California Streets and Highways Code PART 12 - REDEMPTION FUND DEFICIENCIES

• Section 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...
• Section 8771.
  On receipt of the report, the legislative body shall fix a date for hearing thereon. The clerk shall give notice of the hearing by posting...
• Section 8772.
  If the legislative body determines that in its judgment there will be a shortage in the redemption fund, it shall direct the treasurer to pay...
• Section 8773.
  In order to facilitate the making of proportionate payments, the holders of outstanding bonds shall surrender them to the treasurer for registration and cancellation. Upon...
• Section 8774.
  The legislative body may hold supplemental hearings on like notice and such other and supplemental orders may be made from time to time as may...
• Section 8775.
  If a deficiency occurs in the redemption fund with which to pay past due bonds, past due interest, or bonds or interest which will become...
• Section 8776.
  When funds become available for the payment of any bond which was not paid upon presentment, the treasurer shall notify the registered owner thereof by...
• Section 8778.
  If a deficiency remains in the redemption fund after one year from the issuance of the bonds, the legislative body may require all persons interested...
• Section 8779.
  Notice of the hearing shall be given by publication, and shall also be posted by the street superintendent in the same manner as provided by...
• Section 8780.
  At the time set for the hearing the legislative body shall proceed to hear any person appearing and may determine whether or not such deficiency...
• Section 8781.
  The cost of the publication and posting of the notice and of making the supplemental assessment may be included in the supplemental assessment. A copy...
• Section 8782.
  The legislative body may provide in its order levying the supplemental assessment that the supplemental assessments may be collected in annual installments during the remaining...
• Section 8783.
  All money collected on the supplemental assessment shall be paid into the redemption fund and be applied to the payment of the costs of publishing...
• Section 8784.
  If there is a surplus remaining in the redemption fund after payment of all bonds and the interest thereon, that surplus shall first be applied...

Last modified: October 22, 2018