§ 26-7.2. Purchase of Assessment, Warrant and Bonds.

a.

General . In any proceeding had hereunder, the City may declare in the resolution of intention that it intends to purchase the assessment, warrant or bonds to be issued therein.

b.

Payment . The City shall, upon the issuance of the assessment, warrant or bonds, as the case may be, pay to the contractor, who shall have been awarded the contract to do the work in such proceeding, in case of public improvements, or into Court, in case of acquisition proceedings, the principal amount thereof.

c.

Bonds . Such bonds, when issued shall be made payable to bearer.

d.

City Rights . In such case, the City shall succeed to all rights under such assessment, warrant and bonds.

e.

Subsequent Purchase . City shall have like power subsequently to acquire and own any bonds or assessments or contract issued or levied or made hereunder, or now issued and outstanding, for any improvement and/or acquisition of the City.

(Ord. No. 941 N.S.)