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.1 I ( I I I I I I I I I I I I I I Charter - Finance Administration - Section 11-25 Sec. 11-25. Special and local improvement district bond issuance. The City shall have power to construct or install special or local improvements of every character within designated districts in the City by: (el) Order of the Council; or (b) On petition of the majority of the prop,~rty owners, in the designated district, subject in either event to protest by twenty percent of the owners of the frontage or area to be: assessed. Right to protest and notice of public hearing shall b(: given as provided by ordinance. All protests shall be considered, but, if the public welfare warrants, Council shall have the final decision. Such improvements shall confer spe- cial benefits on the real property within said district~, and general benefits to the City at large. Council shall by ordinance prescribe the method and manner of making such improvement, of assessing and cost thereof, and issuing and pay- ing bonds for costs and expenses of constructing or installing such improvements. Sec 11-26. Special or local improvement district bonds--Special surplus and deficiency fund. Where all outstanding bonds of a special or local improvement district have been paid and any monies remain to the credit of the district, they shall be transferred to a special surplus and deficiency fund, and whenever there is a defi- ciency in any special or local improvement dis- trict fund to meet the payment of outstanding bonds and interest due thereon, the deficiency shall bc~ paid out of said surplus and deficiency fund. Whenever a special or local improvement district has paid and cancelled three-fourths of its bond issue, and for any reason the remaining II I I assessments are not paid in time to take up the remaining bonds of the district and interest due thereon, and there is not sufficient money in the special surplus and deficiency fund, then the City shall pay the bonds when due and interest due thereon and reimburse itself by collecting the unpaid assessments due the districts. Sec. 11-27. Same--General benefits. In consideration of general benefits conferred on the City at large from the construction or installation of improvements in special or local improvement districts, the City Council may levy annual taxes on the taxable property within the City, not exceeding two mills in anyone year, to be disbursed, as determined by the City Council, for the purpose of paying for such benefits, for the payment of any assessments levied against the City itself in c:onnection with bonds issued for special or local improveme:nt districts, and for the purpose of advancing money to maintain current payments of interest and equal annual payments of the principal amount of bonds issued for any special or local improvement district hereafter created. The pro- ceeds of such taxes shall be placed in a special fund and shall be disbursed only for the pur- poses specified herein, provided however, that in lieu of such tax levies, the City Council may annually transfer to such special fund any avail- able money of the City, but in no event shall the amount transferred to anyone year exceed the amount which would result from a tax levied in such year as herein limited. As long as any bonds issued for special or local improvement districts hereafter organized remain outstanding, the tax levy or equivalent transfer of money to the special fund created for the payment of said bonds shall not be diminished in any succeeding year until all said bonds and the interest thereon shall be paid in full, unless other available funds are on hand therefor, or such bonds and interest are paid by the City as required in section 11..24 of this Charter. C-22