reglab/statecodes huggingface dataset:
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 1 - Determination to Issue Bonds › Section 6403.

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.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 1 - Determination to Issue Bonds › Section 6404.

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.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 1 - Determination to Issue Bonds › Section 6405.

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.
(Added by Stats. 1957, Ch. 1363.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 2 - Issuance of Bonds › Section 6420.

6420. After the full expiration of 30 days from the date of the recordation of the warrant, and after the filing of the written statement of all payments received by the contractor or his assignees upon the assessment, the street superintendent shall make and certify to the treasurer a complete list of all assessments unpaid, which amount to one hundred fifty dollars ($150) or over, upon any assessment or diagram number.
(Amended by Stats. 1978, Ch. 364.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 2 - Issuance of Bonds › Section 6421.

6421. If any person, or his authorized agent, shall at any time before the thirty-first day after the recordation of the warrant present to the treasurer the following:
(a) His affidavit stating that he is the owner of a lot or parcel of land in the list,
(b) The certificate of a searcher of records that he is such owner of record, and
(c) A notice to the treasurer stating that he desires no bond to be issued for the assessments upon his lot or parcel of land, then no such bond shall be issued therefor, and the payee of the warrant, or his assigns, shall retain his right to enforce collection as if the lot or parcel of land had not been so listed by the street superintendent.
(Amended by Stats. 1953, Ch. 1193.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 2 - Issuance of Bonds › Section 6422.

6422. The treasurer shall upon the filing of the list, make out, sign, and issue to the contractor, or other person entitled to the proceeds of the warrant and assessment, a separate bond, representing upon each lot or parcel of land, including each condominium interest as defined in Section 783 of the Civil Code, upon the list the total amount of the assessment against the same, as thereon shown.
(Amended by Stats. 1967, Ch. 791.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 2 - Issuance of Bonds › Section 6423.

6423. If a lot or parcel of land is described upon the assessment and diagram by its number or block, or both, and is also designated by its number or block, or both, upon the official map of the city, or upon any map on file in the office of the county recorder of the county in which the lot or parcel of land is situated, it shall be a sufficient description of the lot or parcel of land in the bond to designate it by the number or block, or both, as it appears on the official or recorded map.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 2 - Issuance of Bonds › Section 6424.

6424. The bonds and interest thereon shall be paid at the office of the treasurer, who shall keep a fund designated by the name of the bonds, into which he shall place all sums paid him for the principal of the bonds and the interest thereon, together with all penalties thereon, and from which he shall disburse such sums, upon the presentation of proper coupons. Under no circumstances shall the bonds or the interest thereon be paid out of any other fund.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 2 - Issuance of Bonds › Section 6425.

6425. The treasurer shall keep a register in his office, showing the series, number, date, amount, rate of interest, payee and indorsees of each bond, and the number and amount of each coupon or principal or interest paid by him and shall cancel and file each coupon so paid.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 2 - Issuance of Bonds › Section 6426.

6426. If any officer whose signature or countersignature appears on any bond or coupon ceases to be such officer before delivery of the bonds to the purchaser thereof, the signature or countersignature appearing either on the bonds or on the coupons, or both, shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until the delivery of such bonds.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 2 - Issuance of Bonds › Section 6427.

6427. Bonds issued pursuant to this part shall by their issuance be conclusive evidence of the regularity of all proceedings under this division leading up to such issuance.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6440.

6440. After the street superintendent files his list of unpaid assessments with the treasurer, the principal of each unpaid assessment shall thereafter become due and payable to the treasurer in equal annual payments on each October 15th succeeding the September 1st following the date of the bonds until fully paid. The number of annual payments shall correspond to the number of serial payments to be made on the principal of the bonds issued to represent the unpaid assessment.
(Amended by Stats. 1959, Ch. 825.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6441.

