8660. As an alternative to any other authority, a legislative body
may, at its discretion, issue bonds bearing a variable interest rate
pursuant to this division. This part does not alter or restrict
authority to authorize assessments or issue bonds pursuant to any
other provision of this division in any way. All provisions of this
division shall apply to proceedings pursuant to this part, except as
expressly provided in this part.
8660.5. The legislative body may determine to issue serial or term
bonds, or both, bearing a variable interest rate that represent and
are secured by assessments which are made to pay the cost of any
authorized work or improvement. The bonds shall be sold at not less
than 95 percent of the principal amount in the manner determined by
the legislative body.
8661. If the legislative body determines to issue bonds as provided
in this part to represent the expense of any proposed work or
improvement, it shall, in the resolution of intention to do the work,
do all of the following:
(a) Declare that the serial or term bonds are issued pursuant to
this division to represent the expenses of the proposed work or
improvement.
(b) Specify that the bonds may bear a variable rate of interest.
(c) Specify the maximum rate of interest which the bonds may bear.
8662. The bonds shall be substantially in the form set forth in
Section 8652, except as revised to conform to this part.
8663. The unpaid assessments shall be payable in substantially the
manner set forth in subdivision (a) of Section 8680, or in
substantially the same manner, but at more frequent intervals, as
provided by the legislative body by resolution. The legislative body
may designate an official, including an official other than the
county tax collector, or other agent, to collect and maintain records
of the collection of the assessments, including a procedure other
than through the property tax collection procedure prescribed in this
division. The legislative body may authorize an additional
assessment to pay the costs of collection, not to exceed the
percentages or amounts set forth in Section 8682, and an additional
amount to cover the costs of registration, not to exceed the
percentages and amounts set forth in Section 8682.1. The legislative
body may authorize an additional assessment to pay for incidental
expenses of the financing. The assessments and the interest on the
assessments for each pay period are payable at the end of the pay
period and are delinquent thereafter, and shall bear the same
proportionate penalties and interest after delinquency as the
assessment installments in the subject proceedings.
8663.5. Interest on all unpaid assessments shall run from the date
of the bonds, and shall be computed for each interest pay period at
the date determined pursuant to the terms of the bond for that
interest pay period.
8664. Each bond, or any portion of the bond in a fixed amount or
any integral multiple of the fixed amount, shall be subject to
redemption in advance of its maturity on any interest payment date
upon payment to the registered owner of the principal and accrued
interest to the date of redemption together with a redemption
premium, if any, as determined by the legislative body, not to exceed
5 percent of the principal.
8664.3. The legislative body may, by resolution, specify that the
interest rate on the bonds may vary from time to time as determined
by a bond index or some other means prescribed in the resolution.
8664.5. The legislative body may, by resolution, specify terms and
conditions under which the bonds may be converted to a fixed interest
rate.
8665. The legislative body may, by resolution, specify terms and
conditions under which the city agrees to repurchase the bonds. The
legislative body may secure a letter of credit or other instrument to
secure payment or repurchase of any bonds, and the resulting costs,
including costs of initially securing, maintaining, or making any
payments arising from the exercise of, a letter of credit or other
instrument, may be treated as incidental expenses. The legislative
body may engage a remarketing agent and an indexing agent, subject to
terms and conditions agreed to by the legislative body, and the
resulting costs may be treated as incidental expenses.
8665.5. The notice of assessment recorded with the county recorder
pursuant to Section 3114 shall include the following statement:
Notice is further given that unpaid assessments are subject to
interest at a variable interest rate.
8660. As an alternative to any other authority, a legislative body
may, at its discretion, issue bonds bearing a variable interest rate
pursuant to this division. This part does not alter or restrict
authority to authorize assessments or issue bonds pursuant to any
other provision of this division in any way. All provisions of this
division shall apply to proceedings pursuant to this part, except as
expressly provided in this part.
8660.5. The legislative body may determine to issue serial or term
bonds, or both, bearing a variable interest rate that represent and
are secured by assessments which are made to pay the cost of any
authorized work or improvement. The bonds shall be sold at not less
than 95 percent of the principal amount in the manner determined by
the legislative body.
8661. If the legislative body determines to issue bonds as provided
in this part to represent the expense of any proposed work or
improvement, it shall, in the resolution of intention to do the work,
do all of the following:
(a) Declare that the serial or term bonds are issued pursuant to
this division to represent the expenses of the proposed work or
improvement.
(b) Specify that the bonds may bear a variable rate of interest.
(c) Specify the maximum rate of interest which the bonds may bear.
8662. The bonds shall be substantially in the form set forth in
Section 8652, except as revised to conform to this part.
8663. The unpaid assessments shall be payable in substantially the
manner set forth in subdivision (a) of Section 8680, or in
substantially the same manner, but at more frequent intervals, as
provided by the legislative body by resolution. The legislative body
may designate an official, including an official other than the
county tax collector, or other agent, to collect and maintain records
of the collection of the assessments, including a procedure other
than through the property tax collection procedure prescribed in this
division. The legislative body may authorize an additional
assessment to pay the costs of collection, not to exceed the
percentages or amounts set forth in Section 8682, and an additional
amount to cover the costs of registration, not to exceed the
percentages and amounts set forth in Section 8682.1. The legislative
body may authorize an additional assessment to pay for incidental
expenses of the financing. The assessments and the interest on the
assessments for each pay period are payable at the end of the pay
period and are delinquent thereafter, and shall bear the same
proportionate penalties and interest after delinquency as the
assessment installments in the subject proceedings.
