reglab/statecodes huggingface dataset:
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 6.5 - VARIABLE INTEREST RATE BONDS › Section 8665.

8665. The legislative body may, by resolution, specify terms and conditions under which the city agrees to repurchase the bonds. The legislative body may secure a letter of credit or other instrument to secure payment or repurchase of any bonds, and the resulting costs, including costs of initially securing, maintaining, or making any payments arising from the exercise of, a letter of credit or other instrument, may be treated as incidental expenses. The legislative body may engage a remarketing agent and an indexing agent, subject to terms and conditions agreed to by the legislative body, and the resulting costs may be treated as incidental expenses.
(Amended by Stats. 1986, Ch. 874, Sec. 7. Effective September 17, 1986.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 6.5 - VARIABLE INTEREST RATE BONDS › Section 8665.5.

8665.5. The notice of assessment recorded with the county recorder pursuant to Section 3114 shall include the following statement:
Notice is further given that unpaid assessments are subject to interest at a variable interest rate.
(Added by Stats. 1985, Ch. 1332, Sec. 7. Effective October 1, 1985.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 7 - BOND RECORDS AND PAYMENTS › Section 8670.

8670. The bonds and interest shall be paid at the office of the treasurer or of another paying agent designated by the legislative body.
(Amended by Stats. 1985, Ch. 1332, Sec. 8. Effective October 1, 1985.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 7 - BOND RECORDS AND PAYMENTS › Section 8671.

8671. The treasurer or designated paying agent shall keep a redemption fund designated by the name of the bonds, in which there shall be placed all sums received from the collection of the assessments made. The fund shall be considered a trust fund for the benefit of the bondholders. The redemption fund shall be used for paying principal and interest and redemption premium, if any, payments on the bonds directly, or money in the fund may be forwarded to the paying agent for these purposes. Under no circumstances shall the bonds or the interest thereon be paid out of any other fund.
(Amended by Stats. 1993, Ch. 194, Sec. 13. Effective January 1, 1994.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 7 - BOND RECORDS AND PAYMENTS › Section 8672.

8672. The treasurer or the designated paying agent shall keep a register in his or her office showing the series, number, date, amount, rate of interest, and last known holder of each bond, and the number and amount of each interest coupon paid. The treasurer or agent shall cancel and file each bond and coupon which he or she pays. The register, canceled bonds, and coupons shall be retained for five years beyond the last maturity of the bond issue.
(Amended by Stats. 1990, Ch. 446, Sec. 13.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8680.

8680. (a) The unpaid assessments shall be payable in annual installments corresponding in number and proportionate amount to the number of installments and principal amounts of bonds maturing or becoming subject to mandatory prior redemption in each year pursuant to Section 8650.1. An annual proportion of each assessment shall be payable in each fiscal year preceding the date of maturity or mandatory prior redemption date of each of the bonds which have been issued, sufficient to pay the bonds when due. The annual proportion of each assessment coming due in any year, together with the annual interest on the assessment, shall be payable in the same manner and at the same time and in the same installments as the general taxes of the city on real property are payable, and the assessment installments and the annual interest on the assessment shall be payable and become delinquent at the same times and in the same proportionate amounts and, except as provided in subdivision (b), shall bear the same proportionate penalties and interest after delinquency as do the general taxes on real property of the city.
(b) The legislative body may provide, in the resolution of intention to do the work, that a penalty of 2 percent per month of the total amount of the delinquent installment shall be added to the delinquent installment after the close of business on the delinquency date and an additional penalty of 2 percent of the amount of the delinquency shall be added at the beginning of business on the 10th day of each succeeding month until that delinquent installment and all penalties thereon are fully paid. This penalty shall be in lieu of all other penalties assessed by other provisions of law. The treasurer or the designated paying agent shall collect the penalties with, and as a part of, the delinquent installments, or the legislative body may designate another official and another method of collection. All penalties collected shall be deposited in the redemption fund.
(Amended by Stats. 1990, Ch. 446, Sec. 14.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8681.

8681. Interest on all unpaid assessments shall begin to run from the date of filing of the contractor’s statement, or as otherwise provided in the law pursuant to which the assessment was levied, or from the date of the bonds if the assessment was levied under the Municipal Improvement Act of 1913 or other law, and shall be computed at the rate specified in the bonds secured by the assessments. For each year interest shall be computed and collected up to the next second day of September succeeding, no deduction being made by reason of any installment of the assessment being due or paid prior thereto in such year.
(Amended by Stats. 1993, Ch. 194, Sec. 14. Effective January 1, 1994.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8682.