6441. The first interest payment on the unpaid assessment shall be payable to the treasurer on the April 15th next succeeding the March 1st or the October 15th next succeeding the September 1st, as the case may be, next following the date of the bonds. The following interest payments shall each be for six months interest and shall be payable to the treasurer on each fifteenth day of April and October, the last interest payment coming due the October 15th immediately preceding the last annual payment of the principal of the bonds issued to represent the unpaid assessment.
(Amended by Stats. 1959, Ch. 825.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6441.1.

6441.1. If a remittance to cover a payment of interest or interest and principal to be made to the treasurer prior to a certain date and hour or prior to a certain date before being delinquent is sent through the United States mail, properly addressed with postage prepaid, and the cancellation mark is placed on the evelope after it is deposited in the mail:
(a) Where the cancellation mark shows both date and time, the remittance shall be deemed received on the date shown by the cancellation mark and by the time specified by law for that date.
(b) Where the cancellation mark shows only the date, the remittance shall be deemed received within the time and date specified when the cancellation mark bears a date on or before which payment is required.
The treasurer need not accept such a payment if it is received more than 10 days after the date and time set by law for the payment. This section shall not apply if the letter containing the payment was incorrectly addressed.
(Amended by Stats. 1963, Ch. 650.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6442.

6442. If any installment of the principal of the unpaid assessment or of interest thereon is not paid to the treasurer on or before the due date of June 1st or December 1st, as the case may be, next preceding the date upon which the coupons representing it are payable to the bondholder, the treasurer shall, after the close of business on the due date, add to the principal or interest so delinquent a penalty of 2 percent of the total amount of such delinquency, and at the beginning of the business on the first day of each succeeding month until such delinquent payment and all penalties thereon are fully paid, he shall add an additional penalty of 2 percent of the amount of such delinquency. The treasurer shall collect such penalties with and as a part of the delinquent payment. Except as hereinafter provided, the 2-percent penalty first imposed and all subsequent penalties shall be paid to the holder of the bond along with and as a part of such defaulted payment. The legislative body conducting the proceedings may elect, in the resolution of intention, to have the treasurer retain the first 2-percent penalty as a cost of servicing the delinquency. In such case, the following sentence shall be substituted for the last sentence of the default clause in the bond form, as set forth in Section 6460: “The 2-percent penalty first imposed shall be retained by the treasurer as a cost of servicing the delinquency and all subsequent penalties shall be paid to the holder of the bond along with and as a part of such defaulted payment.”
(Amended by Stats. 1980, Ch. 378, Sec. 1.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6443.

6443. At least 15 days before each respective 15th day of April and October, until the assessment is paid in full, the treasurer shall mail, postage prepaid, to each owner of property described in the assessment, at his last known address, as appears upon the tax rolls current at the time of mailing, a postal card notifying him of the amount due and the date when payment is due from him on the assessment and statng that the payment is subject to penalty if not paid on or prior to the due date. The failure of the treasurer to mail the card, or the failure of the property owner to receive it, shall not affect the validity of any penalty or invalidate any act or proceeding. The card shall contain the following in at least 14-point boldface type:
If you do not pay this bill, at the request of the bondholder, your property will be sold by the treasurer.
This bill is not related in any way to your property tax bill. It must be paid separately.
(Amended by Stats. 1978, Ch. 483.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6444.

6444. The treasurer may accept payments of installments of interest unaccompanied by payments of installments of principal which are due. The acceptance of such interest payments shall not effect the delinquent status of any installments of principal.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6445.

6445. The treasurer shall, in addition to his other duties, keep a record of all bonds issued by him, of all payments on the bonds with the dates thereof and of all penalties accruing thereon.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6446.

6446. The assessment shall be a lien upon the property affected thereby, with priority as fixed in Section 5373, until the bond issued to represent the assessment and which it is hereby declared does represent the assessement, and the accrued interest thereon and the penalties, if any, shall be fully paid according to the terms thereof, but which lien shall in no event continue beyond four years after the date of the last principal coupon attached thereto, and for the purposes of Section 330 of the Code of Civil Procedure and Section 2911 of the Civil Code said date shall be deemed the “due date” of the last principal coupon attached to said bonds.
(Amended by Stats. 1959, Ch. 825.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6447.

