SECTIONS 59640-59654 - California Statutes

GOVERNMENT CODE

SECTION 59640-59654

59640. Serial bonds shall be issued to represent the unpaid
reassessments, including unpaid reassessments on tax-deeded land,
pursuant to Bond Plan A, B, or C. The legislative body shall
determine which bond plan shall be used.

59641. Under Bond Plan A, a bond shall be issued to represent each
of the assessments remaining unpaid and shall be entitled "Refunding
Bond. Bond Plan A." Such bonds shall be substantially in the form of
the street improvement bonds provided for in the Improvement Act of
1911.

59642. Under Bond Plan B or C bonds shall be issued to represent
and be secured by the unpaid assessments upon the reassessment.

59643. Bond Plan B bonds shall be:
(a) Issued in the manner and form provided in the Improvement Bond
Act of 1915.
(b) Entitled "Refunding Bond. Bond Plan B."
(c) Substantially in the form of the street improvement bonds
provided in such act.

59644. Bond Plan C bonds shall be:
(a) Issued in the manner and form provided in the Refunding
Assessment Bond Act of 1935.
(b) Entitled "Refunding Bond. Bond Plan C."
(c) Substantially in the form of the refunding bonds provided in
such act.

59645. Any appropriate changes may be made in the wording of the
bonds necessary to make them conform to this chapter and the
proceedings taken pursuant to this chapter.

59646. Bond Plan A bonds shall be payable to the person to whom
they issue, or order.

59647. Bond Plan A bonds shall be for the term and bear interest at
the rate specified in the resolution of final confirmation.

59648. Bond Plan A bonds shall have annual coupons attached to them
payable in annual order on January 2d of each year after the October
15th following the date of the bonds, until all are paid. Each
coupon shall be for an equal annual proportion of the principal of
the bonds to which it is attached.

59649. Bond Plan A bonds shall also have semiannual interest
coupons attached to them and payable as in the case of bonds issued
pursuant to the Improvement Act of 1911.

59650. The bonds issued under Bond Plans A, B, or C may be redeemed
or canceled, have the effect, shall be enforced, paid, and subject
to the penalties, and, so far as possible, shall be issued and
conform to the requirements, of bonds issued under the Improvement
Act of 1911, the Improvement Bond Act of 1915, and the Refunding
Assessment Bond Act of 1935, respectively. The provisions of such
acts apply to such bonds.

59651. Bond Plan A bonds may be issued for a period of not to
exceed 29 years from the January 2d succeeding the October 15th
following their date.

59652. Bond Plan B or C bonds may be issued for not to exceed 29
years after July 2d following the first 10 months after their date.

59653. The determination of the legislative body as to the form and
contents of the bonds issued under any of the plans is conclusive,
except that the bonds shall state that they are issued pursuant to
Bond Plan A, B, or C, as the case may be, of this chapter.

59654. If Bond Plan B or C is used the reassessment and curative
clauses and all other bond and assessment provisions of the
Improvement Bond Act of 1915 or the Refunding Assessment Bond Act of
1935, respectively, apply.