6468. In addition to the method of collecting unpaid assessments
against publicly owned property in use in the performance of a public
function, as provided in Section 5302.5, and in addition to the
issuance of the certificate provided in Section 6467, the legislative
body may elect to have bonds issued to represent assessments against
such publicly owned property as authorized in Section 5302.6 and as
authorized in this chapter.
Such bonds shall be substantially in the following form:
STREET IMPROVEMENT BOND
Series (designating it), in the City (or County)
of (naming it)
$_________ No. _____________________
(Assessment number)
This bond is issued under and by virtue of the provisions of
Chapter 4.5 (commencing with Section 6468), Part 5, Division 7 of the
Streets and Highways Code as a result of proceedings taken by the
legislative body of ____ (under the provisions of the Improvement Act
of 1911) (under the provisions of the Municipal Improvement Act of
1913) and is payable out of the redemption fund for the payment of
bonds issued to represent the unpaid assessments against publicly
owned property owned by the City (County) of ____ hereinafter
designated.
This bond is issued to represent the cost of certain public
improvements benefiting such public property, which property is more
fully described as assessment number(s) ____ in an assessment issued
by the street superintendent of said ____ and recorded in his office.
Said assessment was levied on the ____ day of ____ 19__, in an
assessment district known and described as "____"; notice thereof was
recorded in the office of the County Recorder of the County of ____,
on the ____ day of ____ 19__.
This bond is one of several bonds of like date, tenor and effect,
but differing in amounts and maturities, issued by said city (or
county) under said law for the purpose of providing means for paying
for the work and improvements described in the resolution of
intention in the assessment district proceedings hereinabove referred
to, and to represent an unpaid assessment against publicly owned
property. It is secured by the moneys in said redemption fund and by
the unpaid amount of said assessment against said publicly owned
property, and, including principal and interest is payable
exclusively from said redemption fund and neither the (here insert
city or county) nor any officer thereof is to be liable for payment
otherwise.
The officer, officers, or board of the entity assessed whose duty
it is to levy taxes, is obligated to include in the tax levy for each
and every fiscal year of the period of the bonds of the series of
which this bond is a part, an amount, in addition to moneys for all
other purposes, sufficient to pay the interest falling due on all
bonds outstanding of this series, plus the amount necessary to pay
the principal of all bonds falling due each fiscal year of the life
of this series of bonds. This levy shall be included each fiscal year
during the life of this series of bonds, and until the principal and
interest upon all bonds of this series shall be paid in full. The
levy shall be in addition to any levy or levies made for all other
purposes, and shall be made notwithstanding that the tax levy exceeds
the maximum tax rate that may otherwise be imposed by law.
The Treasurer of the City (County) of ____ will on the second day
of June 19__, solely out of said redemption fund, pay to the bearer
the sum of ____ dollars ($____) with interest thereon from the ____
day of ____ 19__ at the rate of ____ percent per annum, all as herein
specified and at the office of the treasurer of said city (county).
The interest is payable semiannually, to wit: on the second day of
December and June of each fiscal year after the date of this bond,
upon presentation of the proper coupons therefor; provided, that the
first of said coupons is for interest to the second day of December,
19__, and thereafter the interest coupons are for the semiannual
interest. The term "fiscal year" is defined to mean the period from
July 1st to and including June 30 of the year following throughout
the life of this series of bonds, the first of which fiscal years
shall commence the July 1st following the date of this bond. This
bond will continue to bear interest after maturity at the rate above
stated; provided, it is presented at maturity and payment thereof is
refused upon the sole ground that there is not sufficient moneys in
said redemption fund with which to pay same. If it is not presented
at maturity, interest thereon will run until maturity.
In the event the officer or board whose duty it is to levy taxes
to pay for said bonds fails to provide for a tax levy to pay and
discharge the principal of the bonds and the interest thereon, the
owner of this bond may compel the levy thereof in the manner
hereinafter set forth by writ of mandate. The writ of mandate shall
include the right to compel the levy of an amount sufficient to pay
principal and interest on all bonds issued to represent the same
assessment.