6447. The owner of or any person interested in any lot or parcel of land upon which a bond has been issued under the terms of this division may at any time before commencement of proceedings for sale pay off the bond and discharge the land described in the bond from the lien of the assessment. The discharge may be had by paying to the treasurer, for the holder of the bond, the following sums: (a) the unpaid principal sum thereof; (b) if the interest thereon has already been paid to the next succeeding January 2 or July 2, as the case may be, no interest will be payable; (c) if the interest to the next succeeding January 2 or July 2 has not been paid, then the interest to that January 2 or July 2, as the case may be, shall be payable; (d) all penalties accrued and unpaid; and (e) premium, if any, required by Section 6464. For the purpose of this section, a bond shall be deemed to be issued on the 31st day after the recordation of the warrant upon any unpaid assessment for which the legislative body has provided for the issuance of a bond to represent said unpaid assessment or the last date for payment of the assessment, as specified in the statement required by Section 5390, whichever may be later.
(Amended by Stats. 1969, Ch. 202.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6448.

6448. When all payments on a bond are made to the treasurer, he shall enter the same in his record of the bond and the lien of the assessment shall cease.
The treasurer shall forthwith notify the holder of the bond and call in the bond. When the bond has been presented and paid the treasurer shall enter in his record thereof the amount paid and the date of payment to the holder and shall cancel the bond and file it in his office.
(Amended by Stats. 1957, Ch. 612.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 3 - Payments on Assessments at Bond › Section 6449.

6449. Whenever a school district acquires property subject to a bond or bonds issued under the terms of this division for unpaid assessments against said property, the district may include in its annual tax levy, in addition to moneys for all other purposes, an amount sufficient to pay the annual payments of principal and interest due on said bond or bonds. Said tax levy may be made notwithstanding that the said tax levy exceeds the maximum tax rate which may otherwise be imposed by law. No school district shall levy the tax authorized by this section for a period in excess of five years with respect to a particular parcel of property.
(Added by Stats. 1961, Ch. 894.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6460.5.

6460.5. The bond shall be manually signed by the treasurer of the city or county, or a facsimile signature may be reproduced thereon.
A facsimile signature of the treasurer is one that is printed, lithographed, engraved, stamped, or otherwise mechanically reproduced.
(Amended by Stats. 1989, Ch. 104, Sec. 12.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6461.

6461. The bonds shall:
(a) Be payable to the party to whom they issue, or to order.
(b) Be serial bonds.
(c) Bear interest at the rate specified in the resolution of intention to do the work, unless the legislative body determines that a lesser rate of interest is appropriate at the time of advertising for bids, in which case a lesser interest rate may be specified in the bid advertisements.
(d) Have annual principal coupons attached to them, payable in annual order, on the second day of January of every year after the next September 1st following the date of the bond, until all are paid. Each principal coupon shall be for an even annual proportion of the principal of the bond.
(e) Have semiannual interest coupons attached to them.
(Amended by Stats. 1983, Ch. 293, Sec. 7.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6462.

6462. The bonds shall extend over a period not exceeding 24 years from the second day of January next succeeding the next September 1st following their date.
(Amended by Stats. 1959, Ch. 825.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6462.1.

6462.1. The legislative body conducting the proceedings may provide for a classification of assessments into different terms of maturity so that some assessments may be made to mature over a shorter period of time than other assessments and may also provide for assessments to mature in other than equal annual amounts.
In such event, the bond declaration in the resolution of intention, assessment, and notice of recording the assessment may recite that the last installment of bonds shall mature a maximum rather than an exact number of years from the second day of January next succeeding the next September 1st following their date.
(Amended by Stats. 1974, Ch. 527.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6463.