8682. (a) A copy of the order of the legislative body determining the assessments remaining unpaid and upon the security of which bonds are issued shall be filed in the office of the auditor. The auditor shall keep a record in his or her office showing the several installments of principal and interest on the assessments which are to be collected in each year during the term of the bonds. The auditor shall annually enter in his or her assessment roll on which taxes will next become due, opposite each lot or parcel of land affected in a space marked “public improvement assessment,” or by other suitable designation, the several installments of the assessment coming due during the fiscal year covered by the assessment roll, including in each case the interest due on the total unpaid assessments.
(b) The auditor shall also add a maximum of 5 percent of the amount of the installments and of the interest so entered, not to exceed the city treasurer’s estimate of the expenses of collection, and in any case not to exceed eight dollars ($8) per lot or parcel per installment, except with the landowner’s written consent. The expenses of collection shall include necessary administrative expenses of the city incurred in providing the auditor with current information regarding the ownership or division of the affected lots or parcels of land to ensure the proper entry by the auditor in his or her assessment roll of the several installments of the assessment coming due during the fiscal year covered by the assessment roll and the timely collection of the installments. The percentages, and the amount represented by the installments, when collected shall belong to the city and shall cover the expenses and compensation of the city treasurer incurred in the collection of the assessments, and of the interest and penalties added on to the assessments. No other percentage or amount shall be claimed by the legislative body for the collections.
(c) In the case of an assessment district created prior to January 1, 1988, the amount of collection costs which may be collected pursuant to this section may be the amount which could have been collected pursuant to this section as it read prior to being amended by Chapter 874 of the Statutes of 1986.
(Amended by Stats. 1990, Ch. 446, Sec. 15.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8682.1.

8682.1. (a) In addition to the amounts set forth in Section 8682, the auditor shall further annually enter in the assessment roll on which taxes will next become due, opposite each lot or parcel of land affected, in the manner set forth in Section 8682, each lot’s or parcel’s pro rata share of the annual expenses of the city in connection with the registration of the bonds under the system of registration authorized by Chapter 1.5 (commencing with Section 5050) of Division 6 of Title 1 of the Government Code, as determined by the legislative body. The expenses shall include the amount or estimated amount necessary to pay the fees and charges coming due during the fiscal year covered by the assessment roll of corporate or other authenticating agents, transfer agents, registrars, paying agents, agents engaged to assist in complying with federal arbitrage requirements, or other agents of the city. If the city performs any transfer, registration, authentication, payment, or other function described in this section, the expenses shall include a pro rata amount of the salaries of the city employees involved in the performance of the functions and all other costs incurred by the city in connection with the functions.
(b) Alternatively, the legislative body may elect to include in the assessment, and in the amount of the bonds, the estimated aggregate total of the expenses throughout the term of the bonds and to pay the annual amounts of the expenses from the fund created. Any amount remaining in the fund upon the retirement of the bonds shall be disposed of as provided in Section 8783.
(Amended by Stats. 1989, Ch. 104, Sec. 18.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8683.

8683. If the legislative body conducting the proceedings is not a county and collections of assessments are made by county officials, the county auditor shall, within 90 days after each installment becomes delinquent, render to the city a detailed report showing the amounts of the installments, interest, penalties, and percentages so collected on each proceeding and from what property collected, identifying any properties which are delinquent and the amount and length of time in arrears, and also giving a statement of the percentages retained for the expenses of making such collections.
(Amended by Stats. 1986, Ch. 874, Sec. 10. Effective September 17, 1986.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8684.

8684. Taxpayers shall have the same right to pay assessments together with interest, and any penalties thereon, under protest as they have to pay general city taxes under protest, but their written protest must accompany each such payment.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8685.

8685. If any lot or parcel of land affected by any assessment is not separately assessed on the tax roll so that the installment of the assessment to be collected can be conveniently entered thereon, then the auditor shall enter on the roll a description of the lot or parcel affected, with the name of the owners if known, but otherwise the owners may be described as “unknown owners,” and extend the proper installment opposite the same.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8686.

8686. If it appears to the legislative body that, according to the dates when taxes are collected in the city, there will be an insufficient amount on hand to pay the interest when due, according to the method of collection provided by the preceding provisions of this division, the legislative body may direct that such interest or some portion of it be collected in the year preceding that in which the same would otherwise be collected, and thereupon such interest or portion thereof shall be extended on the rolls for such preceding year and be due and collected therein.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8688.