The owner of this bond 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
the amount necessary to pay principal and interest on the unpaid
portion of this series of bonds and may continue to use mandamus or
other remedy to cause a like amount of principal and interest to be
levied each year until the whole of the assessment and this series of
bonds and all interest thereon has been paid.
If the owner of this bond is successful in any action to compel
the levy of the tax under this bond 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.
This bond may be redeemed and paid in advance of maturity upon the
second day of December or June in any year by giving notice in the
manner provided for giving of notice for redemption of bonds under
the provisions of the Improvement Bond Act of 1915, and by paying
principal and accrued interest together with a premium equal to ____
percent of the principal.
In witness whereof, said ____ has caused this bond to be signed by
its treasurer and by its clerk and has affixed thereto its corporate
seal all on the ____ day of ____ 19__.
Treasurer
Clerk
6468.1. An annual proportion of the aggregate principal sum of
bonds issued pursuant to the provisions of this chapter shall be
payable on the second day of June of every fiscal year beginning with
the fiscal year next following the date of the bonds. The bonds
shall bear interest at a rate not in excess of 7 percent per annum
from the 31st day after recording the assessment in the office of the
superintendent of streets of the entity issuing the bonds, or from
their date if the work was done under the Municipal Improvement Act
of 1913, on all sums unpaid, until the whole of the principal sum and
interest are paid.
Interest shall be payable semiannually by coupon, on the second
day of December and June, respectively, of each fiscal year a
principal payment accrues. If no bonds are to be issued in the
assessment district proceedings other than bonds to represent unpaid
assessments against publicly owned property, the bonds shall bear
such date as may be determined by the legislative body conducting the
proceedings, and shall bear interest from their date. The bonds will
continue to bear interest after maturity at the rate stated;
provided, they are presented at maturity and payment thereof is
refused upon the sole ground that there is not sufficient moneys in
said redemption fund with which to pay same. If they are not
presented at maturity, interest thereon will run until maturity.
6468.2. The legislative body may by resolution establish the
denomination of the bonds, the amount to mature each fiscal year and
provide for the issuance and sale of the bonds.
6468.3. The final maturity of the bonds shall not exceed 24 years
from that second day of June next succeeding this date.
6468.4. The treasurer shall keep a separate redemption fund,
properly designated, into which he shall place all sums received by
him from the collection of the assessments against public property
for bonds issued under the provisions of this chapter and for
interest and penalties thereon and from which fund he shall disburse
and pay the bonds and the interest due thereon upon presentation of
the proper bonds and coupons. Under no circumstances shall the bonds
or the interest thereon be paid out of any other fund.
6468.5. Sections 5302.6, 8653, 8654, 8655, 8670, 8672, 8673 and
8851 of this code are applicable to bonds issued under the provisions
of this chapter.
6468.6. The bonds shall be payable at the office of the treasurer
of the city conducting the proceedings. At least 30 days prior to the
first day of July of each and every year after the date of the
bonds, until the bonds are 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 bonds, 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
bonds. 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. The treasurer shall place the funds
in the redemption fund for the payment of such bonds, and interest
thereon, such redemption fund to be separate from all other funds and
to be used solely for said purpose until the interest thereon and
the bonds are paid in full.
6468.7. In the event that the public entity owning the property
against which the assessment has been levied, and which is
represented by the bonds authorized in this chapter, shall sell the
property prior to the maturity and payment in full of all of the
bonds representing such assessment, then all of the outstanding bonds
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 bonds, 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 bonds 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.
6468.8. The legislative body conducting the proceedings may elect
in the resolution of intention to provide that the bonds issued to
represent assessments against property in the use of the performance
of a public function shall provide a prepayment premium not to exceed
5 percent of the principal amount of bond. In such case, the amount
of the premium shall be inserted in the bonds described in Section
6468.