6463. The interest shall be payable semiannually, by coupon, on the second days of January and July, respectively, of each year after the date of the bonds. The bonds shall bear the date of the 31st day after the date of recordation of the warrant, whether or not such date falls on a Sunday or holiday. The first interest coupon shall be for interest from the date of the bonds and shall be payable to the holder thereof on the January 2nd next succeeding the September 1st or the July 2nd next succeeding the March 1st, as the case may be, next following the date of the bond. The rate of interest shall not exceed the amount established pursuant to Section 53531 of the Government Code at the time the legislative body adopts the resolution of intention pursuant to Section 5132.
(Amended by Stats. 1983, Ch. 293, Sec. 8.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6464.

6464. The legislative body conducting the proceedings may elect, in the resolution of intention, to have the redemption provisions of said bond provide a premium of 5 percent of the unmatured principal. In such case, the words, “together with a premium of 5 percent of said unmatured principal” shall be added after the redemption clause in the bond form, and Section 6447 shall be deemed to require the property owner to pay a like sum in order to pay and discharge such lien.
As used in this section, “unmatured principal” means those installments of principal that are due to be paid at future dates and for which no corresponding payments of interest will be payable pursuant to the provision of Section 6447.
(Amended by Stats. 1974, Ch. 520.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6465.

6465. Said bonds may be made payable to the contractor or to his last assignee as shown by the assignment filed with and approved by the superintendent of streets. Said bonds may also be made payable to bearer in which case the words “or order” may be deleted.
(Added by Stats. 1949, Ch. 856.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6466.

6466. The provisions of Articles 2 (commencing with Section 53430) and 3 (commencing with Section 53460) of Chapter 3, Part 1, Division 2, Title 5 of the Government Code shall apply to lost or destroyed or mutilated bonds issued pursuant to this part.
(Added by Stats. 1963, Ch. 654.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6467.1.

6467.1. The interest upon the certificate provided in Section 6467 shall be payable semiannually, by coupon, on the second day of December and June, respectively, of each year a principal payment matures. The certificate shall bear date determined by the date of bonds if bonds are to be issued in the proceedings. If no bonds are to be issued the certificate or certificates shall bear such date as may be determined by the legislative body conducting the proceedings. The rate of interest shall not exceed 7 percent per annum on all unpaid sums.
(Added by Stats. 1969, Ch. 513.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6467.2.

6467.2. The certificates shall have annual principal coupons attached to them payable in annual order, the first of which shall be payable not later than June 2, beginning with the fiscal year next following the date of the certificate until all are paid. Each principal coupon shall be for an even annual proportion of the principal of the certificate.
(Added by Stats. 1969, Ch. 513.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4 - Form and Content of Bonds › Section 6467.3.

6467.3. The certificate shall be payable at the office of the treasurer of the city conducting the proceedings upon presentation of the principal and interest coupons. At least 30 days prior to the first day of July of each and every year after the date of the certificate, until the certificate is paid in full, the treasurer shall mail postage prepaid to the entity whose obligation it is to levy a tax to pay the amount of principal and interest falling due each year, a notice of the amount due in the next succeeding fiscal year, the date when payments are due upon the certificates, and that payment shall be made to the city conducting the proceedings by the entity obligated to levy the tax to make the payments due thereon at least 30 days prior to the due date of any installment of principal or interest upon said certificate. Failure of the treasurer to notify the entity obligated to make payment shall not affect the obligation of the entity, whose duty it is to make such payment, to make payment thereof as required by Section 5302.5 of this code.
In the event the public entity owning the property against which the assessment has been levied, and which is represented by the certificates authorized in this chapter, shall sell the said property prior to the maturity and payment in full of all of the certificates representing such assessment, then all of the outstanding certificates shall be immediately payable in full together with the accrued interest thereon not later than sixty (60) days from the date of sale without premium. Interest shall be payable to the date of designated payment and the owner of the certificates, as the owner appears upon the records of the treasurer, shall be given written notice of such payment at his last known address or, if not known, at general delivery. Interest upon said certificates shall cease and terminate at the date designated for payment thereof in full, provided funds for the payment of all such principal and interest to such date have been paid into the proper redemption fund therefor and are available for such payment.
(Added by Stats. 1969, Ch. 513.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4.5 - Issuance of Bonds to Represent Unpaid Assessments Against Publicly Owned Property › Section 6468.1.