8688. Any interested owner shall have the right to tender to the treasurer in payment or part payment of any installment of the assessment or interest or penalties thereon which may be due or payable, any bond secured thereby, the bond to be taken at par and credit to be given for the accrued interest shown thereby computed to the date of tender. The treasurer shall thereupon cancel the bond and shall cause proper credit therefor to be entered on the records of the assessment, in the office of the auditor and tax collector.
(Amended by Stats. 1993, Ch. 194, Sec. 15. Effective January 1, 1994.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 8 - COLLECTION OF ASSESSMENTS › Section 8689.

8689. Within the Bass Lake Improvement District in Madera County, a person who has an interest in any land in the improvement district less than a fee interest, such as a leaseholder or subleaseholder, may pay, and the tax collector may accept payment for the entire assessment or any installment thereon, including the assessment on the fee interest. When the tax collector accepts such payment on a portion or part of a parcel, the tax collector shall record such information as required to identify such payment, and the tax collector may add to such assessment a fee as required to pay any additional costs incurred for accepting such payment on a portion of the parcel assessed. The tax collector shall deposit all such fees in the general fund of the treasury.
(Added by Stats. 1977, Ch. 833.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 9 - ASSESSMENT LIENS AND REASSESSMENTS › Section 8700.

8700. In the event bonds are ordered to be issued, the unpaid assessments, as shown on the list filed by the street superintendent and determined by the legislative body, and any reassessments which may be issued thereon or in lieu thereof, together with interest thereon, shall remain and constitute a trust fund for the redemption and payment of the principal of the bonds and for the interest which may be due thereon.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 9 - ASSESSMENT LIENS AND REASSESSMENTS › Section 8701.

8701. Such assessments and reassessments and each installment thereof and the interest and penalties thereon shall constitute a lien against the lots and parcels of land on which they are made, until the same be paid, but for a period not exceeding the time within which an action might be brought on the last series of bonds issued upon the security of such unpaid assessments.
(Amended by Stats. 1963, Ch. 1465.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 9 - ASSESSMENT LIENS AND REASSESSMENTS › Section 8702.

8702. The lien, whether bonds issued to represent the assessment or otherwise, shall be subordinate to all fixed special assessment liens previously imposed upon the same property, but it shall have priority over all fixed special assessment liens which may thereafter be created against the property.
(Added by Stats. 1963, Ch. 1465.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 9 - ASSESSMENT LIENS AND REASSESSMENTS › Section 8703.

8703. The lien of a reassessment and a refunding assessment shall have the same priority as the original assessment to which it relates. A supplemental assessment is a new assessment.
(Added by Stats. 1963, Ch. 1465.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 9 - ASSESSMENT LIENS AND REASSESSMENTS › Section 8704.

8704. Unmatured installments, interest and penalties secured by any such lien or liens shall not be deemed to be within the terms of any general warranty of title.
(Added by Stats. 1963, Ch. 1465.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 9 - ASSESSMENT LIENS AND REASSESSMENTS › Section 8705.

8705. If any assessment heretofore or hereafter issued is void or unenforceable, for any cause, or if bonds are issued to represent or be secured by any assessments and that issuance is not effective through the curative provisions in relation thereto under the law pursuant to which the assessment was levied or under this division to make them valid and enforceable, then a reassessment may be made. The reassessment shall be made upon the demand of the owner or holder of bonds aggregating one-third of the principal amount outstanding, or upon order of the legislative body, and shall be made in the manner and form provided by the law pursuant to which the assessment was levied, without regard to whether the acquisition or improvement has been done or is proposed to be done, if any valid procedure is provided, and otherwise as provided by Chapter 19 (commencing with Section 5500) of Part 3 of Division 7.
(Amended by Stats. 1993, Ch. 194, Sec. 16. Effective January 1, 1994.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 9 - ASSESSMENT LIENS AND REASSESSMENTS › Section 8706.

8706. When made, the reassessment shall constitute a trust fund for the redemption and payment of the original bonds issued against the original assessment; or the legislative body may call in the original issue of bonds outstanding and issue new bonds upon the security of the reassessment in lieu thereof. If the legislative body determines that new bonds shall be issued upon the security of the reassessment, the notice of hearing upon the reassessment shall contain a declaration of intention to issue bonds substantially in the form provided for in Section 8573. Upon confirmation of the reassessment the legislative body may issue the new bonds in the manner that it determines.
(Amended by Stats. 1993, Ch. 194, Sec. 17. Effective January 1, 1994.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 9 - ASSESSMENT LIENS AND REASSESSMENTS › Section 8707.

