“Public body” as used in this chapter means any county, city and county, city, public district, public authority or other public corporation which is authorized to issue bonds.
Chapter 5Tax or Assessment Levy for Unsold Bonds
Section § 5400
This law defines a 'public body' as any government organization like a county, city, or public corporation that has the power to issue bonds.
public body government organization county city public district public authority public corporation issue bonds bond issuance municipal bonds financing local government bond authorization public finance government bonds
Section § 5401
This section defines 'bonds' as any debts, such as bonds or other similar financial obligations, whose repayment of the principal and the interest is funded by taxes or assessments collected by or for a public body.
“Bonds” as used in this chapter means any bonds or other evidences of indebtedness the principal and interest of which are payable or may be paid from ad valorem taxes or assessments levied by or on behalf of a public body.
bonds definition evidences of indebtedness ad valorem taxes tax-funded repayments public body assessments principal and interest financial obligations levied taxes public finance government debts tax-based funding debt securities local government bonds municipal finance
Section § 5402
This law defines "governing body" as any group like a board of supervisors, city council, or board of directors that has the authority to set yearly taxes or assessments for a public organization.
“Governing body” as used in this chapter means the board of supervisors, city council, board of directors or other legislative or governing body which has the power to fix the annual tax or assessment levy for a public body.
governing body definition annual tax levy assessment levy board of supervisors city council board of directors public body tax authority legislative body local government authority tax setting power municipal tax authority local taxation government council public taxation decisions
Section § 5403
This law allows a public governing body to levy a tax or assessment when they issue bonds, ensuring they can cover principal and interest payments due before the next tax or assessment cycle. This ensures that there is enough money to cover bond payments on time even if tax revenues aren't available yet.
When bonds to be issued by or on behalf of a public body have been authorized by an election or other method provided by law, and where it is expected that all or any part of such bonds will be sold at such time that principal or interest on such bonds will become due before the proceeds of a tax or assessment levied after such sale would be available to pay such principal or interest, the governing body, at the time of fixing the annual tax or assessment levy, may levy a tax or assessment, as the case may be, in an amount clearly sufficient to pay that portion of the principal of and interest on said bonds which it is expected will become due before the proceeds of the next succeeding tax or assessment levy will be available.
public bonds tax levy assessment levy bond principal interest payments governing body annual tax election authorization bond issuance pre-tax revenue bond interest public finance municipal bonds bond payment scheduling timely payments
Section § 5404
This law says that if a board or council plans to sell bonds based on a tax or assessment but later decides not to go through with selling them, the collected money can be moved to the public body's general fund.
If at any time following the levy of the tax or assessment authorized by Section 5403, the board, council or other body having the power to sell the bonds shall determine that the bonds are not to be issued and sold, the proceeds of the tax or assessment so levied to pay such principal or interest may be transferred to the general fund of the public body.
levy of tax bond issuance bond sale transfer to general fund public body finance tax proceeds assessment proceeds cancelled bond sale board decision council decision financial reallocation public funding tax collection assessment levy
