Section 54719 Of Article 4. Procedure For Imposition Of Benefit Assessment From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 6.4. >> Article 4.
54719
. If assessments to be collected through annual installment
payments have been authorized pursuant to this chapter, the
legislative body may do one or more of the following:
(a) Provide for the accumulation of the money collected from the
annual installments in a fund until there is sufficient money to pay
all or part of the cost of the maintenance work for which the
installment assessments were authorized.
(b) Provide for a temporary advance to the improvement fund from
any available and unencumbered funds of the local agency to pay all
or part of the cost of the maintenance work for which the installment
assessments were authorized and direct that the advance be repaid
from the annual installments levied and collected during the fiscal
years designated.
(c) Borrow an amount necessary to finance the estimated cost of
the maintenance work for which the installment assessments were
authorized. The amount borrowed and associated financing costs shall
not exceed the amount of revenue estimated to be raised from the
annual assessments levied over the designated five fiscal years.