8707. If the legislative body calls in the original issue of outstanding bonds, it may direct the treasurer to, and the treasurer shall thereupon, advance the maturity of the outstanding bonds bearing interest in the manner provided in Part 11 (commencing with Section 8750), notwithstanding the fact that there may not be surplus moneys in the redemption fund with which to pay the same. New bonds shall be issued in an aggregate amount equal to the total balance of the reassessment unpaid and shall bear interest from their date at the rate fixed by the legislative body.
(Amended by Stats. 1993, Ch. 194, Sec. 18. Effective January 1, 1994.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 9 - ASSESSMENT LIENS AND REASSESSMENTS › Section 8708.

8708. Upon the surrender of the outstanding bonds, the new bonds shall be issued ratably to the holders of the original outstanding bonds. Each holder of such original bonds shall be entitled to such proportion of the new bonds as the total amount of the principal and interest due him on his original bonds, upon the date of the recordation of the reassessment, bears to the total amount of the principal of the new bonds. In making distribution the legislative body may assign the different bonds and allot maturities in such manner as to it shall seem equitable.
(Added by renumbering Section 8705 by Stats. 1963, Ch. 1465.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10 - DIVISION OF LAND AND BOND › Section 8730.

8730. If any lot or parcel of land upon which there is an unpaid assessment against which a bond has been issued under this division, is divided, including a division into condominium interests as defined in Section 783 of the Civil Code, or the ownership of a portion of such lot or parcel of land is transferred to another person, the legislative body may order the street superintendent to file with the clerk an amended assessment of the original parcel of land affected by such division or transfer of ownership, segregating and apportioning the unpaid installments of the original assessment in accordance with the benefits to the several parts of the original lot or parcel plus costs and fees of making the apportionment. The legislative body shall, at the time of ordering the amended assessment, fix the amount of costs and fees for preparing the amended assessment, the notices, and the amended assessment diagram.
(Amended by Stats. 1967, Ch. 791.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10 - DIVISION OF LAND AND BOND › Section 8731.

8731. The street superintendent shall file with the clerk a report and an amended assessment of the lots or parcels of land described in the order of the legislative body, together with a map or plat showing how such lots or parcels have been divided. The total amount of the assessments of the several portions of any one original lot or parcel shall be equal to the unpaid assessments upon the original lot or parcel of land, plus the costs and fees for making the amended assessment, the notices, and the amended assessment diagram as determined by the legislative body under Section 8730. The street superintendent shall apportion the costs and fees to the respective parcels in proportion to the amount of the divided assessments against the parcels. Prior to making a division and prior to making the amended assessment, the street superintendent shall notify the owner of the original parcel assessed, as the name of the owner appears on the last equalized roll for taxes, or as it is known to the street superintendent, of the order of the legislative body fixing the costs and fees of the apportionment, and directing that the payment thereof be made to the superintendent of streets within 15 days of the notification. In the event the amount of the costs and fees of the apportionment is not paid within 15 days of the notification, the superintendent of streets shall proceed to prepare the amended assessment and shall show separately thereon, but as a part of the total, the amount of costs and fees chargeable to each divided parcel. The street superintendent shall deposit all such costs and fees in the general fund of the treasury.
(Amended by Stats. 1967, Ch. 791.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10 - DIVISION OF LAND AND BOND › Section 8732.

8732. Upon the filing of the street superintendent’s report and amended assessment the clerk shall fix a time and place for a hearing upon the amended assessment and shall give notice of the hearing by publication. The notice shall contain a statement of the time fixed for the hearing upon the amended assessment and any objections thereto, which time shall not be less than 15 days from the first publication of the notice. The notice shall contain a reference to the original assessment and to the improvement proceedings, and shall refer to the report and map or plat of the amended assessment for particulars and no other description of the lots or parcels of land affected thereby shall be necessary.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10 - DIVISION OF LAND AND BOND › Section 8733.

