State Codes and Statutes

Statutes > California > Shc > 6460-6467.3

STREETS AND HIGHWAYS CODE
SECTION 6460-6467.3



6460.  Form of bond.  The bond shall be substantially in the
following form:


                                 IMPROVEMENT BOND

          Series (designating it), in the City (or County) of (naming
it)
$_____              No. ____

   Under and by virtue of the Improvement Act of 1911 (Part 5 of
Division 7 of the Streets and Highways Code), I, out of the fund for
the above designated improvement bonds, series ____, will pay to ____
or order, the sum of ____ dollars ($____) with interest at the rate
of ____ percent per annum, all as is hereinafter specified, and at
the office of the Treasurer of the ____ of ____, State of California.
   This bond is issued to represent the cost of certain work upon
____, in the ____ of ____, as the same is more fully described in
assessment number ____ issued by the street superintendent of said
____, after the acceptance of said work, and recorded in his office.
Its amount is the amount assessed in said assessment against the lot
or parcel of land numbered therein, and in the diagram attached
thereto, as number ____, and which now remains unpaid, and
constitutes a lien upon the property affected thereby, as the same is
described herein and in said recorded assessment with its diagram,
to wit: the lot or parcel of land in said ____ of ____, County of
____, State of California.
   This bond is payable exclusively from said fund, and neither the
(here insert city or county) nor any officer thereof is to be holden
for payment otherwise of its principal or interest. The term of this
bond is ____ years from the second day of January next succeeding the
next September 1st following its date, and at the expiration of said
time the whole sum then unpaid shall be due and payable; but on the
second day of January of each year, following the next September 1st
after its date, an even annual proportion of its whole amount is due
and payable, upon presentation of the coupon therefor, until the
whole is paid, with all accrued interest at the rate of ____ per
centum per annum.
   The interest is payable semiannually, to wit: on the second days
of January and of July in each year hereafter, upon presentation of
the coupons therefor, hereto attached, the first of which is for the
interest to the next second day of ____, and thereafter the interest
coupons are for semiannual interest.
   This bond may be redeemed by the owner or any person interested in
any lot or parcel of land described herein, in the manner provided
in said code, at any time before maturity, and before commencement of
proceedings for sale, upon payment to the treasurer, for the holder
of this bond, of the amount then unpaid on the principal sum thereof,
with interest thereon (if not previously paid) up to the next
succeeding January 2 or July 2, as the case may be, at the rate named
in the bond, and all penalties accrued and unpaid.
   Should default be made in the annual payment upon the principal,
or in any payment of interest from the owner of said lot or parcel of
land, or anyone in his behalf, the holder of this bond is entitled
on or after the second day of January or July, as the case may be,
following such default to declare the whole unpaid amount to be due
and payable, and to have said lot or parcel of land advertised and
sold forthwith, in the manner provided by law; provided, however,
that any bond may be reinstated after such default in the manner
provided in said code. In case of such default there shall be
immediately added to such defaulted amount, 2 percent of the amount
thereof, and on the first day of each month following such default
there shall be added a further penalty of 2 percent of such defaulted
amount. The 2 percent penalty first imposed and all subsequent
penalties shall be paid to the holder of the bond along with and as a
part of such defaulted payment.

   At said ____ of ____, this ____ day of ____, in the year one
thousand nine hundred and ____.
   Treasurer of the ____ of ____.



6460.1.  Bonds issued pursuant to Chapter 14.5 (commencing with
Section 5330) to represent an assessment against a possessory
interest created by a lease in Indian-owned property shall be
substantially in the following form:


                                 IMPROVEMENT BOND

          Series (designating it), in the City (or County) of (naming
it)
$_____              No. ____

   Under and by virtue of the Improvement Act of 1911 (Part 5
(commencing with Section 6400) of Division 7 of the Streets and
Highways Code), I, out of the fund of the above-designated
improvement bonds, series ____, will pay to ____ or order, the sum of
____ dollars ($____) with interest at the rate of ____ percent per
annum, all as specified herein, and at the office of the Treasurer of
the ____ of ____, State of California.
   This bond is issued to represent the cost of certain work upon
____, in the ____ of ____, as the work is more fully described in
assessment number ____ issued by the street superintendent of the
____, after the acceptance of the work, and recorded in his office.
Its amount is the amount assessed in the assessment against the
possessory interest created by a lease in the lot or parcel of land
numbered therein, and in the diagram attached thereto, as number
____, and which now remains unpaid, and is secured by the assignment
of a possessory interest, as it is described herein and in the
recorded assessment with its diagram, to wit: the lot or parcel of
land in the ___ of ___, County of ___, State of California.
   This bond is payable exclusively from the fund, and neither the
(insert here the city or county) nor any officer thereof is to be
holden for payment otherwise of its principal or interest. The term
of this bond is ____ years from the second day of January next
succeeding the next September 1st following its date and, at the
expiration of that time, the whole sum then unpaid shall be due and
payable. On the second day of January of each year, following the
next September 1st after its date, an even annual proportion of its
whole amount is due and payable, upon presentation of the coupon
therefor, until the whole is paid, with all accrued interest at the
rate of ____ percent per annum.
   The interest is payable semiannually on the second days of January
and of July in each year hereafter, upon presentation of the coupons
therefor, hereto attached, the first of which is for the interest to
the next second day of ____, and thereafter the interest coupons are
for semiannual interest.
   This bond may be redeemed by the owner or any person interested in
any possessory interest in the lot or parcel of land described
herein, in the manner provided in the Streets and Highways Code, at
any time before maturity, and before commencement of proceedings for
sale, upon payment to the treasurer, for the holder of this bond, of
the amount then unpaid on the principal sum thereof, with interest
thereon (if not previously paid) up to the next succeeding January
2nd or July 2nd, as the case may be, at the rate named in the bond,
and all penalties accrued and unpaid.
   Should default be made in the annual payment upon the principal,
or in any payment of interest from the holder of the possessory
interest, or anyone in his behalf, the holder of this bond is
entitled, on or after the second day of January or July, as the case
may be, following such default to declare the whole unpaid amount to
be due and payable, and to have the possessory estate advertised and
sold forthwith, in the manner provided by law for the sale of a lot
or parcel of land pursuant to Chapter 6 (commencing with Section
6500).

