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Section 22662.5 Of Chapter 5. Financial Provisions From California Streets And Highways Code >> Division 15. >> Part 2. >> Chapter 5.
22662.5
. (a) The legislative body of any local agency may, by
resolution, determine and declare that bonds shall be issued to
finance the estimated cost of the proposed improvements described in
Section 22525, other than the costs of maintenance and servicing,
under either the Improvement Act of 1911 (Division 7 (commencing with
Section 5000)) or the Improvement Bond Act of 1915 (Division 10
(commencing with Section 8500)). Either Part 5 (commencing with
Section 6400) of Division 7 or Division 10 (commencing with Section
8500), 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 special district formed to provide
park and recreational services. 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 22525, 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 part, 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 22525, 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 part, 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.