8733. All persons interested in the original assessment, or in the lands affected thereby or in the bonds secured thereby, may, at the time of the hearing or at the time to which the hearing may be continued, appear and protest against the amended assessment. At the hearing the legislative body shall hear and determine all objections to the division of the assessments and shall confirm or modify the same. All determinations and decisions of the legislative body shall be conclusive upon all persons entitled to object under the provisions of this section. Final action of the legislative body upon the report and amended assessment shall be taken on or before the fifteenth day of July of any year.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10 - DIVISION OF LAND AND BOND › Section 8734.

8734. The clerk shall file the amended assessment as confirmed or modified by the legislative body with the auditor, who shall annually thereafter enter upon the assessment roll the installments becoming due on each component part of the original parcel opposite a description of the respective parcels so assessed. The amount charged for fees and costs as shown on the amended assessment as to each parcel shall be entered upon the assessment roll and shall be collected along with the first installment of the amended assessment. The street superintendent shall deposit all such costs and fees in the general fund of the treasury.
When a city is conducting the proceedings and collections upon the assessments are made by county officials the city clerk shall transmit a copy of the amended assessment to the county auditor.
The amended assessment shall be accompanied by an amended map or plat prepared pursuant to Section 8731. Such amended map or plat shall be designated “amended assessment diagram amending Assessment No. ____, Assessment District ____, State of California.” The amended map or plat shall substantially conform to the requirements and specifications provided for in Section 3114, and shall be filed by the clerk in the office of the county recorder. The county recorder may charge an appropriate fee for the expense incurred in filing the amended map or plat. The map or plat shall be cross-indexed by the recorder to the original assessment diagram which it amends.
The amended map or plat shall include on its face that it amends the assessment diagram for (here insert name or number of assessment district or both name and number of assessment district, together with city or county or both city and county), State of California prior recorded at Book ____ of Maps of Assessment Districts at page ____, in the office of the County Recorder for the County of ____, State of California.
(Amended by Stats. 1973, Ch. 665.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.5 - ALTERNATIVE PROCEDURE FOR DIVISION OF LAND AND BOND › Section 8740.

8740. The procedures of this part are alternative to Part 10 of this division, relating to division of land and bond.
(Added by Stats. 1959, Ch. 1527.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.5 - ALTERNATIVE PROCEDURE FOR DIVISION OF LAND AND BOND › Section 8740.1.

8740.1. If any lot or parcel of land upon which there is an unpaid assessment represented by bonds issued under this division is subdivided, including a division into condominium interests as defined in Section 783 of the Civil Code, or the ownership of a portion of such 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 shall file an application in writing with the street superintendent. The application shall indicate how the original lot or parcel has been divided or transferred, request the street superintendent to apportion the amount remaining unpaid on the assessment in accordance with the division, and be accompanied by a fee in an amount to be fixed by the legislative body for each separate part or parcel of land into which the original lot or parcel has been divided or transferred. The street superintendent shall deposit all such fees in the treasury.
(Amended by Stats. 1967, Ch. 791.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.5 - ALTERNATIVE PROCEDURE FOR DIVISION OF LAND AND BOND › Section 8740.2.

8740.2. 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.
(Added by Stats. 1959, Ch. 1527.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.5 - ALTERNATIVE PROCEDURE FOR DIVISION OF LAND AND BOND › Section 8740.3.

8740.3. (a) When the apportionment has been made, an application signed by all persons owning an interest in the original lot or parcel of land may be filed with the street superintendent requesting that the assessment as apportioned be recorded.
(b) The street superintendent shall send to the underwriter or other original purchaser of any bonds which may be outstanding a notice, by certified or registered mail, that an apportionment of an assessment has been made and the numbers and amounts thereof and that, unless a request for a hearing is received within 14 days from the date of mailing of the notice, the apportioned assessments shall be recorded. If a request for a hearing is received, a report shall be filed and hearing shall be scheduled, noticed, and held in accordance with Part 10 (commencing with Section 8730).
(Amended by Stats. 1989, Ch. 104, Sec. 20.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.5 - ALTERNATIVE PROCEDURE FOR DIVISION OF LAND AND BOND › Section 8740.4.

8740.4. When the street superintendent has ascertained that the application is signed by all the necessary persons, and that no request for a hearing has been received, he shall thereupon amend the recorded diagram and assessment to conform to such division and apportionment and assign new assessment numbers to each separate part of the original lot or parcel of land.
(Added by Stats. 1959, Ch. 1527.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.5 - ALTERNATIVE PROCEDURE FOR DIVISION OF LAND AND BOND › Section 8740.5.

