SECTIONS 59320-59324 - California Statutes

GOVERNMENT CODE

SECTION 59320-59324

59320. In refunding the indebtedness of a district the total amount
of the reassessment to be levied pursuant to this chapter and any
contributions shall not exceed the face amount of the original bonds
and coupons and interest on them after the maturity of the bonds and
coupons, including interest after the date of the resolution of
intention, plus the incidental expenses of the proceedings.

59321. Upon completion of the diagram the engineer or such other
person as the legislative body designates shall estimate the benefit
to be received by each lot in the new district, as shown by the
diagram, from the acquisition and cancellation of the original bonds
and from the acquisition and improvement for which they were issued
and the total benefit on all such lots.

59322. The engineer or such other person shall assess upon and
against the land in the new district the total net amount of the cost
of the proceedings to be assessed against such land. In so doing he
shall assess the total sum upon the lots in the district which are
benefited by it by assessing a sum upon each lot in proportion to the
estimated benefits to be received by it.

59323. Tax deeded lands are subject to reassessment in refunding
proceedings pursuant to this chapter.

59324. In making the assessment and estimating the benefits to be
received by each lot, the engineer or other person shall consider,
among other things, the following:
(a) The principal amount of all the bonds originally issued.
(b) The amount of special assessment levies previously made on
account of such bonds.
(c) The amount of outstanding bonds proposed to be acquired and
canceled.
(d) The number of issues of such bonds.
(e) The amount which has been collected or paid into the interest
and sinking fund of the district for any lot upon assessments
previously levied to pay the principal and interest of such bonds.
(f) The delinquency in the payment of any such assessments
existing against any lot.
(g) Any allocation referred to in the resolution of intention and
any subsequent allocations.
(h) Any costs and expenses incidental to the proceedings.
(i) The amount of any discount or concession referred to in the
bondholders' proposal.