§61.0740 Form of Bonds
The bonds shall be substantially in the following form:
Park District No. _____________________________________________________ (Number of District) of The City of San Diego.
IMPROVEMENT BOND
$ _____________________________ NO. _________________________________
Under and by virtue of San Diego Park District Procedural Ordinance of 1969, Divisions 6 and 7, Article 1, Chapter 6 of the San Diego Municipal Code, I, out of the fund for the above– designated Park District No. ____________ of the City of San Diego bonds, will pay to __________ , or order, (or bearer,) the sum of $ ________ , with interest at the rate of __________ percent per annum, all as is hereinafter specified, and at the office of the Treasurer of The City of San Diego, State of California.
This bond is issued to pay the cost of the acquisition and improvement of certain park and recreation lands in the City of San Diego as the same is more fully described in assessment number __________ issued by the City Engineer of said City and recorded in his office. Its amount is the amount assessed in said assessment against the lot or parcel of land numbered therein, and in the diagram attached thereto, as number __________, and which now remains unpaid, and constitutes a lien upon the property affected thereby, as the same is described herein, and in said recorded assessment with its diagram, to wit: The lot or parcel of land in said City of San Diego, County of San Diego, State of California, described as follows: ___________ .
This bond is payable exclusively from said fund, and neither the City nor any officer thereof is to be holden for payment otherwise of its principal or interest. The term of this bond is __________ years from the Second day of January next succeeding the next __________ following its date, and at the expiration of said time the whole sum then unpaid shall be due and payable; but on the second day of January of each year, following the next __________ after its date, an even annual proportion of its whole amount is due and payable, upon presentation of the coupon therefor, until the whole is paid, with all accrued interest at the rate of __________ per centum per annum.
The interest is payable semi–annually, to wit: On the second days of January and of July in each year hereafter, upon presentation of the coupons therefor, hereto attached, the first of which is for the interest from date to the next second day of and thereafter the interest coupons are for semi– annual interest.
This bond may be redeemed by the owner or any person interested in any lot or parcel of land described herein, in the manner provided in said law, at any time before maturity, and before commencement of proceedings for sale, upon payment to the Treasurer, for the holder of this bond, of the amount then unpaid on the principal thereof, with interest thereon calculated up to the due date of the next maturing interest coupon, and all penalties accrued and unpaid.
Should default be made in the annual payment upon the principal, or in any payment of interest from the owner of said lot or parcel of land, or any one in his behalf, the holder of this bond is entitled on or after the second day of January or July, as the case may be, following such default to declare the whole unpaid amount to be due and payable, and to have said lot or parcel of land advertised and sold forthwith, in the manner provided by law; provided, however, that any bond may be reinstated after such default in the manner provided in said law. In case of such default there shall be immediately added to such defaulted amount one percent (1%) of the amount thereof, and on the first day of each month following such default there shall be added a further penalty of one percent (1%) of such defaulted amount. The one percent (1%) penalty first imposed and all subsequent penalties shall be paid to the holder of the bond along with and as a part of such defaulted payment.
At said City of San Diego, this __________ day of __________ , in the year one thousand nine hundred and __________. ___________________________________________________________________ Treasurer of The City of San Diego
(“Form of Bonds” added 2–27–1969 by O–9976 N.S.)