8740.5. The street superintendent shall file the amended assessment with the auditor, who shall annually thereafter enter upon the assessment roll the installments becoming due on each component part of the original parcel opposite a description of the respective parcels so assessed.
When a city is conducting the proceedings and collections upon the assessments are made by county officials, the street superintendent shall transmit a copy of the amended assessment to the county auditor.
(Added by Stats. 1959, Ch. 1527.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.7 - BOND ANTICIPATION NOTES › Section 8745.

8745. The legislative body may, by resolution, borrow money in anticipation of the sale of bonds which have been authorized pursuant to this division, but which have not been sold and delivered, issue negotiable bond anticipation notes therefor, and renew the notes from time to time. The maximum maturity of any bond anticipation notes, including the renewals thereof, shall not exceed three years from the date of delivery of the original notes.
(Added by Stats. 1984, Ch. 1298, Sec. 15.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.7 - BOND ANTICIPATION NOTES › Section 8745.2.

8745.2. The principal and interest on the bond anticipation notes may be paid from any money available for their payment. Any portion of the principal or interest which is due and payable shall be paid from the proceeds of the next sale of bonds in anticipation of which the notes were issued.
(Added by Stats. 1984, Ch. 1298, Sec. 15.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.7 - BOND ANTICIPATION NOTES › Section 8745.4.

8745.4. The proceeds of bond anticipation notes issued pursuant to this part may be used for any purpose for which the bonds in anticipation of which the notes were issued may be used.
(Added by Stats. 1984, Ch. 1298, Sec. 15.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.7 - BOND ANTICIPATION NOTES › Section 8745.6.

8745.6. The bond anticipation notes shall not be issued in any amount in excess of the aggregate amount of bonds which the legislative body has been authorized to issue, less the amount of any bonds of the authorized issue which have been previously sold and less the amount of other bond anticipation notes previously issued and still outstanding.
(Added by Stats. 1984, Ch. 1298, Sec. 15.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.7 - BOND ANTICIPATION NOTES › Section 8745.8.

8745.8. The legislative body may provide, in its resolution authorizing the issuance of bond anticipation notes, that the note shall be subject to call and redemption prior to maturity, at the option of the legislative body, at the price or prices which are fixed in the resolution, but not to exceed a premium of 6 percent of the par value of the note subject to redemption. The resolution shall fix the method of giving notice of redemption to the holders of the notes to be redeemed and the price or prices at which the note shall be subject to redemption. Any notes that are subject to call and redemption prior to maturity shall contain a recital to that effect on their face, and no note shall be subject to call or redemption prior to its fixed maturity date unless it contains that recital.
(Added by Stats. 1984, Ch. 1298, Sec. 15.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.7 - BOND ANTICIPATION NOTES › Section 8746.2.

8746.2. The bond anticipation notes and the resolution authorizing them may contain any provisions, conditions, or limitations which a resolution of the legislative body authorizing the issuance of bonds may contain.
(Added by Stats. 1984, Ch. 1298, Sec. 15.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 10.7 - BOND ANTICIPATION NOTES › Section 8746.4.

8746.4. The legislative body shall provide a remedy in its resolution authorizing the issuance of bond anticipation notes if the anticipated bonds cannot be sold at the time or in the amount specified in the resolution or if any default occurs with respect to the notes. Any remedy which is so provided shall limit the obligations of property owners within the area subject to assessment to the amount of the assessment authorized and levied, except that the legislative body may enter into an agreement with any of the property owners within the district pledging some or all of the property of those property owners who are a party to the agreement as additional security for the notes.
(Added by Stats. 1984, Ch. 1298, Sec. 15.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11 - ADVANCE RETIREMENT OF BONDS › Section 8750.

8750. By proceeding in accordance with the provisions of this part the treasurer may advance the maturity of any bond to the second day of March or September in any year and pay and cancel the same whenever there is sufficient surplus moneys in the redemption fund for its retirement.
(Amended by Stats. 1985, Ch. 65, Sec. 16. Effective June 6, 1985.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11 - ADVANCE RETIREMENT OF BONDS › Section 8751.

8751. Notice of advanced maturity shall be given in writing to the registered holder or owner of the bond by registered or certified mail or personal service. Service or mailing of the notice shall be made at least 30 days before the date fixed for advanced maturity.
(Amended by Stats. 1987, Ch. 1388, Sec. 9.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11 - ADVANCE RETIREMENT OF BONDS › Section 8751.5.