6468. In addition to the method of collecting unpaid assessments
against publicly owned property in use in the performance of a public
function, as provided in Section 5302.5, and in addition to the
issuance of the certificate provided in Section 6467, the legislative
body may elect to have bonds issued to represent assessments against
such publicly owned property as authorized in Section 5302.6 and as
authorized in this chapter.
Such bonds shall be substantially in the following form:
STREET IMPROVEMENT BOND
Series (designating it), in the City (or County)
of (naming it)
$_________ No. _____________________
(Assessment number)
This bond is issued under and by virtue of the provisions of
Chapter 4.5 (commencing with Section 6468), Part 5, Division 7 of the
Streets and Highways Code as a result of proceedings taken by the
legislative body of ____ (under the provisions of the Improvement Act
of 1911) (under the provisions of the Municipal Improvement Act of
1913) and is payable out of the redemption fund for the payment of
bonds issued to represent the unpaid assessments against publicly
owned property owned by the City (County) of ____ hereinafter
designated.
This bond is issued to represent the cost of certain public
improvements benefiting such public property, which property is more
fully described as assessment number(s) ____ in an assessment issued
by the street superintendent of said ____ and recorded in his office.
Said assessment was levied on the ____ day of ____ 19__, in an
assessment district known and described as "____"; notice thereof was
recorded in the office of the County Recorder of the County of ____,
on the ____ day of ____ 19__.
This bond is one of several bonds of like date, tenor and effect,
but differing in amounts and maturities, issued by said city (or
county) under said law for the purpose of providing means for paying
for the work and improvements described in the resolution of
intention in the assessment district proceedings hereinabove referred
to, and to represent an unpaid assessment against publicly owned
property. It is secured by the moneys in said redemption fund and by
the unpaid amount of said assessment against said publicly owned
property, and, including principal and interest is payable
exclusively from said redemption fund and neither the (here insert
city or county) nor any officer thereof is to be liable for payment
otherwise.
The officer, officers, or board of the entity assessed whose duty
it is to levy taxes, is obligated to include in the tax levy for each
and every fiscal year of the period of the bonds of the series of
which this bond is a part, an amount, in addition to moneys for all
other purposes, sufficient to pay the interest falling due on all
bonds outstanding of this series, plus the amount necessary to pay
the principal of all bonds falling due each fiscal year of the life
of this series of bonds. This levy shall be included each fiscal year
during the life of this series of bonds, and until the principal and
interest upon all bonds of this series shall be paid in full. The
levy shall be in addition to any levy or levies made for all other
purposes, and shall be made notwithstanding that the tax levy exceeds
the maximum tax rate that may otherwise be imposed by law.
The Treasurer of the City (County) of ____ will on the second day
of June 19__, solely out of said redemption fund, pay to the bearer
the sum of ____ dollars ($____) with interest thereon from the ____
day of ____ 19__ at the rate of ____ percent per annum, all as herein
specified and at the office of the treasurer of said city (county).
The interest is payable semiannually, to wit: on the second day of
December and June of each fiscal year after the date of this bond,
upon presentation of the proper coupons therefor; provided, that the
first of said coupons is for interest to the second day of December,
19__, and thereafter the interest coupons are for the semiannual
interest. The term "fiscal year" is defined to mean the period from
July 1st to and including June 30 of the year following throughout
the life of this series of bonds, the first of which fiscal years
shall commence the July 1st following the date of this bond. This
bond will continue to bear interest after maturity at the rate above
stated; provided, it is presented at maturity and payment thereof is
refused upon the sole ground that there is not sufficient moneys in
said redemption fund with which to pay same. If it is not presented
at maturity, interest thereon will run until maturity.
In the event the officer or board whose duty it is to levy taxes
to pay for said bonds fails to provide for a tax levy to pay and
discharge the principal of the bonds and the interest thereon, the
owner of this bond may compel the levy thereof in the manner
hereinafter set forth by writ of mandate. The writ of mandate shall
include the right to compel the levy of an amount sufficient to pay
principal and interest on all bonds issued to represent the same
assessment.