   At the ____ of ____ this ____ day of ____, in the year one
thousand nine hundred and ____.
   Treasurer of the ____ of ____.




6460.5.  The bond shall be manually signed by the treasurer of the
city or county, or a facsimile signature may be reproduced thereon.
   A facsimile signature of the treasurer is one that is printed,
lithographed, engraved, stamped, or otherwise mechanically
reproduced.



6461.  The bonds shall:
   (a) Be payable to the party to whom they issue, or to order.
   (b) Be serial bonds.
   (c) Bear interest at the rate specified in the resolution of
intention to do the work, unless the legislative body determines that
a lesser rate of interest is appropriate at the time of advertising
for bids, in which case a lesser interest rate may be specified in
the bid advertisements.
   (d) Have annual principal coupons attached to them, payable in
annual order, on the second day of January of every year after the
next September 1st following the date of the bond, until all are
paid. Each principal coupon shall be for an even annual proportion of
the principal of the bond.
   (e) Have semiannual interest coupons attached to them.



6462.  The bonds shall extend over a period not exceeding 24 years
from the second day of January next succeeding the next September 1st
following their date.


6462.1.  The legislative body conducting the proceedings may provide
for a classification of assessments into different terms of maturity
so that some assessments may be made to mature over a shorter period
of time than other assessments and may also provide for assessments
to mature in other than equal annual amounts.
   In such event, the bond declaration in the resolution of
intention, assessment, and notice of recording the assessment may
recite that the last installment of bonds shall mature a maximum
rather than an exact number of years from the second day of January
next succeeding the next September 1st following their date.




6463.  The interest shall be payable semiannually, by coupon, on the
second days of January and July, respectively, of each year after
the date of the bonds. The bonds shall bear the date of the 31st day
after the date of recordation of the warrant, whether or not such
date falls on a Sunday or holiday. The first interest coupon shall be
for interest from the date of the bonds and shall be payable to the
holder thereof on the January 2nd next succeeding the September 1st
or the July 2nd next succeeding the March 1st, as the case may be,
next following the date of the bond. The rate of interest shall not
exceed the amount established pursuant to Section 53531 of the
Government Code at the time the legislative body adopts the
resolution of intention pursuant to Section 5132.



6464.  The legislative body conducting the proceedings may elect, in
the resolution of intention, to have the redemption provisions of
said bond provide a premium of 5 percent of the unmatured principal.
In such case, the words, "together with a premium of 5 percent of
said unmatured principal" shall be added after the redemption clause
in the bond form, and Section 6447 shall be deemed to require the
property owner to pay a like sum in order to pay and discharge such
lien.
   As used in this section, "unmatured principal" means those
installments of principal that are due to be paid at future dates and
for which no corresponding payments of interest will be payable
pursuant to the provision of Section 6447.


6465.  Said bonds may be made payable to the contractor or to his
last assignee as shown by the assignment filed with and approved by
the superintendent of streets. Said bonds may also be made payable to
bearer in which case the words "or order" may be deleted.



6466.  The provisions of Articles 2 (commencing with Section 53430)
and 3 (commencing with Section 53460) of Chapter 3, Part 1, Division
2, Title 5 of the Government Code shall apply to lost or destroyed or
mutilated bonds issued pursuant to this part.



6467.  In the event there are unpaid assessments levied against
public property which are payable as provided in Section 5302.5 of
this code, the treasurer shall, simultaneously with the issuance of
bonds, if bonds are to be issued in the proceedings, issue
certificates representing assessments against public property. A
separate certificate shall be issued to represent each assessment
against public property. The certificates will provide for payment
thereof as provided in Section 5302.5, and each certificate shall
read substantially as follows:


                UNITED STATES OF AMERICA
       State of California    County of ________
           (assessment & diagram nbr.)          (amou
                                                nt)
                     ________                   _____
                                                ___

          CERTIFICATE OF OWNERSHIP OF ASSESSMENT AGAINST PUBLIC
PROPERTY

   Pursuant to the provisions of Sections 5301 and 5302.5 of Division
7, Part 3, Chapter 13 of the Streets and Highways Code of the State
of California, (Improvement Act of 1911), and pursuant to proceedings
taken by the ____ of the ____, county of ____, State of California,
under the provisions of Division ____, of the Streets and Highways
Code, the undersigned treasurer of ____ does hereby certify as
follows:
   1. The ____ of ____ by Resolution of Intention No. ____, passed on
the ____ day of ____, 19__, and proceedings subsequent thereto,
levied an assessment against property owned by ____ in the sum of
____ dollars ($____).
   2. Said assessment was levied on the ____ day of ____, 19__;
notice thereof was recorded in the office of the County Recorder of
the County of ____, on the ____ day of ____, 19__.
   3. Said assessment was levied in an assessment district known and
described as "____."
   4. The assessment number of said property, as shown on the
assessment diagram and in the assessment roll is No. ____, and the
property designated as assessment number ____ and which belongs to
____ is described as follows:


                               (insert description)