8751.5. In the event the treasurer receives for payment any interest coupon from a bond for which notice of advanced maturity has been given without the bond being surrendered to him or her, he or she shall mail a copy of the notice of advanced maturity to the address given for payment of the coupon and, if the coupon received is for interest which has ceased to accrue on the bond by reason of its advanced maturity, shall also return the interest coupon with the copy of notice. Failure of the holder or owner of the bond to receive the additional notice shall not affect the advancing of the maturity of the bond.
(Added by Stats. 1987, Ch. 1388, Sec. 9.5.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11 - ADVANCE RETIREMENT OF BONDS › Section 8752.

8752. If notice of advanced maturity is given, the bond shall mature and become payable on the date fixed for maturity in the notice. The holder or owner of the bond may, prior to the date of advanced maturity, with the consent of the treasurer, surrender it and receive the principal and interest thereon to the date of payment together with the redemption premium provided for the bond. If the bond has not been sooner surrendered on the date fixed for advanced maturity, the treasurer shall set aside to the credit of the owner of the bond the amount of principal and accrued interest then due on the bond together with the redemption premium and the bond shall then be deemed to have matured and interest shall cease to accrue on the bond. The amount so set aside shall upon demand and upon the surrender and cancellation of the bond be paid to the holder or owner of the bond.
(Amended by Stats. 1987, Ch. 1388, Sec. 10.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11 - ADVANCE RETIREMENT OF BONDS › Section 8755.

8755. Prior to the surrender of any bond or the setting aside of any funds, the treasurer may waive and vacate any notice of advanced maturity upon being tendered for cancellation some other bond or bonds of an equivalent amount and of a maturity not earlier than that noticed, if 10 days’ notice of his intention so to do is first given by mail or otherwise to the holder or owner of the bond noticed for advanced maturity and such holder or owner has not objected to such action.
(Added by Stats. 1941, Ch. 79.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11 - ADVANCE RETIREMENT OF BONDS › Section 8756.

8756. In selecting bonds for retirement, the treasurer shall follow the procedure set forth in Section 8768. The decision of the treasurer in selecting bonds for retirement shall be conclusive in the absence of fraud. The treasurer shall make provision for returning to owners releasing unpaid assessments under Part 8 all interest not accrued less the premium and interest paid on the bonds retired and the cost of administering retirement of the bonds.
(Amended by Stats. 1971, Ch. 1140.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11.1 - ALTERNATIVE PROCEDURE FOR COLLECTING ASSESSMENTS AND ADVANCE RETIREMENT OF BONDS › Section 8760.

8760. The procedures of this part are alternative to Part 8 (commencing with Section 8680) and Part 11 (commencing with Section 8750) relating to the partial or full payment of assessments and advance retirement of bonds. Except as otherwise provided, Part 8 (commencing with Section 8680) and Part 11 (commencing with Section 8750) apply. When it is proposed to proceed under this part, it shall be so stated in the resolution of intention.
(Amended by Stats. 1989, Ch. 104, Sec. 21.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11.1 - ALTERNATIVE PROCEDURE FOR COLLECTING ASSESSMENTS AND ADVANCE RETIREMENT OF BONDS › Section 8766.

8766. The owner of assessed land, except land which has been ordered to judicial foreclosure pursuant to Section 8830, may prepay the assessment and remove the lien of the assessment by paying to the treasurer all of the following:
(a) The amount of any delinquent installments of principal and interest, together with penalties accrued to the date of prepayment.
(b) The unpaid, nondelinquent principal of the assessment, including principal posted to the tax roll for the current fiscal year but not yet paid.
(c) An allowance for redemption premium, calculated by multiplying the amount of the unmatured principal by the redemption premium percentage stated in the bonds. Unmatured principal excludes principal due during the fiscal year of prepayment.
(d) A reasonable fee, fixed by the treasurer, for the cost of administering the prepayment and the advance redemption of bonds.
(e) Interest accrued to the next call date of the bonds. The next call date is the next bond interest payment date which is not less than 90 days after the date of prepayment. Credit shall be given, or a refund provided, for installments of interest posted to the current tax roll and actually paid.
(f) A credit for the reserve fund calculated pursuant to Section 8881.
(Amended by Stats. 1989, Ch. 104, Sec. 22.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11.1 - ALTERNATIVE PROCEDURE FOR COLLECTING ASSESSMENTS AND ADVANCE RETIREMENT OF BONDS › Section 8766.5.