8663.5. Interest on all unpaid assessments shall run from the date
of the bonds, and shall be computed for each interest pay period at
the date determined pursuant to the terms of the bond for that
interest pay period.
8664. Each bond, or any portion of the bond in a fixed amount or
any integral multiple of the fixed amount, shall be subject to
redemption in advance of its maturity on any interest payment date
upon payment to the registered owner of the principal and accrued
interest to the date of redemption together with a redemption
premium, if any, as determined by the legislative body, not to exceed
5 percent of the principal.
8664.3. The legislative body may, by resolution, specify that the
interest rate on the bonds may vary from time to time as determined
by a bond index or some other means prescribed in the resolution.
8664.5. The legislative body may, by resolution, specify terms and
conditions under which the bonds may be converted to a fixed interest
rate.
8665. The legislative body may, by resolution, specify terms and
conditions under which the city agrees to repurchase the bonds. The
legislative body may secure a letter of credit or other instrument to
secure payment or repurchase of any bonds, and the resulting costs,
including costs of initially securing, maintaining, or making any
payments arising from the exercise of, a letter of credit or other
instrument, may be treated as incidental expenses. The legislative
body may engage a remarketing agent and an indexing agent, subject to
terms and conditions agreed to by the legislative body, and the
resulting costs may be treated as incidental expenses.
8665.5. The notice of assessment recorded with the county recorder
pursuant to Section 3114 shall include the following statement:
Notice is further given that unpaid assessments are subject to
interest at a variable interest rate.
8660. As an alternative to any other authority, a legislative body
may, at its discretion, issue bonds bearing a variable interest rate
pursuant to this division. This part does not alter or restrict
authority to authorize assessments or issue bonds pursuant to any
other provision of this division in any way. All provisions of this
division shall apply to proceedings pursuant to this part, except as
expressly provided in this part.
8660.5. The legislative body may determine to issue serial or term
bonds, or both, bearing a variable interest rate that represent and
are secured by assessments which are made to pay the cost of any
authorized work or improvement. The bonds shall be sold at not less
than 95 percent of the principal amount in the manner determined by
the legislative body.
8661. If the legislative body determines to issue bonds as provided
in this part to represent the expense of any proposed work or
improvement, it shall, in the resolution of intention to do the work,
do all of the following:
(a) Declare that the serial or term bonds are issued pursuant to
this division to represent the expenses of the proposed work or
improvement.
(b) Specify that the bonds may bear a variable rate of interest.
(c) Specify the maximum rate of interest which the bonds may bear.
8662. The bonds shall be substantially in the form set forth in
Section 8652, except as revised to conform to this part.
8663. The unpaid assessments shall be payable in substantially the
manner set forth in subdivision (a) of Section 8680, or in
substantially the same manner, but at more frequent intervals, as
provided by the legislative body by resolution. The legislative body
may designate an official, including an official other than the
county tax collector, or other agent, to collect and maintain records
of the collection of the assessments, including a procedure other
than through the property tax collection procedure prescribed in this
division. The legislative body may authorize an additional
assessment to pay the costs of collection, not to exceed the
percentages or amounts set forth in Section 8682, and an additional
amount to cover the costs of registration, not to exceed the
percentages and amounts set forth in Section 8682.1. The legislative
body may authorize an additional assessment to pay for incidental
expenses of the financing. The assessments and the interest on the
assessments for each pay period are payable at the end of the pay
period and are delinquent thereafter, and shall bear the same
proportionate penalties and interest after delinquency as the
assessment installments in the subject proceedings.
8663.5. Interest on all unpaid assessments shall run from the date
of the bonds, and shall be computed for each interest pay period at
the date determined pursuant to the terms of the bond for that
interest pay period.
8664. Each bond, or any portion of the bond in a fixed amount or
any integral multiple of the fixed amount, shall be subject to
redemption in advance of its maturity on any interest payment date
upon payment to the registered owner of the principal and accrued
interest to the date of redemption together with a redemption
premium, if any, as determined by the legislative body, not to exceed
5 percent of the principal.
8664.3. The legislative body may, by resolution, specify that the
interest rate on the bonds may vary from time to time as determined
by a bond index or some other means prescribed in the resolution.
8664.5. The legislative body may, by resolution, specify terms and
conditions under which the bonds may be converted to a fixed interest
rate.
8665. The legislative body may, by resolution, specify terms and
conditions under which the city agrees to repurchase the bonds. The
legislative body may secure a letter of credit or other instrument to
secure payment or repurchase of any bonds, and the resulting costs,
including costs of initially securing, maintaining, or making any
payments arising from the exercise of, a letter of credit or other
instrument, may be treated as incidental expenses. The legislative
body may engage a remarketing agent and an indexing agent, subject to
terms and conditions agreed to by the legislative body, and the
resulting costs may be treated as incidental expenses.
8665.5. The notice of assessment recorded with the county recorder
pursuant to Section 3114 shall include the following statement:
Notice is further given that unpaid assessments are subject to
interest at a variable interest rate.