   5. Said assessment is payable in not more than ____ (_) annual
installments, the first installment of which shall be June 2, 19__,
and the last of which will be payable June 2, 19__. Said installments
will be in even annual proportions of the whole amount. Payments of
principal shall be represented by coupons attached to said
certificate.
   6. Interest will accrue upon said unpaid amount from the ____ day
of ____, 19__, at the rate of ____ percent per annum until the whole
of the principal and interest thereon shall have been paid in full.
The interest is payable semiannually, by coupon, on the second day of
December and June, respectively, of each year a principal payment
coupon matures.
   7. The officer or board whose duty it is to levy taxes on behalf
of the owner of said property hereinabove described, is obligated to
include in the next tax levy an amount, in addition to moneys for all
other purposes, sufficient to pay ____ (____) or more of the
principal of said assessment with interest on the unpaid principal of
the assessment to date of payment and is obligated to include in
each succeeding tax levy a like ____ (____) amount or more in
addition to moneys for all other purposes until the principal of said
assessment and all interest on the unpaid portions thereof shall be
paid. Said tax levy shall be made notwithstanding that said tax levy
exceeds the maximum tax rate that may otherwise be imposed by law.
   8. In the event that the officer or board whose duty it is to levy
taxes fails to provide for a tax levy to pay and discharge the
principal of the assessment and the interest thereon, the owner of
this certificate may compel the levy thereof in the manner
hereinabove set forth by writ of mandate. No statute of limitations
shall bar any right provided for herein to enforce the collection of
this assessment and any interest due thereon until four years after
the maturity of the last coupon of principal and interest due on this
certificate.
   9. The owner of this certificate described herein may use mandamus
or other appropriate remedy to compel the officer or board whose
duty it is to levy taxes for said obligated owner to levy an amount
in a given year equal to ____ (____) of said assessment and interest
on the unpaid portion thereof and may continue to use mandamus or
other remedy to cause a like ____ (____) amount and interest to be
levied each year until the whole of said assessment and all interest
due has been paid.
   10. If an owner of this certificate is successful in any action to
compel the levy of a tax under this certificate he shall be awarded
reasonable attorneys' fees as fixed by the court and costs and said
attorneys' fees and costs shall be included in the tax levied to pay
the same.
   11. This certificate together with interest is payable to bearer
at the office of the ____ treasurer of the ____ of ____ upon
presentation of the coupons representing principal and interest
thereon. Upon payment in full it shall be surrendered to the ____
treasurer for cancellation.
   In witness whereof, said ____ has caused this certificate to be
signed by its treasurer and has caused its clerk to affix thereto its
corporate seal all on the ____ day of ____, 19__.

                                       ___________
                                        Treasurer



6467.1.  The interest upon the certificate provided in Section 6467
shall be payable semiannually, by coupon, on the second day of
December and June, respectively, of each year a principal payment
matures. The certificate shall bear date determined by the date of
bonds if bonds are to be issued in the proceedings. If no bonds are
to be issued the certificate or certificates shall bear such date as
may be determined by the legislative body conducting the proceedings.
The rate of interest shall not exceed 7 percent per annum on all
unpaid sums.


6467.2.  The certificates shall have annual principal coupons
attached to them payable in annual order, the first of which shall be
payable not later than June 2, beginning with the fiscal year next
following the date of the certificate until all are paid. Each
principal coupon shall be for an even annual proportion of the
principal of the certificate.



6467.3.  The certificate shall be payable at the office of the
treasurer of the city conducting the proceedings upon presentation of
the principal and interest coupons. At least 30 days prior to the
first day of July of each and every year after the date of the
certificate, until the certificate is paid in full, the treasurer
shall mail postage prepaid to the entity whose obligation it is to
levy a tax to pay the amount of principal and interest falling due
each year, a notice of the amount due in the next succeeding fiscal
year, the date when payments are due upon the certificates, and that
payment shall be made to the city conducting the proceedings by the
entity obligated to levy the tax to make the payments due thereon at
least 30 days prior to the due date of any installment of principal
or interest upon said certificate. Failure of the treasurer to notify
the entity obligated to make payment shall not affect the obligation
of the entity, whose duty it is to make such payment, to make
payment thereof as required by Section 5302.5 of this code.
   In the event the public entity owning the property against which
the assessment has been levied, and which is represented by the
certificates authorized in this chapter, shall sell the said property
prior to the maturity and payment in full of all of the certificates
representing such assessment, then all of the outstanding
certificates shall be immediately payable in full together with the
accrued interest thereon not later than sixty (60) days from the date
of sale without premium. Interest shall be payable to the date of
designated payment and the owner of the certificates, as the owner
appears upon the records of the treasurer, shall be given written
notice of such payment at his last known address or, if not known, at
general delivery. Interest upon said certificates shall cease and
terminate at the date designated for payment thereof in full,
provided funds for the payment of all such principal and interest to
such date have been paid into the proper redemption fund therefor and
are available for such payment.


State Codes and Statutes

Statutes > California > Shc > 6460-6467.3

STREETS AND HIGHWAYS CODE
SECTION 6460-6467.3



6460.  Form of bond.  The bond shall be substantially in the
following form:


                                 IMPROVEMENT BOND

          Series (designating it), in the City (or County) of (naming
it)
$_____              No. ____

   Under and by virtue of the Improvement Act of 1911 (Part 5 of
Division 7 of the Streets and Highways Code), I, out of the fund for
the above designated improvement bonds, series ____, will pay to ____
or order, the sum of ____ dollars ($____) with interest at the rate
of ____ percent per annum, all as is hereinafter specified, and at
the office of the Treasurer of the ____ of ____, State of California.
   This bond is issued to represent the cost of certain work upon
____, in the ____ of ____, as the same is more fully described in
assessment number ____ issued by the street superintendent of said
____, after the acceptance of said work, and recorded in his office.
Its amount is the amount assessed in said assessment against the lot
or parcel of land numbered therein, and in the diagram attached
thereto, as number ____, and which now remains unpaid, and
constitutes a lien upon the property affected thereby, as the same is
described herein and in said recorded assessment with its diagram,
to wit: the lot or parcel of land in said ____ of ____, County of
____, State of California.
   This bond is payable exclusively from said fund, and neither the
(here insert city or county) nor any officer thereof is to be holden
for payment otherwise of its principal or interest. The term of this
bond is ____ years from the second day of January next succeeding the
next September 1st following its date, and at the expiration of said
time the whole sum then unpaid shall be due and payable; but on the
second day of January of each year, following the next September 1st
after its date, an even annual proportion of its whole amount is due
and payable, upon presentation of the coupon therefor, until the
whole is paid, with all accrued interest at the rate of ____ per
centum per annum.
   The interest is payable semiannually, to wit: on the second days
of January and of July in each year hereafter, upon presentation of
the coupons therefor, hereto attached, the first of which is for the
interest to the next second day of ____, and thereafter the interest
coupons are for semiannual interest.
   This bond may be redeemed by the owner or any person interested in
any lot or parcel of land described herein, in the manner provided
in said code, at any time before maturity, and before commencement of
proceedings for sale, upon payment to the treasurer, for the holder
of this bond, of the amount then unpaid on the principal sum thereof,
with interest thereon (if not previously paid) up to the next
succeeding January 2 or July 2, as the case may be, at the rate named
in the bond, and all penalties accrued and unpaid.
   Should default be made in the annual payment upon the principal,
or in any payment of interest from the owner of said lot or parcel of
land, or anyone in his behalf, the holder of this bond is entitled
on or after the second day of January or July, as the case may be,
following such default to declare the whole unpaid amount to be due
and payable, and to have said lot or parcel of land advertised and
sold forthwith, in the manner provided by law; provided, however,
that any bond may be reinstated after such default in the manner
provided in said code. In case of such default there shall be
immediately added to such defaulted amount, 2 percent of the amount
thereof, and on the first day of each month following such default
there shall be added a further penalty of 2 percent of such defaulted
amount. The 2 percent penalty first imposed and all subsequent
penalties shall be paid to the holder of the bond along with and as a
part of such defaulted payment.

