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Chapter 1. General Provisions And Definitions of California Streets And Highways Code >> Division 11.5. >> Chapter 1.
This division shall be known and may be cited as the
"Refunding Act of 1984 for 1915 Improvement Act Bonds."
The procedures of this division are an alternative to
Division 11 (commencing with Section 9000) which relates to the
refunding of bonds under the Improvement Bond Act of 1915.
It is hereby declared that it is a public purpose for a local
agency to issue refunding bonds for the purposes set forth in this
division and to invest and reinvest the proceeds thereof, and any
other funds legally available therefor, for the purposes set forth
herein.
The legislative body of any city in this state may issue
refunding bonds and refund outstanding bonds issued either under the
Improvement Bond Act of 1915 (Division 10 (commencing with Section
8500)) or under this division, under and subject to this division,
and may provide for the extension of the liens of assessments and the
levy and collection of assessments and reassessments to pay the
refunding bonds. All or any portion of any bond issue authorized for
refunding by this section may be refunded pursuant to this section.
It is the intention of this division that the outstanding
bonds and the original assessments shall remain in full force and
effect and secured by the original assessments until superseded and
supplanted by reassessments and refunding bonds validly and legally
issued pursuant to this division, at which time the reassessments
shall become the security for the refunding bonds and the refunding
escrow shall become the security for any outstanding bonds not
exchanged for refunding bonds.
Any action or determination made necessary by reason of state
or federal constitutional requirements or otherwise, or any action
or determination which is convenient in the making of the
reassessment, or in the refunding and reassessment proceedings, which
is not expressly set forth in this division is hereby authorized and
the same when made shall be valid and sufficient.
Any city may retain or employ any qualified person to perform
any work or perform any services provided for or authorized by this
division or in connection with the refunding of any indebtedness
authorized to be refunded under this division.
The incidental expenses of any refunding and reassessment
authorized by this division, including the designated costs of
issuing the refunding bonds, as defined and determined pursuant to
Chapter 3 (commencing with Section 9600), may be paid from the
proceeds of sale of the refunding bonds or from contributions and
appropriations made pursuant to Section 9510.
Subject to Section 9509, when proceedings are commenced under
this division, only this division shall apply.
A reassessment proceeding under this division may be
conducted concurrently with proceedings under any other applicable
reassessment law and all resolutions, notices, reports, and other
documents and proceedings required by each law may be consolidated
into single instruments.
Contributions and appropriations may be made at the times and
in the manner provided in Article 2 (commencing with Section 9125)
of Chapter 3 of Division 11, the terms of which are hereby referred
to and incorporated herein by reference.
This division does not affect any other act or acts now
existing or which may hereafter be passed covering the same subject
matter, nor apply to any proceedings thereunder, but is intended to
and does provide an alternative system for the refunding of bonds.
The remedies provided for the enforcement of any reassessment
levied under the provisions of this division are not exclusive and
additional remedies may be provided at any time.
The curative clauses of this division are cumulative and each
of them is to be given full force and effect.
This division and all of its provisions shall be liberally
construed in order that its purposes may be made effective.
In the event of a foreclosure or action to quiet title,
process shall be served upon the same person or persons as in other
cases of suits against the city.
The purchaser, whether at a tax collector's sale or at a
resale by the city in the event of the city having become the
purchaser, or at a foreclosure sale by order of court, takes the
property subject to all unpaid reassessment installments, interest,
and penalties under the same proceeding.
Unless the particular provision or the context otherwise
requires, the definitions contained in the Improvement Bond Act of
1915 shall govern the construction of this division.
The term "act," as used in this division, means the Improvement
Bond Act of 1915.
Any surplus remaining in the improvement fund for the
assessment district, after completion of the improvements and the
payment of all claims, may be used as a credit upon the reassessment
in the manner provided in Section 10427.1 or as otherwise provided in
Section 10427.
Any balance remaining in the special reserve fund for the
bonds to be refunded at the time of the issuance of the refunding
bonds shall be used to retire the bonds to be refunded as provided in
Section 8885.
Sections 8571.3 and 8769 are applicable to this division.
