8700. In the event bonds are ordered to be issued, the unpaid
assessments, as shown on the list filed by the street superintendent
and determined by the legislative body, and any reassessments which
may be issued thereon or in lieu thereof, together with interest
thereon, shall remain and constitute a trust fund for the redemption
and payment of the principal of the bonds and for the interest which
may be due thereon.
8701. Such assessments and reassessments and each installment
thereof and the interest and penalties thereon shall constitute a
lien against the lots and parcels of land on which they are made,
until the same be paid, but for a period not exceeding the time
within which an action might be brought on the last series of bonds
issued upon the security of such unpaid assessments.
8702. The lien, whether bonds issued to represent the assessment or
otherwise, shall be subordinate to all fixed special assessment
liens previously imposed upon the same property, but it shall have
priority over all fixed special assessment liens which may thereafter
be created against the property.
8703. The lien of a reassessment and a refunding assessment shall
have the same priority as the original assessment to which it
relates. A supplemental assessment is a new assessment.
8704. Unmatured installments, interest and penalties secured by any
such lien or liens shall not be deemed to be within the terms of any
general warranty of title.
8705. If any assessment heretofore or hereafter issued is void or
unenforceable, for any cause, or if bonds are issued to represent or
be secured by any assessments and that issuance is not effective
through the curative provisions in relation thereto under the law
pursuant to which the assessment was levied or under this division to
make them valid and enforceable, then a reassessment may be made.
The reassessment shall be made upon the demand of the owner or holder
of bonds aggregating one-third of the principal amount outstanding,
or upon order of the legislative body, and shall be made in the
manner and form provided by the law pursuant to which the assessment
was levied, without regard to whether the acquisition or improvement
has been done or is proposed to be done, if any valid procedure is
provided, and otherwise as provided by Chapter 19 (commencing with
Section 5500) of Part 3 of Division 7.
8706. When made, the reassessment shall constitute a trust fund for
the redemption and payment of the original bonds issued against the
original assessment; or the legislative body may call in the original
issue of bonds outstanding and issue new bonds upon the security of
the reassessment in lieu thereof. If the legislative body determines
that new bonds shall be issued upon the security of the reassessment,
the notice of hearing upon the reassessment shall contain a
declaration of intention to issue bonds substantially in the form
provided for in Section 8573. Upon confirmation of the reassessment
the legislative body may issue the new bonds in the manner that it
determines.
8707. If the legislative body calls in the original issue of
outstanding bonds, it may direct the treasurer to, and the treasurer
shall thereupon, advance the maturity of the outstanding bonds
bearing interest in the manner provided in Part 11 (commencing with
Section 8750), notwithstanding the fact that there may not be surplus
moneys in the redemption fund with which to pay the same. New bonds
shall be issued in an aggregate amount equal to the total balance of
the reassessment unpaid and shall bear interest from their date at
the rate fixed by the legislative body.
8708. Upon the surrender of the outstanding bonds, the new bonds
shall be issued ratably to the holders of the original outstanding
bonds. Each holder of such original bonds shall be entitled to such
proportion of the new bonds as the total amount of the principal and
interest due him on his original bonds, upon the date of the
recordation of the reassessment, bears to the total amount of the
principal of the new bonds. In making distribution the legislative
body may assign the different bonds and allot maturities in such
manner as to it shall seem equitable.
8700. In the event bonds are ordered to be issued, the unpaid
assessments, as shown on the list filed by the street superintendent
and determined by the legislative body, and any reassessments which
may be issued thereon or in lieu thereof, together with interest
thereon, shall remain and constitute a trust fund for the redemption
and payment of the principal of the bonds and for the interest which
may be due thereon.
8701. Such assessments and reassessments and each installment
thereof and the interest and penalties thereon shall constitute a
lien against the lots and parcels of land on which they are made,
until the same be paid, but for a period not exceeding the time
within which an action might be brought on the last series of bonds
issued upon the security of such unpaid assessments.
8702. The lien, whether bonds issued to represent the assessment or
otherwise, shall be subordinate to all fixed special assessment
liens previously imposed upon the same property, but it shall have
priority over all fixed special assessment liens which may thereafter
be created against the property.
8703. The lien of a reassessment and a refunding assessment shall
have the same priority as the original assessment to which it
relates. A supplemental assessment is a new assessment.
8704. Unmatured installments, interest and penalties secured by any
such lien or liens shall not be deemed to be within the terms of any
general warranty of title.
8705. If any assessment heretofore or hereafter issued is void or
unenforceable, for any cause, or if bonds are issued to represent or
be secured by any assessments and that issuance is not effective
through the curative provisions in relation thereto under the law
pursuant to which the assessment was levied or under this division to
make them valid and enforceable, then a reassessment may be made.
The reassessment shall be made upon the demand of the owner or holder
of bonds aggregating one-third of the principal amount outstanding,
or upon order of the legislative body, and shall be made in the
manner and form provided by the law pursuant to which the assessment
was levied, without regard to whether the acquisition or improvement
has been done or is proposed to be done, if any valid procedure is
provided, and otherwise as provided by Chapter 19 (commencing with
Section 5500) of Part 3 of Division 7.