   At said ____ of ____, this ____ day of ____, in the year one
thousand nine hundred and ____.
   Treasurer of the ____ of ____.



6460.1.  Bonds issued pursuant to Chapter 14.5 (commencing with
Section 5330) to represent an assessment against a possessory
interest created by a lease in Indian-owned property shall be
substantially in the following form:


                                 IMPROVEMENT BOND

          Series (designating it), in the City (or County) of (naming
it)
$_____              No. ____

   Under and by virtue of the Improvement Act of 1911 (Part 5
(commencing with Section 6400) of Division 7 of the Streets and
Highways Code), I, out of the fund of the above-designated
improvement bonds, series ____, will pay to ____ or order, the sum of
____ dollars ($____) with interest at the rate of ____ percent per
annum, all as specified herein, and at the office of the Treasurer of
the ____ of ____, State of California.
   This bond is issued to represent the cost of certain work upon
____, in the ____ of ____, as the work is more fully described in
assessment number ____ issued by the street superintendent of the
____, after the acceptance of the work, and recorded in his office.
Its amount is the amount assessed in the assessment against the
possessory interest created by a lease in the lot or parcel of land
numbered therein, and in the diagram attached thereto, as number
____, and which now remains unpaid, and is secured by the assignment
of a possessory interest, as it is described herein and in the
recorded assessment with its diagram, to wit: the lot or parcel of
land in the ___ of ___, County of ___, State of California.
   This bond is payable exclusively from the fund, and neither the
(insert here the city or county) nor any officer thereof is to be
holden for payment otherwise of its principal or interest. The term
of this bond is ____ years from the second day of January next
succeeding the next September 1st following its date and, at the
expiration of that time, the whole sum then unpaid shall be due and
payable. On the second day of January of each year, following the
next September 1st after its date, an even annual proportion of its
whole amount is due and payable, upon presentation of the coupon
therefor, until the whole is paid, with all accrued interest at the
rate of ____ percent per annum.
   The interest is payable semiannually on the second days of January
and of July in each year hereafter, upon presentation of the coupons
therefor, hereto attached, the first of which is for the interest to
the next second day of ____, and thereafter the interest coupons are
for semiannual interest.
   This bond may be redeemed by the owner or any person interested in
any possessory interest in the lot or parcel of land described
herein, in the manner provided in the Streets and Highways Code, at
any time before maturity, and before commencement of proceedings for
sale, upon payment to the treasurer, for the holder of this bond, of
the amount then unpaid on the principal sum thereof, with interest
thereon (if not previously paid) up to the next succeeding January
2nd or July 2nd, as the case may be, at the rate named in the bond,
and all penalties accrued and unpaid.
   Should default be made in the annual payment upon the principal,
or in any payment of interest from the holder of the possessory
interest, or anyone in his behalf, the holder of this bond is
entitled, on or after the second day of January or July, as the case
may be, following such default to declare the whole unpaid amount to
be due and payable, and to have the possessory estate advertised and
sold forthwith, in the manner provided by law for the sale of a lot
or parcel of land pursuant to Chapter 6 (commencing with Section
6500).

   At the ____ of ____ this ____ day of ____, in the year one
thousand nine hundred and ____.
   Treasurer of the ____ of ____.




6460.5.  The bond shall be manually signed by the treasurer of the
city or county, or a facsimile signature may be reproduced thereon.
   A facsimile signature of the treasurer is one that is printed,
lithographed, engraved, stamped, or otherwise mechanically
reproduced.



6461.  The bonds shall:
   (a) Be payable to the party to whom they issue, or to order.
   (b) Be serial bonds.
   (c) Bear interest at the rate specified in the resolution of
intention to do the work, unless the legislative body determines that
a lesser rate of interest is appropriate at the time of advertising
for bids, in which case a lesser interest rate may be specified in
the bid advertisements.
   (d) Have annual principal coupons attached to them, payable in
annual order, on the second day of January of every year after the
next September 1st following the date of the bond, until all are
paid. Each principal coupon shall be for an even annual proportion of
the principal of the bond.
   (e) Have semiannual interest coupons attached to them.



6462.  The bonds shall extend over a period not exceeding 24 years
from the second day of January next succeeding the next September 1st
following their date.


6462.1.  The legislative body conducting the proceedings may provide
for a classification of assessments into different terms of maturity
so that some assessments may be made to mature over a shorter period
of time than other assessments and may also provide for assessments
to mature in other than equal annual amounts.
   In such event, the bond declaration in the resolution of
intention, assessment, and notice of recording the assessment may
recite that the last installment of bonds shall mature a maximum
rather than an exact number of years from the second day of January
next succeeding the next September 1st following their date.