The owner of this bond 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
the amount necessary to pay principal and interest on the unpaid
portion of this series of bonds and may continue to use mandamus or
other remedy to cause a like amount of principal and interest to be
levied each year until the whole of the assessment and this series of
bonds and all interest thereon has been paid.
If the owner of this bond is successful in any action to compel
the levy of the tax under this bond 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.
This bond may be redeemed and paid in advance of maturity upon the
second day of December or June in any year by giving notice in the
manner provided for giving of notice for redemption of bonds under
the provisions of the Improvement Bond Act of 1915, and by paying
principal and accrued interest together with a premium equal to ____
percent of the principal.
In witness whereof, said ____ has caused this bond to be signed by
its treasurer and by its clerk and has affixed thereto its corporate
seal all on the ____ day of ____ 19__.
Treasurer
Clerk
6468.1. An annual proportion of the aggregate principal sum of
bonds issued pursuant to the provisions of this chapter shall be
payable on the second day of June of every fiscal year beginning with
the fiscal year next following the date of the bonds. The bonds
shall bear interest at a rate not in excess of 7 percent per annum
from the 31st day after recording the assessment in the office of the
superintendent of streets of the entity issuing the bonds, or from
their date if the work was done under the Municipal Improvement Act
of 1913, on all sums unpaid, until the whole of the principal sum and
interest are paid.
Interest shall be payable semiannually by coupon, on the second
day of December and June, respectively, of each fiscal year a
principal payment accrues. If no bonds are to be issued in the
assessment district proceedings other than bonds to represent unpaid
assessments against publicly owned property, the bonds shall bear
such date as may be determined by the legislative body conducting the
proceedings, and shall bear interest from their date. The bonds will
continue to bear interest after maturity at the rate stated;
provided, they are presented at maturity and payment thereof is
refused upon the sole ground that there is not sufficient moneys in
said redemption fund with which to pay same. If they are not
presented at maturity, interest thereon will run until maturity.
6468.2. The legislative body may by resolution establish the
denomination of the bonds, the amount to mature each fiscal year and
provide for the issuance and sale of the bonds.
6468.3. The final maturity of the bonds shall not exceed 24 years
from that second day of June next succeeding this date.
6468.4. The treasurer shall keep a separate redemption fund,
properly designated, into which he shall place all sums received by
him from the collection of the assessments against public property
for bonds issued under the provisions of this chapter and for
interest and penalties thereon and from which fund he shall disburse
and pay the bonds and the interest due thereon upon presentation of
the proper bonds and coupons. Under no circumstances shall the bonds
or the interest thereon be paid out of any other fund.
6468.5. Sections 5302.6, 8653, 8654, 8655, 8670, 8672, 8673 and
8851 of this code are applicable to bonds issued under the provisions
of this chapter.
6468.6. The bonds shall be payable at the office of the treasurer
of the city conducting the proceedings. At least 30 days prior to the
first day of July of each and every year after the date of the
bonds, until the bonds are 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 bonds, 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
bonds. 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. The treasurer shall place the funds
in the redemption fund for the payment of such bonds, and interest
thereon, such redemption fund to be separate from all other funds and
to be used solely for said purpose until the interest thereon and
the bonds are paid in full.
6468.7. In the event that the public entity owning the property
against which the assessment has been levied, and which is
represented by the bonds authorized in this chapter, shall sell the
property prior to the maturity and payment in full of all of the
bonds representing such assessment, then all of the outstanding bonds
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 bonds, 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 bonds 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.
6468.8. The legislative body conducting the proceedings may elect
in the resolution of intention to provide that the bonds issued to
represent assessments against property in the use of the performance
of a public function shall provide a prepayment premium not to exceed
5 percent of the principal amount of bond. In such case, the amount
of the premium shall be inserted in the bonds described in Section
6468.