8706. When made, the reassessment shall constitute a trust fund for
the redemption and payment of the original bonds issued against the
original assessment; or the legislative body may call in the original
issue of bonds outstanding and issue new bonds upon the security of
the reassessment in lieu thereof. If the legislative body determines
that new bonds shall be issued upon the security of the reassessment,
the notice of hearing upon the reassessment shall contain a
declaration of intention to issue bonds substantially in the form
provided for in Section 8573. Upon confirmation of the reassessment
the legislative body may issue the new bonds in the manner that it
determines.
8707. If the legislative body calls in the original issue of
outstanding bonds, it may direct the treasurer to, and the treasurer
shall thereupon, advance the maturity of the outstanding bonds
bearing interest in the manner provided in Part 11 (commencing with
Section 8750), notwithstanding the fact that there may not be surplus
moneys in the redemption fund with which to pay the same. New bonds
shall be issued in an aggregate amount equal to the total balance of
the reassessment unpaid and shall bear interest from their date at
the rate fixed by the legislative body.
8708. Upon the surrender of the outstanding bonds, the new bonds
shall be issued ratably to the holders of the original outstanding
bonds. Each holder of such original bonds shall be entitled to such
proportion of the new bonds as the total amount of the principal and
interest due him on his original bonds, upon the date of the
recordation of the reassessment, bears to the total amount of the
principal of the new bonds. In making distribution the legislative
body may assign the different bonds and allot maturities in such
manner as to it shall seem equitable.
8700. In the event bonds are ordered to be issued, the unpaid
assessments, as shown on the list filed by the street superintendent
and determined by the legislative body, and any reassessments which
may be issued thereon or in lieu thereof, together with interest
thereon, shall remain and constitute a trust fund for the redemption
and payment of the principal of the bonds and for the interest which
may be due thereon.
8701. Such assessments and reassessments and each installment
thereof and the interest and penalties thereon shall constitute a
lien against the lots and parcels of land on which they are made,
until the same be paid, but for a period not exceeding the time
within which an action might be brought on the last series of bonds
issued upon the security of such unpaid assessments.
8702. The lien, whether bonds issued to represent the assessment or
otherwise, shall be subordinate to all fixed special assessment
liens previously imposed upon the same property, but it shall have
priority over all fixed special assessment liens which may thereafter
be created against the property.
8703. The lien of a reassessment and a refunding assessment shall
have the same priority as the original assessment to which it
relates. A supplemental assessment is a new assessment.
8704. Unmatured installments, interest and penalties secured by any
such lien or liens shall not be deemed to be within the terms of any
general warranty of title.
8705. If any assessment heretofore or hereafter issued is void or
unenforceable, for any cause, or if bonds are issued to represent or
be secured by any assessments and that issuance is not effective
through the curative provisions in relation thereto under the law
pursuant to which the assessment was levied or under this division to
make them valid and enforceable, then a reassessment may be made.
The reassessment shall be made upon the demand of the owner or holder
of bonds aggregating one-third of the principal amount outstanding,
or upon order of the legislative body, and shall be made in the
manner and form provided by the law pursuant to which the assessment
was levied, without regard to whether the acquisition or improvement
has been done or is proposed to be done, if any valid procedure is
provided, and otherwise as provided by Chapter 19 (commencing with
Section 5500) of Part 3 of Division 7.
8706. When made, the reassessment shall constitute a trust fund for
the redemption and payment of the original bonds issued against the
original assessment; or the legislative body may call in the original
issue of bonds outstanding and issue new bonds upon the security of
the reassessment in lieu thereof. If the legislative body determines
that new bonds shall be issued upon the security of the reassessment,
the notice of hearing upon the reassessment shall contain a
declaration of intention to issue bonds substantially in the form
provided for in Section 8573. Upon confirmation of the reassessment
the legislative body may issue the new bonds in the manner that it
determines.
8707. If the legislative body calls in the original issue of
outstanding bonds, it may direct the treasurer to, and the treasurer
shall thereupon, advance the maturity of the outstanding bonds
bearing interest in the manner provided in Part 11 (commencing with
Section 8750), notwithstanding the fact that there may not be surplus
moneys in the redemption fund with which to pay the same. New bonds
shall be issued in an aggregate amount equal to the total balance of
the reassessment unpaid and shall bear interest from their date at
the rate fixed by the legislative body.
8708. Upon the surrender of the outstanding bonds, the new bonds
shall be issued ratably to the holders of the original outstanding
bonds. Each holder of such original bonds shall be entitled to such
proportion of the new bonds as the total amount of the principal and
interest due him on his original bonds, upon the date of the
recordation of the reassessment, bears to the total amount of the
principal of the new bonds. In making distribution the legislative
body may assign the different bonds and allot maturities in such
manner as to it shall seem equitable.