6463.  The interest shall be payable semiannually, by coupon, on the
second days of January and July, respectively, of each year after
the date of the bonds. The bonds shall bear the date of the 31st day
after the date of recordation of the warrant, whether or not such
date falls on a Sunday or holiday. The first interest coupon shall be
for interest from the date of the bonds and shall be payable to the
holder thereof on the January 2nd next succeeding the September 1st
or the July 2nd next succeeding the March 1st, as the case may be,
next following the date of the bond. The rate of interest shall not
exceed the amount established pursuant to Section 53531 of the
Government Code at the time the legislative body adopts the
resolution of intention pursuant to Section 5132.



6464.  The legislative body conducting the proceedings may elect, in
the resolution of intention, to have the redemption provisions of
said bond provide a premium of 5 percent of the unmatured principal.
In such case, the words, "together with a premium of 5 percent of
said unmatured principal" shall be added after the redemption clause
in the bond form, and Section 6447 shall be deemed to require the
property owner to pay a like sum in order to pay and discharge such
lien.
   As used in this section, "unmatured principal" means those
installments of principal that are due to be paid at future dates and
for which no corresponding payments of interest will be payable
pursuant to the provision of Section 6447.


6465.  Said bonds may be made payable to the contractor or to his
last assignee as shown by the assignment filed with and approved by
the superintendent of streets. Said bonds may also be made payable to
bearer in which case the words "or order" may be deleted.



6466.  The provisions of Articles 2 (commencing with Section 53430)
and 3 (commencing with Section 53460) of Chapter 3, Part 1, Division
2, Title 5 of the Government Code shall apply to lost or destroyed or
mutilated bonds issued pursuant to this part.



6467.  In the event there are unpaid assessments levied against
public property which are payable as provided in Section 5302.5 of
this code, the treasurer shall, simultaneously with the issuance of
bonds, if bonds are to be issued in the proceedings, issue
certificates representing assessments against public property. A
separate certificate shall be issued to represent each assessment
against public property. The certificates will provide for payment
thereof as provided in Section 5302.5, and each certificate shall
read substantially as follows:


                UNITED STATES OF AMERICA
       State of California    County of ________
           (assessment & diagram nbr.)          (amou
                                                nt)
                     ________                   _____
                                                ___

          CERTIFICATE OF OWNERSHIP OF ASSESSMENT AGAINST PUBLIC
PROPERTY

   Pursuant to the provisions of Sections 5301 and 5302.5 of Division
7, Part 3, Chapter 13 of the Streets and Highways Code of the State
of California, (Improvement Act of 1911), and pursuant to proceedings
taken by the ____ of the ____, county of ____, State of California,
under the provisions of Division ____, of the Streets and Highways
Code, the undersigned treasurer of ____ does hereby certify as
follows:
   1. The ____ of ____ by Resolution of Intention No. ____, passed on
the ____ day of ____, 19__, and proceedings subsequent thereto,
levied an assessment against property owned by ____ in the sum of
____ dollars ($____).
   2. Said assessment was levied on the ____ day of ____, 19__;
notice thereof was recorded in the office of the County Recorder of
the County of ____, on the ____ day of ____, 19__.
   3. Said assessment was levied in an assessment district known and
described as "____."
   4. The assessment number of said property, as shown on the
assessment diagram and in the assessment roll is No. ____, and the
property designated as assessment number ____ and which belongs to
____ is described as follows:


                               (insert description)

   5. Said assessment is payable in not more than ____ (_) annual
installments, the first installment of which shall be June 2, 19__,
and the last of which will be payable June 2, 19__. Said installments
will be in even annual proportions of the whole amount. Payments of
principal shall be represented by coupons attached to said
certificate.
   6. Interest will accrue upon said unpaid amount from the ____ day
of ____, 19__, at the rate of ____ percent per annum until the whole
of the principal and interest thereon shall have been paid in full.
The interest is payable semiannually, by coupon, on the second day of
December and June, respectively, of each year a principal payment
coupon matures.
   7. The officer or board whose duty it is to levy taxes on behalf
of the owner of said property hereinabove described, is obligated to
include in the next tax levy an amount, in addition to moneys for all
other purposes, sufficient to pay ____ (____) or more of the
principal of said assessment with interest on the unpaid principal of
the assessment to date of payment and is obligated to include in
each succeeding tax levy a like ____ (____) amount or more in
addition to moneys for all other purposes until the principal of said
assessment and all interest on the unpaid portions thereof shall be
paid. Said tax levy shall be made notwithstanding that said tax levy
exceeds the maximum tax rate that may otherwise be imposed by law.
   8. In the event that the officer or board whose duty it is to levy
taxes fails to provide for a tax levy to pay and discharge the
principal of the assessment and the interest thereon, the owner of
this certificate may compel the levy thereof in the manner
hereinabove set forth by writ of mandate. No statute of limitations
shall bar any right provided for herein to enforce the collection of
this assessment and any interest due thereon until four years after
the maturity of the last coupon of principal and interest due on this
certificate.
   9. The owner of this certificate described herein may use mandamus
or other appropriate remedy to compel the officer or board whose
duty it is to levy taxes for said obligated owner to levy an amount
in a given year equal to ____ (____) of said assessment and interest
on the unpaid portion thereof and may continue to use mandamus or
other remedy to cause a like ____ (____) amount and interest to be
levied each year until the whole of said assessment and all interest
due has been paid.
   10. If an owner of this certificate is successful in any action to
compel the levy of a tax under this certificate he shall be awarded
reasonable attorneys' fees as fixed by the court and costs and said
attorneys' fees and costs shall be included in the tax levied to pay
the same.
   11. This certificate together with interest is payable to bearer
at the office of the ____ treasurer of the ____ of ____ upon
presentation of the coupons representing principal and interest
thereon. Upon payment in full it shall be surrendered to the ____
treasurer for cancellation.
   In witness whereof, said ____ has caused this certificate to be
signed by its treasurer and has caused its clerk to affix thereto its
corporate seal all on the ____ day of ____, 19__.

                                       ___________
                                        Treasurer



6467.1.  The interest upon the certificate provided in Section 6467
shall be payable semiannually, by coupon, on the second day of
December and June, respectively, of each year a principal payment
matures. The certificate shall bear date determined by the date of
bonds if bonds are to be issued in the proceedings. If no bonds are
to be issued the certificate or certificates shall bear such date as
may be determined by the legislative body conducting the proceedings.
The rate of interest shall not exceed 7 percent per annum on all
unpaid sums.


