California § 8772. 8772. (Amended by Stats. 1985, Ch. 65, Sec. 25.)

California Statutes

§ 8772. — 8772. (Amended by Stats. 1985, Ch. 65, Sec. 25.)

California·Code SHC Streets and Highways Code - SHC·Div. 10. DIVISION 10. THE IMPROVEMENT BOND ACT OF 1915·Part 12. PART 12. REDEMPTION FUND DEFICIENCIES

If the legislative body determines that in its judgment there will be a shortage in the redemption fund, it shall direct the treasurer to pay to the holders of all outstanding and unpaid bonds such proportion thereof as the amount of funds on hand bears to the total amount of the unpaid principal of the bonds and the interest which has accrued or will accrue thereon. Similar proportionate payments shall thereafter be made periodically as moneys come into the redemption fund.

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If the legislative body determines that in its judgment there will be a shortage in the redemption fund, it shall direct the treasurer to pay to the holders of all outstanding and unpaid bonds such proportion thereof as the amount of funds on hand bears to the total amount of the unpaid principal of the bonds and the interest which has accrued or will accrue thereon. Similar proportionate payments shall thereafter be made periodically as moneys come into the redemption fund.

California § 8772. (8772. (Amended by Stats. 1985, Ch. 65, Sec. 25.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by Stats. 1985, Ch. 65, Sec. 25. Effective June 6, 1985.

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