Section 6493 Of Chapter 5.5. Alternative Procedure For Division Of Land And Bond From California Streets And Highways Code >> Division 7. >> Part 5. >> Chapter 5.5.
6493
. (a) At the time and place set for the hearing pursuant to
subdivision (b) of Section 6492.5, and after hearing all protests,
the legislative body may determine to divide the bond according to
the proposed apportionment, or as amended by the legislative body
during the hearing, upon a finding of both of the following:
(1) That the apportionment is in accordance with the proportionate
benefits to be received by each of the resulting lots or parcels.
(2) That the apportionment does not impair the value or security
of the outstanding bonds secured by the land being apportioned and
that the lien-to-value ratio of each apportioned parcel is not less
than that ratio for the original parcel based on an appraisal by an
individual designated by a nationally recognized appraisal
association. The value calculations shall exclude site improvements
constructed subsequent to the date of confirmation of the assessment.
(b) The determination of the legislative body pursuant to
subdivision (a) is final and conclusive.
(c) Upon that determination, the bond secured by the original
parcel shall be returned by the bondholder, canceled on the books of
the city, and exchanged for new bonds on the apportioned parcels in
the same aggregate principal amount, of the same maturity, and at the
same interest rate as the original bond. Thereafter, payment of
principal and interest shall be due on the new bonds to the holder
thereof in the same manner and on the same dates as were applicable
to the original bond.