SECTIONS 8850-8851 - California Statutes

STREETS AND HIGHWAYS CODE

SECTION 8850-8851

8850. No bond, assessment, or installment thereof or of the
interest or penalties thereon, or declaration of default or deed
shall be held invalid for any error in the computation of the proper
amount due on the same, if the error is found to be comparatively
negligible, or is found to be in favor of the owner of the real
property affected thereby.

8851. Upon the application of the legislative body or of any holder
or other interested party, the Commissioner of Financial
Institutions shall examine into the regularity of the issuance of
bonds under this division and the sufficiency of the security
provided for the payment thereof and if satisfied therewith he or she
may certify the same as suitable for investment by savings banks and
trustees whereupon the bonds may be used for investment of savings
deposits and trust funds. The cost of any such examination may on
approval of the legislative body be paid out of any surplus money in
the redemption fund not required for the payment of the interest or
principal of the bonds.