6468.1. An annual proportion of the aggregate principal sum of bonds issued pursuant to the provisions of this chapter shall be payable on the second day of June of every fiscal year beginning with the fiscal year next following the date of the bonds. The bonds shall bear interest at a rate not in excess of 7 percent per annum from the 31st day after recording the assessment in the office of the superintendent of streets of the entity issuing the bonds, or from their date if the work was done under the Municipal Improvement Act of 1913, on all sums unpaid, until the whole of the principal sum and interest are paid.
Interest shall be payable semiannually by coupon, on the second day of December and June, respectively, of each fiscal year a principal payment accrues. If no bonds are to be issued in the assessment district proceedings other than bonds to represent unpaid assessments against publicly owned property, the bonds shall bear such date as may be determined by the legislative body conducting the proceedings, and shall bear interest from their date. The bonds will continue to bear interest after maturity at the rate stated; provided, they are presented at maturity and payment thereof is refused upon the sole ground that there is not sufficient moneys in said redemption fund with which to pay same. If they are not presented at maturity, interest thereon will run until maturity.
(Amended by Stats. 1972, Ch. 629.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4.5 - Issuance of Bonds to Represent Unpaid Assessments Against Publicly Owned Property › Section 6468.2.

6468.2. The legislative body may by resolution establish the denomination of the bonds, the amount to mature each fiscal year and provide for the issuance and sale of the bonds.
(Amended by Stats. 1972, Ch. 629.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4.5 - Issuance of Bonds to Represent Unpaid Assessments Against Publicly Owned Property › Section 6468.3.

6468.3. The final maturity of the bonds shall not exceed 24 years from that second day of June next succeeding this date.
(Amended by Stats. 1972, Ch. 629.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4.5 - Issuance of Bonds to Represent Unpaid Assessments Against Publicly Owned Property › Section 6468.4.

6468.4. The treasurer shall keep a separate redemption fund, properly designated, into which he shall place all sums received by him from the collection of the assessments against public property for bonds issued under the provisions of this chapter and for interest and penalties thereon and from which fund he shall disburse and pay the bonds and the interest due thereon upon presentation of the proper bonds and coupons. Under no circumstances shall the bonds or the interest thereon be paid out of any other fund.
(Added by Stats. 1969, Ch. 770.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4.5 - Issuance of Bonds to Represent Unpaid Assessments Against Publicly Owned Property › Section 6468.5.

6468.5. Sections 5302.6, 8653, 8654, 8655, 8670, 8672, 8673 and 8851 of this code are applicable to bonds issued under the provisions of this chapter.
(Amended by Stats. 1972, Ch. 629.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4.5 - Issuance of Bonds to Represent Unpaid Assessments Against Publicly Owned Property › Section 6468.6.

6468.6. The bonds shall be payable at the office of the treasurer of the city conducting the proceedings. At least 30 days prior to the first day of July of each and every year after the date of the bonds, until the bonds are paid in full, the treasurer shall mail postage prepaid to the entity whose obligation it is to levy a tax to pay the amount of principal and interest falling due each year, a notice of the amount due in the next succeeding fiscal year, the date when payments are due upon the bonds, and that payment shall be made to the city conducting the proceedings by the entity obligated to levy the tax to make the payments due thereon at least 30 days prior to the due date of any installment of principal or interest upon said bonds. Failure of the treasurer to notify the entity obligated to make payment shall not affect the obligation of the entity, whose duty it is to make such payment, to make payment thereof as required by Section 5302.5 of this code. The treasurer shall place the funds in the redemption fund for the payment of such bonds, and interest thereon, such redemption fund to be separate from all other funds and to be used solely for said purpose until the interest thereon and the bonds are paid in full.
(Added by Stats. 1969, Ch. 770.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4.5 - Issuance of Bonds to Represent Unpaid Assessments Against Publicly Owned Property › Section 6468.7.

