§ 250.415.

EXISTING BONDS-SECURITY

If the invalidity is not in the bonds themselves or in the issuance thereof, the Board may so declare in the re-assessment proceedings. In such event, the reauthorization proceedings shall constitute the proceedings providing the legal authority for the issuance of the outstanding bonds, and the redemption fund created in any re-assessment proceedings shall constitute a trust fund for their payment.

History

(Added by Ord. 225-81, App. 5/5/81)

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