6467.2.  The certificates shall have annual principal coupons
attached to them payable in annual order, the first of which shall be
payable not later than June 2, beginning with the fiscal year next
following the date of the certificate until all are paid. Each
principal coupon shall be for an even annual proportion of the
principal of the certificate.



6467.3.  The certificate shall be payable at the office of the
treasurer of the city conducting the proceedings upon presentation of
the principal and interest coupons. At least 30 days prior to the
first day of July of each and every year after the date of the
certificate, until the certificate is paid in full, the treasurer
shall mail postage prepaid to the entity whose obligation it is to
levy a tax to pay the amount of principal and interest falling due
each year, a notice of the amount due in the next succeeding fiscal
year, the date when payments are due upon the certificates, and that
payment shall be made to the city conducting the proceedings by the
entity obligated to levy the tax to make the payments due thereon at
least 30 days prior to the due date of any installment of principal
or interest upon said certificate. Failure of the treasurer to notify
the entity obligated to make payment shall not affect the obligation
of the entity, whose duty it is to make such payment, to make
payment thereof as required by Section 5302.5 of this code.
   In the event the public entity owning the property against which
the assessment has been levied, and which is represented by the
certificates authorized in this chapter, shall sell the said property
prior to the maturity and payment in full of all of the certificates
representing such assessment, then all of the outstanding
certificates shall be immediately payable in full together with the
accrued interest thereon not later than sixty (60) days from the date
of sale without premium. Interest shall be payable to the date of
designated payment and the owner of the certificates, as the owner
appears upon the records of the treasurer, shall be given written
notice of such payment at his last known address or, if not known, at
general delivery. Interest upon said certificates shall cease and
terminate at the date designated for payment thereof in full,
provided funds for the payment of all such principal and interest to
such date have been paid into the proper redemption fund therefor and
are available for such payment.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Shc > 6460-6467.3

STREETS AND HIGHWAYS CODE
SECTION 6460-6467.3



6460.  Form of bond.  The bond shall be substantially in the
following form:


                                 IMPROVEMENT BOND

          Series (designating it), in the City (or County) of (naming
it)
$_____              No. ____

   Under and by virtue of the Improvement Act of 1911 (Part 5 of
Division 7 of the Streets and Highways Code), I, out of the fund for
the above designated improvement bonds, series ____, will pay to ____
or order, the sum of ____ dollars ($____) with interest at the rate
of ____ percent per annum, all as is hereinafter specified, and at
the office of the Treasurer of the ____ of ____, State of California.
   This bond is issued to represent the cost of certain work upon
____, in the ____ of ____, as the same is more fully described in
assessment number ____ issued by the street superintendent of said
____, after the acceptance of said work, and recorded in his office.
Its amount is the amount assessed in said assessment against the lot
or parcel of land numbered therein, and in the diagram attached
thereto, as number ____, and which now remains unpaid, and
constitutes a lien upon the property affected thereby, as the same is
described herein and in said recorded assessment with its diagram,
to wit: the lot or parcel of land in said ____ of ____, County of
____, State of California.
   This bond is payable exclusively from said fund, and neither the
(here insert city or county) nor any officer thereof is to be holden
for payment otherwise of its principal or interest. The term of this
bond is ____ years from the second day of January next succeeding the
next September 1st following its date, and at the expiration of said
time the whole sum then unpaid shall be due and payable; but on the
second day of January of each year, following the next September 1st
after its date, an even annual proportion of its whole amount is due
and payable, upon presentation of the coupon therefor, until the
whole is paid, with all accrued interest at the rate of ____ per
centum per annum.
   The interest is payable semiannually, to wit: on the second days
of January and of July in each year hereafter, upon presentation of
the coupons therefor, hereto attached, the first of which is for the
interest to the next second day of ____, and thereafter the interest
coupons are for semiannual interest.
   This bond may be redeemed by the owner or any person interested in
any lot or parcel of land described herein, in the manner provided
in said code, at any time before maturity, and before commencement of
proceedings for sale, upon payment to the treasurer, for the holder
of this bond, of the amount then unpaid on the principal sum thereof,
with interest thereon (if not previously paid) up to the next
succeeding January 2 or July 2, as the case may be, at the rate named
in the bond, and all penalties accrued and unpaid.
   Should default be made in the annual payment upon the principal,
or in any payment of interest from the owner of said lot or parcel of
land, or anyone in his behalf, the holder of this bond is entitled
on or after the second day of January or July, as the case may be,
following such default to declare the whole unpaid amount to be due
and payable, and to have said lot or parcel of land advertised and
sold forthwith, in the manner provided by law; provided, however,
that any bond may be reinstated after such default in the manner
provided in said code. In case of such default there shall be
immediately added to such defaulted amount, 2 percent of the amount
thereof, and on the first day of each month following such default
there shall be added a further penalty of 2 percent of such defaulted
amount. The 2 percent penalty first imposed and all subsequent
penalties shall be paid to the holder of the bond along with and as a
part of such defaulted payment.

   At said ____ of ____, this ____ day of ____, in the year one
thousand nine hundred and ____.
   Treasurer of the ____ of ____.