6468.7. In the event that the public entity owning the property against which the assessment has been levied, and which is represented by the bonds authorized in this chapter, shall sell the property prior to the maturity and payment in full of all of the bonds representing such assessment, then all of the outstanding bonds shall be immediately payable in full together with the accrued interest thereon not later than sixty (60) days from the date of sale without premium. Interest shall be payable to the date of designated payment and the owner of the bonds, as the owner appears upon the records of the treasurer, shall be given written notice of such payment at his last known address or, if not known, at general delivery. Interest upon said bonds shall cease and terminate at the date designated for payment thereof in full, provided funds for the payment of all such principal and interest to such date have been paid into the proper redemption fund therefor and are available for such payment.
(Added by Stats. 1969, Ch. 770.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 4.5 - Issuance of Bonds to Represent Unpaid Assessments Against Publicly Owned Property › Section 6468.8.

6468.8. The legislative body conducting the proceedings may elect in the resolution of intention to provide that the bonds issued to represent assessments against property in the use of the performance of a public function shall provide a prepayment premium not to exceed 5 percent of the principal amount of bond. In such case, the amount of the premium shall be inserted in the bonds described in Section 6468.
(Added by Stats. 1972, Ch. 629.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5 - Division of Land and Bond › Section 6480.

6480. If any lot or parcel of land for which a bond has been issued is divided into two or more separate lots or parcels of land, including separate condominium interests, or if any two or more separate lots or parcels of land or separate condominium interests are combined into fewer lots or parcels, the bond or bonds may be surrendered and new bonds issued to the holder of the existing bond or bonds in the manner prescribed in this chapter.
(Amended by Stats. 1985, Ch. 1332, Sec. 1. Effective October 1, 1985.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5 - Division of Land and Bond › Section 6481.

6481. When it is desired that new bonds be issued, an application therefor in writing signed by the owner of any interest in any of the lots or parcels, including condominium interests, into which the original lot or parcel has been divided, or by the owner of the lots or parcels into which the original lots or parcels have been combined, shall be filed with the street superintendent. The application shall indicate how the original lot or parcel has been divided or how the original lots or parcels have been combined, request the street superintendent to apportion the amount remaining unpaid on the assessment in accordance with the division or combination, and be accompanied by a fee of five dollars ($5) for each separate part or parcel of land into which the original lot or parcel has been divided or for each original lot or parcel from which the newly combined lots or parcels were aggregated. If the legislative body determines that the fee set forth above is not sufficient to reimburse the city for the necessary administrative costs in processing applications under this chapter, the legislative body by resolution may fix a fee in an amount that will reimburse the city for the necessary costs in processing applications under this chapter. The street superintendent shall deposit all of these fees in the treasury.
(Amended by Stats. 1985, Ch. 1332, Sec. 2. Effective October 1, 1985.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5 - Division of Land and Bond › Section 6482.

6482. Upon receipt of the application and fee the street superintendent shall apportion to each separate part of the original lot or parcel of land the proportionate part of the amount remaining unpaid on the assessment that would have been levied thereon had the lot or parcel of land been so divided at the time the original assessment was made, or shall apportion to each combined parcel the proportionate part of the amount remaining unpaid on the assessment that would have been levied thereon had the parcel been so combined at the time the original assessment was made.
(Amended by Stats. 1985, Ch. 1332, Sec. 3. Effective October 1, 1985.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5 - Division of Land and Bond › Section 6483.