6468. In addition to the method of collecting unpaid assessments
against publicly owned property in use in the performance of a public
function, as provided in Section 5302.5, and in addition to the
issuance of the certificate provided in Section 6467, the legislative
body may elect to have bonds issued to represent assessments against
such publicly owned property as authorized in Section 5302.6 and as
authorized in this chapter.
Such bonds shall be substantially in the following form:
STREET IMPROVEMENT BOND
Series (designating it), in the City (or County)
of (naming it)
$_________ No. _____________________
(Assessment number)
This bond is issued under and by virtue of the provisions of
Chapter 4.5 (commencing with Section 6468), Part 5, Division 7 of the
Streets and Highways Code as a result of proceedings taken by the
legislative body of ____ (under the provisions of the Improvement Act
of 1911) (under the provisions of the Municipal Improvement Act of
1913) and is payable out of the redemption fund for the payment of
bonds issued to represent the unpaid assessments against publicly
owned property owned by the City (County) of ____ hereinafter
designated.
This bond is issued to represent the cost of certain public
improvements benefiting such public property, which property is more
fully described as assessment number(s) ____ in an assessment issued
by the street superintendent of said ____ and recorded in his office.
Said assessment was levied on the ____ day of ____ 19__, in an
assessment district known and described as "____"; notice thereof was
recorded in the office of the County Recorder of the County of ____,
on the ____ day of ____ 19__.
This bond is one of several bonds of like date, tenor and effect,
but differing in amounts and maturities, issued by said city (or
county) under said law for the purpose of providing means for paying
for the work and improvements described in the resolution of
intention in the assessment district proceedings hereinabove referred
to, and to represent an unpaid assessment against publicly owned
property. It is secured by the moneys in said redemption fund and by
the unpaid amount of said assessment against said publicly owned
property, and, including principal and interest is payable
exclusively from said redemption fund and neither the (here insert
city or county) nor any officer thereof is to be liable for payment
otherwise.
The officer, officers, or board of the entity assessed whose duty
it is to levy taxes, is obligated to include in the tax levy for each
and every fiscal year of the period of the bonds of the series of
which this bond is a part, an amount, in addition to moneys for all
other purposes, sufficient to pay the interest falling due on all
bonds outstanding of this series, plus the amount necessary to pay
the principal of all bonds falling due each fiscal year of the life
of this series of bonds. This levy shall be included each fiscal year
during the life of this series of bonds, and until the principal and
interest upon all bonds of this series shall be paid in full. The
levy shall be in addition to any levy or levies made for all other
purposes, and shall be made notwithstanding that the tax levy exceeds
the maximum tax rate that may otherwise be imposed by law.
The Treasurer of the City (County) of ____ will on the second day
of June 19__, solely out of said redemption fund, pay to the bearer
the sum of ____ dollars ($____) with interest thereon from the ____
day of ____ 19__ at the rate of ____ percent per annum, all as herein
specified and at the office of the treasurer of said city (county).
The interest is payable semiannually, to wit: on the second day of
December and June of each fiscal year after the date of this bond,
upon presentation of the proper coupons therefor; provided, that the
first of said coupons is for interest to the second day of December,
19__, and thereafter the interest coupons are for the semiannual
interest. The term "fiscal year" is defined to mean the period from
July 1st to and including June 30 of the year following throughout
the life of this series of bonds, the first of which fiscal years
shall commence the July 1st following the date of this bond. This
bond will continue to bear interest after maturity at the rate above
stated; provided, it is presented at maturity and payment thereof is
refused upon the sole ground that there is not sufficient moneys in
said redemption fund with which to pay same. If it is not presented
at maturity, interest thereon will run until maturity.
In the event the officer or board whose duty it is to levy taxes
to pay for said bonds fails to provide for a tax levy to pay and
discharge the principal of the bonds and the interest thereon, the
owner of this bond may compel the levy thereof in the manner
hereinafter set forth by writ of mandate. The writ of mandate shall
include the right to compel the levy of an amount sufficient to pay
principal and interest on all bonds issued to represent the same
assessment.