6460.1.  Bonds issued pursuant to Chapter 14.5 (commencing with
Section 5330) to represent an assessment against a possessory
interest created by a lease in Indian-owned property shall be
substantially in the following form:


                                 IMPROVEMENT BOND

          Series (designating it), in the City (or County) of (naming
it)
$_____              No. ____

   Under and by virtue of the Improvement Act of 1911 (Part 5
(commencing with Section 6400) of Division 7 of the Streets and
Highways Code), I, out of the fund of the above-designated
improvement bonds, series ____, will pay to ____ or order, the sum of
____ dollars ($____) with interest at the rate of ____ percent per
annum, all as specified herein, and at the office of the Treasurer of
the ____ of ____, State of California.
   This bond is issued to represent the cost of certain work upon
____, in the ____ of ____, as the work is more fully described in
assessment number ____ issued by the street superintendent of the
____, after the acceptance of the work, and recorded in his office.
Its amount is the amount assessed in the assessment against the
possessory interest created by a lease in the lot or parcel of land
numbered therein, and in the diagram attached thereto, as number
____, and which now remains unpaid, and is secured by the assignment
of a possessory interest, as it is described herein and in the
recorded assessment with its diagram, to wit: the lot or parcel of
land in the ___ of ___, County of ___, State of California.
   This bond is payable exclusively from the fund, and neither the
(insert here the city or county) nor any officer thereof is to be
holden for payment otherwise of its principal or interest. The term
of this bond is ____ years from the second day of January next
succeeding the next September 1st following its date and, at the
expiration of that time, the whole sum then unpaid shall be due and
payable. On the second day of January of each year, following the
next September 1st after its date, an even annual proportion of its
whole amount is due and payable, upon presentation of the coupon
therefor, until the whole is paid, with all accrued interest at the
rate of ____ percent per annum.
   The interest is payable semiannually on the second days of January
and of July in each year hereafter, upon presentation of the coupons
therefor, hereto attached, the first of which is for the interest to
the next second day of ____, and thereafter the interest coupons are
for semiannual interest.
   This bond may be redeemed by the owner or any person interested in
any possessory interest in the lot or parcel of land described
herein, in the manner provided in the Streets and Highways Code, at
any time before maturity, and before commencement of proceedings for
sale, upon payment to the treasurer, for the holder of this bond, of
the amount then unpaid on the principal sum thereof, with interest
thereon (if not previously paid) up to the next succeeding January
2nd or July 2nd, as the case may be, at the rate named in the bond,
and all penalties accrued and unpaid.
   Should default be made in the annual payment upon the principal,
or in any payment of interest from the holder of the possessory
interest, or anyone in his behalf, the holder of this bond is
entitled, on or after the second day of January or July, as the case
may be, following such default to declare the whole unpaid amount to
be due and payable, and to have the possessory estate advertised and
sold forthwith, in the manner provided by law for the sale of a lot
or parcel of land pursuant to Chapter 6 (commencing with Section
6500).

   At the ____ of ____ this ____ day of ____, in the year one
thousand nine hundred and ____.
   Treasurer of the ____ of ____.




6460.5.  The bond shall be manually signed by the treasurer of the
city or county, or a facsimile signature may be reproduced thereon.
   A facsimile signature of the treasurer is one that is printed,
lithographed, engraved, stamped, or otherwise mechanically
reproduced.



6461.  The bonds shall:
   (a) Be payable to the party to whom they issue, or to order.
   (b) Be serial bonds.
   (c) Bear interest at the rate specified in the resolution of
intention to do the work, unless the legislative body determines that
a lesser rate of interest is appropriate at the time of advertising
for bids, in which case a lesser interest rate may be specified in
the bid advertisements.
   (d) Have annual principal coupons attached to them, payable in
annual order, on the second day of January of every year after the
next September 1st following the date of the bond, until all are
paid. Each principal coupon shall be for an even annual proportion of
the principal of the bond.
   (e) Have semiannual interest coupons attached to them.



6462.  The bonds shall extend over a period not exceeding 24 years
from the second day of January next succeeding the next September 1st
following their date.


6462.1.  The legislative body conducting the proceedings may provide
for a classification of assessments into different terms of maturity
so that some assessments may be made to mature over a shorter period
of time than other assessments and may also provide for assessments
to mature in other than equal annual amounts.
   In such event, the bond declaration in the resolution of
intention, assessment, and notice of recording the assessment may
recite that the last installment of bonds shall mature a maximum
rather than an exact number of years from the second day of January
next succeeding the next September 1st following their date.




6463.  The interest shall be payable semiannually, by coupon, on the
second days of January and July, respectively, of each year after
the date of the bonds. The bonds shall bear the date of the 31st day
after the date of recordation of the warrant, whether or not such
date falls on a Sunday or holiday. The first interest coupon shall be
for interest from the date of the bonds and shall be payable to the
holder thereof on the January 2nd next succeeding the September 1st
or the July 2nd next succeeding the March 1st, as the case may be,
next following the date of the bond. The rate of interest shall not
exceed the amount established pursuant to Section 53531 of the
Government Code at the time the legislative body adopts the
resolution of intention pursuant to Section 5132.



6464.  The legislative body conducting the proceedings may elect, in
the resolution of intention, to have the redemption provisions of
said bond provide a premium of 5 percent of the unmatured principal.
In such case, the words, "together with a premium of 5 percent of
said unmatured principal" shall be added after the redemption clause
in the bond form, and Section 6447 shall be deemed to require the
property owner to pay a like sum in order to pay and discharge such
lien.
   As used in this section, "unmatured principal" means those
installments of principal that are due to be paid at future dates and
for which no corresponding payments of interest will be payable
pursuant to the provision of Section 6447.


6465.  Said bonds may be made payable to the contractor or to his
last assignee as shown by the assignment filed with and approved by
the superintendent of streets. Said bonds may also be made payable to
bearer in which case the words "or order" may be deleted.



6466.  The provisions of Articles 2 (commencing with Section 53430)
and 3 (commencing with Section 53460) of Chapter 3, Part 1, Division
2, Title 5 of the Government Code shall apply to lost or destroyed or
mutilated bonds issued pursuant to this part.