6483. When the apportionment has been made an application signed by all persons owning an interest in the original lot or parcel or lots or parcels of land and by the holder of the existing bond on the lot or parcel of land or lots or parcels may be filed with the treasurer requesting that new bonds be issued for the amounts shown by the apportioned assessment. The application shall be accompanied by evidence satisfactory to the treasurer that it is signed by all of the necessary persons.
(Amended by Stats. 1985, Ch. 1332, Sec. 4. Effective October 1, 1985.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5 - Division of Land and Bond › Section 6484.

6484. When the treasurer has ascertained that the application is signed by all the necessary persons he or she shall so advise the street superintendent. The street superintendent shall thereupon amend the recorded diagram and assessment to conform to the division or combination and apportionment and assign new assessment numbers to each separate part of the original lot or parcel of land.
(Amended by Stats. 1985, Ch. 1332, Sec. 5. Effective October 1, 1985.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5 - Division of Land and Bond › Section 6485.

6485. The treasurer shall add to each apportioned amount a sum equal to 5 percent thereof but in no event more than ten dollars ($10) and shall make and sign a new bond in the same form as the existing bond, to represent each such apportioned amount, and the amount so added if the apportioned amount is fifty dollars ($50) or more.
(Amended by Stats. 1967, Ch. 790.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5 - Division of Land and Bond › Section 6486.

6486. The bond shall be payable in installments at the respective dates of the payment of principal and interest on the existing bond, the number of such installments to be equal to the number of unpaid installments on the existing bond.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5 - Division of Land and Bond › Section 6487.

6487. No new bond shall be issued when the apportioned amount is less than fifty dollars ($50). If it is less, the apportioned amount shall be paid to the treasurer in cash for the benefit of the holder of the existing bond at or prior to the time of filing the application referred to in Section 6483.
(Amended by Stats. 1963, Ch. 631.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5 - Division of Land and Bond › Section 6488.

6488. Upon the surrender of the existing bond the treasurer shall deliver to the bondholder or his agent or assigns the bonds issued for such apportioned assessments together with all payments of cash which may have been made pursuant to Section 6487.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5.5 - Alternative Procedure for Division of Land and Bond › Section 6490.

6490. This chapter provides an alternative to the procedure for division of land and bond set out in Chapter 5 (commencing with Section 6480).
(Added by Stats. 1986, Ch. 874, Sec. 1. Effective September 17, 1986.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5.5 - Alternative Procedure for Division of Land and Bond › Section 6490.5.

6490.5. The legislative body may provide in the resolution of intention, along with its determination to issue bonds, that the bonds shall be divisible pursuant to this chapter. This chapter shall apply only if it is clearly stated on the bond that it is divisible pursuant to this chapter.
(Added by Stats. 1986, Ch. 874, Sec. 1. Effective September 17, 1986.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5.5 - Alternative Procedure for Division of Land and Bond › Section 6491.

6491. (a) If any lot or parcel of land upon which there is an unpaid assessment represented by bonds issued under this division and to which this chapter is applicable is subdivided, including a division into condominium interests as defined in Section 783 of the Civil Code, or the ownership of a portion of the lot or parcel of land is transferred to another person, the owner of any interest in any of the lots or parcels into which the original lot or parcel has been divided, may file an application in writing with the legislative body.
(b) The application under subdivision (a) shall indicate how the original lot or parcel has been divided or transferred, and request the legislative body to apportion the amount remaining unpaid on the assessment in accordance with this chapter.
(c) The application shall be accompanied by a fee in an amount to be determined by the legislative body, for each separate part or parcel of land into which the original lot or parcel has been divided or transferred. All application fees shall be deposited in the treasury.
(Added by Stats. 1986, Ch. 874, Sec. 1. Effective September 17, 1986.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5.5 - Alternative Procedure for Division of Land and Bond › Section 6491.5.