The owner of this bond 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
the amount necessary to pay principal and interest on the unpaid
portion of this series of bonds and may continue to use mandamus or
other remedy to cause a like amount of principal and interest to be
levied each year until the whole of the assessment and this series of
bonds and all interest thereon has been paid.
If the owner of this bond is successful in any action to compel
the levy of the tax under this bond 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.
This bond may be redeemed and paid in advance of maturity upon the
second day of December or June in any year by giving notice in the
manner provided for giving of notice for redemption of bonds under
the provisions of the Improvement Bond Act of 1915, and by paying
principal and accrued interest together with a premium equal to ____
percent of the principal.
In witness whereof, said ____ has caused this bond to be signed by
its treasurer and by its clerk and has affixed thereto its corporate
seal all on the ____ day of ____ 19__.
Treasurer
Clerk
6468.1. An annual proportion of the aggregate principal sum of
bonds issued pursuant to the provisions of this chapter shall be
payable on the second day of June of every fiscal year beginning with
the fiscal year next following the date of the bonds. The bonds
shall bear interest at a rate not in excess of 7 percent per annum
from the 31st day after recording the assessment in the office of the
superintendent of streets of the entity issuing the bonds, or from
their date if the work was done under the Municipal Improvement Act
of 1913, on all sums unpaid, until the whole of the principal sum and
interest are paid.
Interest shall be payable semiannually by coupon, on the second
day of December and June, respectively, of each fiscal year a
principal payment accrues. If no bonds are to be issued in the
assessment district proceedings other than bonds to represent unpaid
assessments against publicly owned property, the bonds shall bear
such date as may be determined by the legislative body conducting the
proceedings, and shall bear interest from their date. The bonds will
continue to bear interest after maturity at the rate stated;
provided, they are presented at maturity and payment thereof is
refused upon the sole ground that there is not sufficient moneys in
said redemption fund with which to pay same. If they are not
presented at maturity, interest thereon will run until maturity.
6468.2. The legislative body may by resolution establish the
denomination of the bonds, the amount to mature each fiscal year and
provide for the issuance and sale of the bonds.
6468.3. The final maturity of the bonds shall not exceed 24 years
from that second day of June next succeeding this date.
6468.4. The treasurer shall keep a separate redemption fund,
properly designated, into which he shall place all sums received by
him from the collection of the assessments against public property
for bonds issued under the provisions of this chapter and for
interest and penalties thereon and from which fund he shall disburse
and pay the bonds and the interest due thereon upon presentation of
the proper bonds and coupons. Under no circumstances shall the bonds
or the interest thereon be paid out of any other fund.
6468.5. Sections 5302.6, 8653, 8654, 8655, 8670, 8672, 8673 and
8851 of this code are applicable to bonds issued under the provisions
of this chapter.
6468.6. The bonds shall be payable at the office of the treasurer
of the city conducting the proceedings. At least 30 days prior to the
first day of July of each and every year after the date of the
bonds, until the bonds are 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 bonds, 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
bonds. 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. The treasurer shall place the funds
in the redemption fund for the payment of such bonds, and interest
thereon, such redemption fund to be separate from all other funds and
to be used solely for said purpose until the interest thereon and
the bonds are paid in full.
6468.7. In the event that the public entity owning the property
against which the assessment has been levied, and which is
represented by the bonds authorized in this chapter, shall sell the
property prior to the maturity and payment in full of all of the
bonds representing such assessment, then all of the outstanding bonds
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 bonds, 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 bonds 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.
6468.8. The legislative body conducting the proceedings may elect
in the resolution of intention to provide that the bonds issued to
represent assessments against property in the use of the performance
of a public function shall provide a prepayment premium not to exceed
5 percent of the principal amount of bond. In such case, the amount
of the premium shall be inserted in the bonds described in Section
6468.