6467.  In the event there are unpaid assessments levied against
public property which are payable as provided in Section 5302.5 of
this code, the treasurer shall, simultaneously with the issuance of
bonds, if bonds are to be issued in the proceedings, issue
certificates representing assessments against public property. A
separate certificate shall be issued to represent each assessment
against public property. The certificates will provide for payment
thereof as provided in Section 5302.5, and each certificate shall
read substantially as follows:


                UNITED STATES OF AMERICA
       State of California    County of ________
           (assessment & diagram nbr.)          (amou
                                                nt)
                     ________                   _____
                                                ___

          CERTIFICATE OF OWNERSHIP OF ASSESSMENT AGAINST PUBLIC
PROPERTY

   Pursuant to the provisions of Sections 5301 and 5302.5 of Division
7, Part 3, Chapter 13 of the Streets and Highways Code of the State
of California, (Improvement Act of 1911), and pursuant to proceedings
taken by the ____ of the ____, county of ____, State of California,
under the provisions of Division ____, of the Streets and Highways
Code, the undersigned treasurer of ____ does hereby certify as
follows:
   1. The ____ of ____ by Resolution of Intention No. ____, passed on
the ____ day of ____, 19__, and proceedings subsequent thereto,
levied an assessment against property owned by ____ in the sum of
____ dollars ($____).
   2. Said assessment was levied on the ____ day of ____, 19__;
notice thereof was recorded in the office of the County Recorder of
the County of ____, on the ____ day of ____, 19__.
   3. Said assessment was levied in an assessment district known and
described as "____."
   4. The assessment number of said property, as shown on the
assessment diagram and in the assessment roll is No. ____, and the
property designated as assessment number ____ and which belongs to
____ is described as follows:


                               (insert description)

   5. Said assessment is payable in not more than ____ (_) annual
installments, the first installment of which shall be June 2, 19__,
and the last of which will be payable June 2, 19__. Said installments
will be in even annual proportions of the whole amount. Payments of
principal shall be represented by coupons attached to said
certificate.
   6. Interest will accrue upon said unpaid amount from the ____ day
of ____, 19__, at the rate of ____ percent per annum until the whole
of the principal and interest thereon shall have been paid in full.
The interest is payable semiannually, by coupon, on the second day of
December and June, respectively, of each year a principal payment
coupon matures.
   7. The officer or board whose duty it is to levy taxes on behalf
of the owner of said property hereinabove described, is obligated to
include in the next tax levy an amount, in addition to moneys for all
other purposes, sufficient to pay ____ (____) or more of the
principal of said assessment with interest on the unpaid principal of
the assessment to date of payment and is obligated to include in
each succeeding tax levy a like ____ (____) amount or more in
addition to moneys for all other purposes until the principal of said
assessment and all interest on the unpaid portions thereof shall be
paid. Said tax levy shall be made notwithstanding that said tax levy
exceeds the maximum tax rate that may otherwise be imposed by law.
   8. In the event that the officer or board whose duty it is to levy
taxes fails to provide for a tax levy to pay and discharge the
principal of the assessment and the interest thereon, the owner of
this certificate may compel the levy thereof in the manner
hereinabove set forth by writ of mandate. No statute of limitations
shall bar any right provided for herein to enforce the collection of
this assessment and any interest due thereon until four years after
the maturity of the last coupon of principal and interest due on this
certificate.
   9. The owner of this certificate described herein may use mandamus
or other appropriate remedy to compel the officer or board whose
duty it is to levy taxes for said obligated owner to levy an amount
in a given year equal to ____ (____) of said assessment and interest
on the unpaid portion thereof and may continue to use mandamus or
other remedy to cause a like ____ (____) amount and interest to be
levied each year until the whole of said assessment and all interest
due has been paid.
   10. If an owner of this certificate is successful in any action to
compel the levy of a tax under this certificate he shall be awarded
reasonable attorneys' fees as fixed by the court and costs and said
attorneys' fees and costs shall be included in the tax levied to pay
the same.
   11. This certificate together with interest is payable to bearer
at the office of the ____ treasurer of the ____ of ____ upon
presentation of the coupons representing principal and interest
thereon. Upon payment in full it shall be surrendered to the ____
treasurer for cancellation.
   In witness whereof, said ____ has caused this certificate to be
signed by its treasurer and has caused its clerk to affix thereto its
corporate seal all on the ____ day of ____, 19__.

                                       ___________
                                        Treasurer



6467.1.  The interest upon the certificate provided in Section 6467
shall be payable semiannually, by coupon, on the second day of
December and June, respectively, of each year a principal payment
matures. The certificate shall bear date determined by the date of
bonds if bonds are to be issued in the proceedings. If no bonds are
to be issued the certificate or certificates shall bear such date as
may be determined by the legislative body conducting the proceedings.
The rate of interest shall not exceed 7 percent per annum on all
unpaid sums.


6467.2.  The certificates shall have annual principal coupons
attached to them payable in annual order, the first of which shall be
payable not later than June 2, beginning with the fiscal year next
following the date of the certificate until all are paid. Each
principal coupon shall be for an even annual proportion of the
principal of the certificate.



6467.3.  The certificate shall be payable at the office of the
treasurer of the city conducting the proceedings upon presentation of
the principal and interest coupons. At least 30 days prior to the
first day of July of each and every year after the date of the
certificate, until the certificate is paid in full, the treasurer
shall mail postage prepaid to the entity whose obligation it is to
levy a tax to pay the amount of principal and interest falling due
each year, a notice of the amount due in the next succeeding fiscal
year, the date when payments are due upon the certificates, and that
payment shall be made to the city conducting the proceedings by the
entity obligated to levy the tax to make the payments due thereon at
least 30 days prior to the due date of any installment of principal
or interest upon said certificate. Failure of the treasurer to notify
the entity obligated to make payment shall not affect the obligation
of the entity, whose duty it is to make such payment, to make
payment thereof as required by Section 5302.5 of this code.
   In the event the public entity owning the property against which
the assessment has been levied, and which is represented by the
certificates authorized in this chapter, shall sell the said property
prior to the maturity and payment in full of all of the certificates
representing such assessment, then all of the outstanding
certificates shall be immediately payable in full together with the
accrued interest thereon not later than sixty (60) days from the date
of sale without premium. Interest shall be payable to the date of
designated payment and the owner of the certificates, as the owner
appears upon the records of the treasurer, shall be given written
notice of such payment at his last known address or, if not known, at
general delivery. Interest upon said certificates shall cease and
terminate at the date designated for payment thereof in full,
provided funds for the payment of all such principal and interest to
such date have been paid into the proper redemption fund therefor and
are available for such payment.