and conditions as may be fixed by the board. The bonds may, at the option of the board, bear interest at a variable rate. The board shall determine by resolution the form of the bonds, the manner of executing such bonds, and shall fix the denomination or denominations of such bonds, the place or places of payment of the principal and interest, which may be at any bank or trust company within or without the State of Florida, and such other terms and provisions of the bonds as it deems appropriate. The bonds may be sold at public or private sale for such price or prices as the board shall determine, by resolution. The bonds may be delivered to any contractor for payment of his work in constructing a project or may be sold in such manner and for such price as the board may determine by resolution to be for the best interests of the county.

Prior to the preparation of definitive bonds of any series, the board may, under like restrictions, issue interim receipts, interim certificates, or temporary bonds, exchangeable for definitive bonds when such bonds have been executed and are available for deliver. The board may also provide for the replacement of any bonds which shall become mutilated, or be destroyed or lost. Bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceeding, conditions or things which are specifically required by this article.

The county may, at its option, issue bonds bearing a variable rate of interest, whereupon the interest rate and installment payments applicable to special assessments shall be subject to adjustment as provided by resolution of the board. In such event, the county may impose on such annual installment payments such rate of interest as shall not exceed the maximum amount of two percent above the true interest cost at which such bonds are sold as shall be determined on the 15th day prior to the date the bill for such annual installment is mailed by the county. If amounts of interest collected by the county exceed, in the aggregate, the amount of interest that would have been collected if interest was imposed at the maximum rate permitted to be charged on special assessments, the excess amounts hall be credited to the next installment or be returned to the property owners who paid such amounts, as provided by resolution of the board. If the amounts of interest collected by the county are less, in the aggregate, than the amount of interest that would have been collected if the interest was imposed at the maximum rate permitted to be charged on special assessments, such deficiency may be imposed as a surcharge on the next installment.

(Ord. No. 95-44, § 4, 7-18-95)

Sec. 122-1243. - Taxing power not pledged.

Bonds issued under the provisions of this article shall not be deemed to constitute a pledge of the faith and credit of the county or the unit, but such bonds shall be payable from pledged revenues in the manner provided herein and by the resolution authorizing the bonds. The issuance of bonds under the provisions of this article shall not directly or indirectly obligate the county or the unit to levy or to pledge any form of ad valorem taxation whatever therefor. No holder of any such bonds shall ever have the right to compel any exercise of the ad valorem taxing power on the part of the county or the unit to pay any such bonds or the interest thereon or to enforce payment of such bonds or the interest thereon against any property of the county or the unit, nor shall such Bonds constitute a charge, lien or encumbrance, legal or equitable, upon any property of the county or the unit, except the pledged revenues.

(Ord. No. 95-44, § 5, 7-18-95)

Sec. 122-1244. - Funds.

The pledged revenues received pursuant to the authority of this article shall be deemed to be funds held for the benefit of bondholders, to be held and applied solely as provided in this article and in the resolution authorizing the bonds.

(Ord. No. 95-44, § 6, 7-18-95)

Sec. 122-1245. - Remedies of bondholders.

Any holder of bonds, except to the extent the rights herein given may be restricted by the resolution authorizing issuance of the bonds, may, whether at law or in equity, by suit, action, mandamus or other proceedings, protect and enforce any and all rights under the laws of the state or granted hereunder or under such resolution, and may enforce and compel the performance of all duties required by this part, or by such resolution, to be performed by the county.

(Ord. No. 95-44, § 7, 7-18-95)

Secs. 122-1246—122-1260. - Reserved.