Title SHC, California Sts. & High. Code

Whenever a bond is foreclosed pursuant to this chapter, the decree of foreclosure shall direct the clerk of the court to deliver the bond sued upon to the treasurer of the city which issued said bond together with a memorandum setting forth the title and number of the action and …

The treasurer shall cancel the bond upon the records and deliver to the clerk of the court a receipt substantially in the following form: “Certificate of Cancellation of Street Improvement Bond Series (designating it), in the City (or County) of (naming it). $/100 No. I, ____, Tr…

The clerk of the court shall enter the judgment or decree of foreclosure in the action upon the delivery of the certificate of cancellation. (Amended by Stats. 2002, Ch. 784, Sec. 590. Effective January 1, 2003.)

After any project has been completely constructed the commission may at its option convey all the right, title and interest of the district in and to that project to the city in which the project was constructed or county if the project is in an unincorporated area; provided, the…

The legislative body shall provide for the issuance of the refunding bonds. (Added by Stats. 1951, Ch. 463.)

In no event shall refunding bonds be issued for more than the par value of the outstanding bonds and the due and unpaid interest coupons to be refunded. (Added by Stats. 1951, Ch. 463.)

The refunding bonds shall represent and be secured by said reassessments and any later reassessments which may be levied or issued upon the same property in lieu of said assessments. (Added by Stats. 1951, Ch. 463.)

Refunding bonds issued pursuant to this division shall comply with the following requirements: (a) Bonds shall be in such denominations as the legislative body may determine. (b) Bonds shall be payable to bearer. (c) The date of the bonds shall be the date of the recording of the…

All of the refunding bonds shall mature on July 2d. (Added by Stats. 1951, Ch. 463.)

In no event shall the first maturity of any refunding bonds be earlier than the second day of July next succeeding 10 months after the date of the bonds. (Added by Stats. 1951, Ch. 463.)

The last maturity of any refunding bonds shall not exceed 19 years from the second day of July next succeeding 10 months after the date of said bonds. (Added by Stats. 1951, Ch. 463.)

The rate of interest on refunding bonds shall not exceed the rate of interest on the outstanding bonds. (Added by Stats. 1951, Ch. 463.)

The interest on refunding bonds shall be payable on January 2d and July 2d, respectively, of each year. (Added by Stats. 1951, Ch. 463.)

The first interest payment on such bonds shall in every case be January 2d next preceding the second day of July next succeeding 10 months after the date of the bonds. (Added by Stats. 1951, Ch. 463.)

Refunding bonds and the interest thereon shall be paid at the office of the treasurer. (Added by Stats. 1951, Ch. 463.)

Refunding bonds may be issued in substantially the following form: United States of America State of California No. City of $ Refunding Improvement Bond Under and by virtue of an act of the Legislature of the State of California, designated as “Refunding Act of 1935 for 1915 Impr…

Each bond shall be conclusive evidence of the regularity of all proceedings for the issuance of refunding bonds and of the validity of said bonds and of all proceedings of which the bonds refunded were conclusive evidence. (Added by Stats. 1951, Ch. 463.)

The refunding bonds shall be delivered to the holders of the outstanding bonds in accordance with the contract with such bondholders. (Added by Stats. 1951, Ch. 463.)

When the refunding bonds have been exchanged for the outstanding bonds, the outstanding bonds, except as to any sum payable from assessments which property owners have by written notice elected to pay, shall be canceled by the city treasurer and shall be filed in the office of th…

If the city has appropriated money to assist in the refunding, such money shall be paid to the holders of outstanding bonds in accordance with the contract with the bondholders. (Added by Stats. 1951, Ch. 463.)

The validity of any refunding bonds issued under this division shall not be contested in any action, suit or proceeding unless such action or proceeding shall have been brought within three months after the issuance of such bonds. (Added by Stats. 1951, Ch. 463.)

The treasurer shall keep a register in his office which shall show the series, number, date, amount, rate of interest, and last known holder of each bond and the number and amount of each interest coupon paid by him. He shall cancel and file each bond and coupon paid. (Added by S…