6491.5. Upon receipt of the application and fee, the street superintendent shall determine, or cause to be determined, an apportionment of the unpaid assessment to each separate part of the original lot or parcel of land, as if the lot or parcel of land had been so divided at the time the original assessment was made.
(Amended by Stats. 2006, Ch. 538, Sec. 641. Effective January 1, 2007.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5.5 - Alternative Procedure for Division of Land and Bond › Section 6492.

6492. After the apportionment has been determined pursuant to Section 6491.5, an application signed by all persons owning an interest in the original lot or parcel of land may be filed with the legislative body, requesting that the assessment as apportioned be adopted.
(Added by Stats. 1986, Ch. 874, Sec. 1. Effective September 17, 1986.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5.5 - Alternative Procedure for Division of Land and Bond › Section 6492.5.

6492.5. (a) The clerk of the legislative body shall send a notice, by certified or registered mail, to the registered holder of any outstanding bond secured by the assessment to be apportioned, stating that an apportionment of an assessment has been requested, and indicating the numbers and amounts of the proposed apportionment. The notice shall also state that, unless a request for a hearing is received within 45 days from the date of mailing of the notice, the apportioned assessments shall become final and be recorded in the office of the street superintendent.
(b) If a request for a hearing under subdivision (a) is received, the legislative body shall file a report and conduct a hearing pursuant to Part 10 (commencing with Section 8730) of Division 10.
(Added by Stats. 1986, Ch. 874, Sec. 1. Effective September 17, 1986.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5.5 - Alternative Procedure for Division of Land and Bond › Section 6493.

6493. (a) At the time and place set for the hearing pursuant to subdivision (b) of Section 6492.5, and after hearing all protests, the legislative body may determine to divide the bond according to the proposed apportionment, or as amended by the legislative body during the hearing, upon a finding of both of the following:
(1) That the apportionment is in accordance with the proportionate benefits to be received by each of the resulting lots or parcels.
(2) That the apportionment does not impair the value or security of the outstanding bonds secured by the land being apportioned and that the lien-to-value ratio of each apportioned parcel is not less than that ratio for the original parcel based on an appraisal by an individual designated by a nationally recognized appraisal association. The value calculations shall exclude site improvements constructed subsequent to the date of confirmation of the assessment.
(b) The determination of the legislative body pursuant to subdivision (a) is final and conclusive.
(c) Upon that determination, the bond secured by the original parcel shall be returned by the bondholder, canceled on the books of the city, and exchanged for new bonds on the apportioned parcels in the same aggregate principal amount, of the same maturity, and at the same interest rate as the original bond. Thereafter, payment of principal and interest shall be due on the new bonds to the holder thereof in the same manner and on the same dates as were applicable to the original bond.
(Added by Stats. 1986, Ch. 874, Sec. 1. Effective September 17, 1986.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5.5 - Alternative Procedure for Division of Land and Bond › Section 6493.5.

6493.5. (a) If the clerk of the legislative body ascertains that the application has been signed by all of the necessary persons, and that no request for a hearing has been received, the clerk shall amend, or cause to be amended, the recorded diagram and assessment to conform to the proposed division and apportionment, and assign new assessment numbers to each separate part of the original lot or parcel of land.
(b) The clerk of the legislative body shall file the amended assessment with the treasurer, who shall annually enter upon the assessment roll the installments becoming due on each component part of the original parcel opposite a description of the respective parcels.
(Added by Stats. 1986, Ch. 874, Sec. 1. Effective September 17, 1986.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 7 - THE IMPROVEMENT ACT OF 1911 › PART 5 - IMPROVEMENT BONDS › CHAPTER 5.5 - Alternative Procedure for Division of Land and Bond › Section 6494.

6494. If a city is the legislative body proceeding pursuant to this chapter and collections upon the assessments are made by county officials, the street superintendent shall transmit a copy of the amended assessment to the county treasurer.
(Added by Stats. 1986, Ch. 874, Sec. 1. Effective September 17, 1986.)