This division shall be known and may be cited as the “Refunding Act of 1984 for 1915 Improvement Act Bonds.”
Chapter 1General Provisions and Definitions
Section § 9500
This law section establishes the official title of a division of laws related to refunding bonds issued under the 1915 Improvement Act. They are collectively known as the "Refunding Act of 1984 for 1915 Improvement Act Bonds."
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Section § 9501
This law provides an alternative method for handling bonds related to public improvement projects. Specifically, it offers another option instead of the existing procedures under Division 11 of the Improvement Bond Act of 1915 for refunding bonds.
The procedures of this division are an alternative to Division 11 (commencing with Section 9000) which relates to the refunding of bonds under the Improvement Bond Act of 1915.
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Section § 9502
This law section establishes that local agencies are allowed to issue refunding bonds for specific purposes outlined in the division. They can also invest and reinvest the money gained from these bonds and other legally available funds to achieve these purposes.
It is hereby declared that it is a public purpose for a local agency to issue refunding bonds for the purposes set forth in this division and to invest and reinvest the proceeds thereof, and any other funds legally available therefor, for the purposes set forth herein.
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Section § 9503
This law allows city governments in California to issue new bonds to replace older bonds they have previously issued under specific legal acts. This process is called refunding. The city can also extend assessment liens, which are legal claims on property due to unpaid assessments, and continue collecting payments to cover the cost of the new bonds. Any or all portions of bond issues can be replaced using this process.
The legislative body of any city in this state may issue refunding bonds and refund outstanding bonds issued either under the Improvement Bond Act of 1915 (Division 10 (commencing with Section 8500)) or under this division, under and subject to this division, and may provide for the extension of the liens of assessments and the levy and collection of assessments and reassessments to pay the refunding bonds. All or any portion of any bond issue authorized for refunding by this section may be refunded pursuant to this section.
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Section § 9504
This law states that original bonds and assessments used for funding will stay valid and secure until they are replaced by new reassessments and refunding bonds that are legally issued as per this law. Once these new instruments are issued, the reassessments will secure the refunding bonds, and any unexchanged original bonds will be secured by the refunding escrow.
It is the intention of this division that the outstanding bonds and the original assessments shall remain in full force and effect and secured by the original assessments until superseded and supplanted by reassessments and refunding bonds validly and legally issued pursuant to this division, at which time the reassessments shall become the security for the refunding bonds and the refunding escrow shall become the security for any outstanding bonds not exchanged for refunding bonds.
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Section § 9505
This law allows actions or decisions needed for compliance with state or federal constitutional requirements, or for convenience during reassessment or refunding processes, even if they're not specifically mentioned in the division, to be legally valid and acceptable.
Any action or determination made necessary by reason of state or federal constitutional requirements or otherwise, or any action or determination which is convenient in the making of the reassessment, or in the refunding and reassessment proceedings, which is not expressly set forth in this division is hereby authorized and the same when made shall be valid and sufficient.
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Section § 9506
This law allows any city to hire qualified individuals or companies to do work or provide services related to tasks outlined in this division. It also includes hiring for activities connected to refinancing city debts.
Any city may retain or employ any qualified person to perform any work or perform any services provided for or authorized by this division or in connection with the refunding of any indebtedness authorized to be refunded under this division.
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Section § 9507
This law section explains that the costs related to refinancing and reassessing certain bonds can be covered by the money raised from selling these new bonds, or from other designated contributions and appropriations.
The incidental expenses of any refunding and reassessment authorized by this division, including the designated costs of issuing the refunding bonds, as defined and determined pursuant to Chapter 3 (commencing with Section 9600), may be paid from the proceeds of sale of the refunding bonds or from contributions and appropriations made pursuant to Section 9510.
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Section § 9508
This law states that when legal proceedings are started under this specific division, only the rules and laws from this division will apply, unless another section (Section 9509) provides a different guideline.
Subject to Section 9509, when proceedings are commenced under this division, only this division shall apply.
