SECTIONS 6400-6405 - California Statutes

STREETS AND HIGHWAYS CODE

SECTION 6400-6405

6400. The legislative body may determine that serial bonds shall be
issued in the manner and form provided in this part to represent
assessments of one hundred fifty dollars ($150) or over for the cost
of any work authorized in Part 3 (commencing with Section 5100) of
this division.

6402. If the amount of the unpaid assessment upon any lot or parcel
of land is less than one hundred fifty dollars ($150), the
assessment shall be collected as provided in Part 3 (commencing with
Section 5100) of this division.

6403. When the legislative body determines that serial bonds shall
be issued to represent the expenses of any proposed work under this
division, it shall so declare in the resolution of intention to do
the work, and shall specify the rate of interest which the bonds
shall bear.

6404. Notwithstanding any other provision in this division, the
legislative body may sell to any local, State or National public
agency or authority authorized to purchase the same, all or any part
of any bonds issued pursuant to the provisions of this part, or any
bonds issued pursuant to the Improvement Bond Act of 1915, upon the
security of assessments levied under this division. Any such bonds
may be sold to any such public agency or authority without
advertisement or bidding, but shall not be sold for less than par.
The interest rate on such bonds shall be the rate fixed therefor by
the legislative body, but may be for a lesser rate than that so fixed
if the legislative body finds a purchaser at such lesser rate. Upon
the sale of any such bonds to any such public agency or authority,
the purchase price thereof shall be paid to the contractor or his
assigns in lieu of the bonds and in satisfaction of the balance due
upon the assessment.

6405. The legislative body of any city may contract with a
specially qualified person, firm or corporation to act as fiscal
agent. Such contracts may authorize the fiscal agent to act as agent
for any city officer or employee in the performance of any duty
required to be performed, or in taking any action authorized to be
taken in connection with bonds issued pursuant to this part.