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Section 50068 Of Article 3.1. Habitat Maintenance Assessment Districts From California Government Code >> Division 1. >> Title 5. >> Part 1. >> Chapter 1. >> Article 3.1.
50068
. (a) The legislative body may, by resolution, determine and
declare that bonds shall be issued to finance the estimated cost of
the proposed improvements described in Section 50060.5, other than
the costs of maintenance and servicing, under either the Improvement
Act of 1911 (Division 7 (commencing with Section 5000), S.& H.C.) or
the Improvement Bond Act of 1915 (Division 10 (commencing with
Section 8500), S.& H.C.). Either Part 5 (commencing with Section
6400) of Division 7 or Division 10 (commencing with Section 8500) of
the Streets and Highways Code, as the case may be, shall govern all
proceedings relating to the issuance of those bonds. The pertinent
provisions of that division which apply to the legislative body of a
city shall also apply to the legislative body of a district formed
pursuant to this article. Alternatively, the legislative body may
determine and declare that notes shall be issued for the same
purposes for which bonds may be issued. The maximum term to maturity
of any notes issued shall not exceed 10 years.
(b) The resolution shall generally describe the proposed improvements specified in Section 50060.5, set forth the estimated cost thereof, specify the number of annual installments and the fiscal years during which they are to be collected, and fix or determine the maximum amount of each annual installment necessary to retire the bonds or notes. The amount of debt service to retire the bonds shall not exceed the amount of revenue estimated to be raised from assessments over 30 years. The amount of debt service to retire the notes shall not exceed the amount of revenue to be raised from the assessments over 10 years.
(c) Notwithstanding any other provision of this article, assessments levied to pay the principal of, and interest on, any bond or note issued pursuant to this section, shall not be reduced or terminated if doing so would interfere with the timely retirement of the debt.
(b) The resolution shall generally describe the proposed improvements specified in Section 50060.5, set forth the estimated cost thereof, specify the number of annual installments and the fiscal years during which they are to be collected, and fix or determine the maximum amount of each annual installment necessary to retire the bonds or notes. The amount of debt service to retire the bonds shall not exceed the amount of revenue estimated to be raised from assessments over 30 years. The amount of debt service to retire the notes shall not exceed the amount of revenue to be raised from the assessments over 10 years.
(c) Notwithstanding any other provision of this article, assessments levied to pay the principal of, and interest on, any bond or note issued pursuant to this section, shall not be reduced or terminated if doing so would interfere with the timely retirement of the debt.