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Section § 9509
This law states that if there are multiple reassessment processes happening at the same time, they can be combined into one. This means all necessary documents and actions for each reassessment law can be merged together for efficiency.
A reassessment proceeding under this division may be conducted concurrently with proceedings under any other applicable reassessment law and all resolutions, notices, reports, and other documents and proceedings required by each law may be consolidated into single instruments.
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Section § 9510
This section refers to how contributions and funds should be provided, following the rules set out in a different part of the law, starting from Section 9125. It's like saying, 'See this other section for details on when and how to handle financial contributions.'
Contributions and appropriations may be made at the times and in the manner provided in Article 2 (commencing with Section 9125) of Chapter 3 of Division 11, the terms of which are hereby referred to and incorporated herein by reference.
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Section § 9511
This law states that it doesn't change or interfere with any existing or future laws on the same topic. It simply offers an alternative way to handle the refunding of bonds.
This division does not affect any other act or acts now existing or which may hereafter be passed covering the same subject matter, nor apply to any proceedings thereunder, but is intended to and does provide an alternative system for the refunding of bonds.
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Section § 9512
This law means that if there's a need to enforce a reassessment (like a new tax or fee adjustment), the solutions given by this law aren't the only ones available. Extra ways to enforce the reassessment can be added whenever necessary.
The remedies provided for the enforcement of any reassessment levied under the provisions of this division are not exclusive and additional remedies may be provided at any time.
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Section § 9513
This law section states that the curative clauses within this division are designed to work together. Each clause should be applied fully and effectively.
The curative clauses of this division are cumulative and each of them is to be given full force and effect.
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Section § 9514
This law section states that the rules within this division should be interpreted in a flexible way to ensure their intended goals are achieved effectively.
This division and all of its provisions shall be liberally construed in order that its purposes may be made effective.
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Section § 9515
If there's a foreclosure or a legal action to resolve property ownership disputes (called an action to quiet title), the paperwork must be delivered to the same individuals as other legal actions involving the city.
In the event of a foreclosure or action to quiet title, process shall be served upon the same person or persons as in other cases of suits against the city.
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Section § 9516
When someone buys property at a tax sale, whether it's a direct sale by the tax collector, a resale by the city, or through a court-ordered foreclosure, they assume responsibility for any remaining unpaid reassessment installments, including interest and penalties tied to those payments.
The purchaser, whether at a tax collector’s sale or at a resale by the city in the event of the city having become the purchaser, or at a foreclosure sale by order of court, takes the property subject to all unpaid reassessment installments, interest, and penalties under the same proceeding.
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Section § 9517
This law section states that unless specified differently, the terms and concepts used in this division should be interpreted according to the definitions provided in the Improvement Bond Act of 1915. Also, whenever the word "act" appears, it specifically refers to the Improvement Bond Act of 1915.
Unless the particular provision or the context otherwise requires, the definitions contained in the Improvement Bond Act of 1915 shall govern the construction of this division.
The term “act,” as used in this division, means the Improvement Bond Act of 1915.
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Section § 9518
If there's any leftover money in the fund for a district's improvement project after finishing the work and settling all debts, this extra can either be credited towards a reassessment as described in another law section or used in another specified manner.
Any surplus remaining in the improvement fund for the assessment district, after completion of the improvements and the payment of all claims, may be used as a credit upon the reassessment in the manner provided in Section 10427.1 or as otherwise provided in Section 10427.
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Section § 9519
If there is any leftover money in the fund set aside for old bonds when new refunding bonds are issued, that money should be used to pay off the old bonds according to the rules in Section 8885.
Any balance remaining in the special reserve fund for the bonds to be refunded at the time of the issuance of the refunding bonds shall be used to retire the bonds to be refunded as provided in Section 8885.
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Section § 9519.5
This law states that the rules or provisions outlined in Sections 8571.3 and 8769 also apply to the division in which this section is found. Essentially, it connects the regulations from these sections to the current division, meaning any conditions or requirements mentioned in those sections must be followed here too.
Sections 8571.3 and 8769 are applicable to this division.
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