Section 36447.3 Of Chapter 4.95. Alternative Provisions For The Issuance Of Bonds Of Improvement Districts From California Water Code >> Division 13. >> Part 6. >> Chapter 4.95.
36447.3
. It is the intent of the Legislature in enacting this
chapter to preserve the status of the improvement districts' bonds
which have been consolidated, so that the bonds shall continue to
constitute "indebtedness approved by the voters" pursuant to
subdivision (b) of Section 1 of Article XIII A of the California
Constitution and shall reduce accordingly the remaining authorized
bonds of the improvement districts. In order to preserve the status
of the included bonds, the provisions of this chapter shall be
interpreted and applied in a manner so that the burden on the land
within the improvement districts does not result in any increase in
the amount of assessments that will be levied to pay each improvement
district's proportionate share of the principal and interest
payments with respect to each series of the consolidated bonds, over
the amount it would have paid had its bonds been sold under other
provisions of law. The added financial flexibility included in this
chapter has been granted to the district only on the basis that the
consolidating of improvement district bond authorizations and the
permission to utilize negotiated sale of bonds, variable interest
rates, refunding of existing improvement district bonds by exchange,
or otherwise, and the other features of this chapter shall be
authorized only to the extent that the burden upon the property
owners of the improvement districts is not increased.