SECTIONS 35520-35522 - California Statutes

STREETS AND HIGHWAYS CODE

SECTION 35520-35522

35520. From time to time the street superintendent shall pay to the
treasurer all money collected by him on account of any assessment
levied pursuant to this chapter.
On receipt of the money the treasurer shall place it in the fund
for the redemption of the bonds issued pursuant to Chapter 3
(commencing with Section 35400) of this part. All proceeds of any
bonds issued pursuant to this chapter shall also be placed in such
fund.

35521. Moneys in the fund clearly in excess of the amount necessary
to redeem the outstanding bonds as hereinafter provided may be used
to pay the costs and expenses referred to in Section 35464. The
balance of the fund shall be a trust fund pledged to and held for the
benefit of the holders of the outstanding bonds issued pursuant to
Chapter 3 (commencing with Section 35400) of this part, and until the
bonds and the interest thereon have been fully paid the balance
shall be used for no purpose other than the payment of the principal
thereof, the interest thereon, and any premiums payable upon the call
thereof. If the bonds, or any portion thereof, are to be called for
redemption, the city shall immediately give notice of such redemption
in the manner and form provided in the ordinance, resolution or
indenture under which the bonds were issued, even though the notice
may be premature as to time, but if the notice is premature the city
shall later give the notice again within the proper time. As soon as
the notice, even though premature, has been given and as soon as
there are moneys in the fund clearly sufficient to pay the principal
of all of the bonds, all interest to maturity or to the call date
stated in the notice as the case may be, and all premiums to which
bondholders will be entitled by reason of the call, the city is
discharged from all obligations under this part or under the
ordinance, resolution or indenture to make charges for the use of, or
produce revenues from, parking places of the district or parking
meters on streets, but the city shall continue to be bound by all
other provisions of the ordinance, resolution or indenture.

35522. When a fund has been established under this chapter
sufficient to redeem all outstanding bonds previously issued on
behalf of the district pursuant to Chapter 3 (commencing with Section
35400) of this part, Section 35111 shall no longer apply to the
district.