8766.5. The owner of assessed land, except land which has been ordered to judicial foreclosure pursuant to Section 8830, may prepay the assessment in part and remove the lien of the assessment in part by paying to the treasurer all of the following:
(a) The amount of any delinquent installment of principal and interest, together with penalties accrued to the date of prepayment.
(b) A portion of the unpaid, nondelinquent principal of the assessment in increments of five thousand dollars ($5,000).
(c) An allowance for redemption premium, calculated by multiplying the amount of the unmatured principal being prepaid by the redemption premium percentage stated in the bonds.
(d) A reasonable fee, fixed by the treasurer, for the cost of administering the prepayment and the advance redemption of bonds.
(e) Interest accrued to the next call date of the bonds. The next call date is the next bond interest payment date which is not less than 90 days after the date of prepayment.
(f) A credit for the reserve fund calculated pursuant to Section 8881.
When an assessment has been partially prepaid, the treasurer shall issue a revised auditor’s record for that parcel, showing the proportionate reduction in assessment installments. Thereafter, the treasurer shall levy subsequent installments at the reduced rate.
(Amended by Stats. 1990, Ch. 446, Sec. 16.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11.1 - ALTERNATIVE PROCEDURE FOR COLLECTING ASSESSMENTS AND ADVANCE RETIREMENT OF BONDS › Section 8767.

8767. Upon receiving a partial or full prepayment of an assessment, the treasurer shall deposit it in an assessment prepayment subaccount of the bond redemption fund. All prepayments may be commingled in a single account. From the account, the treasurer shall make disbursements as follows:
(a) The administrative fee shall be deposited in the general fund of the city.
(b) Delinquent principal, interest, and penalties shall be transferred to the redemption fund for the bonds. If a special reserve fund has been established for the bonds and has been depleted on account of the delinquencies, the delinquent amounts and penalties shall be transferred instead to the special reserve fund.
(c) The installment of principal due in the fiscal year of prepayment shall be transferred to the redemption fund for the bonds.
(d) Interest accrued to the next call date shall be transferred to the redemption fund for the bonds.
(e) The balance in the assessment prepayment account shall be used to advance the maturity of bonds to the next call date, as provided in Part 11 (commencing with Section 8750). The amount of bonds to be retired shall be the maximum for which principal and redemption premium may be paid in full from the prepayment account. Accrued interest on bonds to be retired shall be paid from the redemption fund.
(Amended by Stats. 1989, Ch. 104, Sec. 24.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11.1 - ALTERNATIVE PROCEDURE FOR COLLECTING ASSESSMENTS AND ADVANCE RETIREMENT OF BONDS › Section 8768.

8768. The treasurer shall select bonds for retirement in such a way that the ratio of outstanding bonds to issued bonds shall be approximately the same in each annual series insofar as possible. Within each annual series, bonds shall be selected for retirement by lot.
(Repealed and added by Stats. 1987, Ch. 1388, Sec. 21.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 11.1 - ALTERNATIVE PROCEDURE FOR COLLECTING ASSESSMENTS AND ADVANCE RETIREMENT OF BONDS › Section 8769.

8769. Before issuing bonds pursuant to this division, the legislative body shall determine, and shall declare in the resolution of intention, one of the following:
(a) The city will obligate itself to advance available funds from the city treasury to cure any deficiency which may occur in the bond redemption fund. If the legislative body determines to so declare under this subdivision, the legislative body may provide further security for the assessment bonds by creating an improvement district pursuant to the Benefit Assessment Act of 1982.
(b) The city will not obligate itself to advance available funds from the city treasury to cure any deficiency which may occur in the bond redemption fund. A determination not to obligate itself shall not prevent the city from, in its sole discretion, so advancing funds.
The determination made pursuant to this section shall be clearly stated in the text of the bonds issued pursuant to this division, and the title of the bonds shall include the words “Limited Obligation Improvement” in the event that the declaration in subdivision (b) is made.
(Amended by Stats. 1990, Ch. 446, Sec. 17.)
2023 California Code › Streets and Highways Code - SHC › DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915 › PART 12 - REDEMPTION FUND DEFICIENCIES › Section 8770.

8770. If it appears to the treasurer that there is danger of an ultimate loss accruing to the bondholders for any reason, he or she shall withhold payment on all matured bonds and interest and report the facts to the legislative body so that proper action may be taken by that body to equitably protect all bondholders.
(Amended by Stats. 1993, Ch. 194, Sec. 19. Effective January 1, 1994.)