§ 36447.3. — 36447.3. (Added by Stats. 1984, Ch. 998, Sec. 3.)

It is the intent of the Legislature in enacting this chapter to preserve the status of the improvement districts’ bonds which have been consolidated, so that the bonds shall continue to constitute “indebtedness approved by the voters” pursuant to subdivision (b) of Section 1 of Article XIII
A of the California Constitution and shall reduce accordingly the remaining authorized bonds of the improvement districts. In order to preserve the status of the included bonds, the provisions of this chapter shall be interpreted and applied in a manner so that the burden on the land within the improvement districts does not result in any increase in the amount of assessments that will be levied to pay each improvement district’s proportionate share of the principal and interest payments with respect to each series of the consolidated bonds, over the amount it would have paid had its bonds been sold under other provisions of law. The added financial flexibility included in this chapter has been granted to the district only on the basis that the consolidating of improvement district bond authorizations and the permission to utilize negotiated sale of bonds, variable interest rates, refunding of existing improvement district bonds by exchange, or otherwise, and the other features of this chapter shall be authorized only to the extent that the burden upon the property owners of the improvement districts is not increased.

Legislative History

Added by Stats. 1984, Ch. 998, Sec. 3. Effective September 11, 1984.