Laserfiche WebLink
~~R~. REREGISTRATION. Any bond may he <br />registered to a new owner hy completin~ the assignment <br />certificate on the reverse of the bond and deliverin~ the bond <br />to the registrar. Upon rere~istration, any bond may he replaced <br />hy one or more bonds of the same maturity and a~re~ate amount <br />in denominations of $8000 or any integral multiple thereof. <br /> <br /> ~. ~YE~J~. In the event of a default in <br />the payment of any bond or any installment of interest thereon, <br />bondholders sh~ll have the remedies set forth in the Improvement <br />Bond Act of 1918. In addition, the City Council makes the <br />followin~ covenants, which shall constitute a contract with the <br />bondholders: <br /> <br /> Section 8.1. FORECLOSURE OF LIENS. If any <br />installment of the principal or interest of any assessment <br />levied in Assessment District No. 1988-T, North Pleasanton <br />Improvement District No. 2, becomes delinquent, the City Council <br />shall c~use an ~ction to he filed in the Superior Court of the <br />County of Alamed~ to foreclose the lien of the delinquent <br />~ssessment under the authority of Section 8830 and followin~ of <br />the Streets and Highways Code of the State of C~liforni~. This <br />action shall he filed not later th~n one hundred fifty (180) <br />d~ys ~fter the d~te of delinquency. <br /> <br /> Section 8.2. AR~IJL~f~E. Durin~ the term of the <br />bonds, the City will make no use of bond proceeds which, if such <br />use had been reasonably expected at the date the bonds are <br />issued, would have caused the bonds to he "arhitra~e bonds" <br />within the meanin~ of Section 148 of the United States Internal <br /> <br /> 8 <br /> <br /> <br />