The Municipal Improvement Act ofImprovement Bonds
Section § 10600
This law allows the local government body managing a project to decide if bonds will be issued under the rules of either the Improvement Act of 1911 or the Improvement Bond Act of 1915. It ensures that the recorded assessment for the project will follow the same rules and priorities given in these acts. The assessments have to be recorded by the appropriate local authority, like the street superintendent or county surveyor. These officials are also responsible for notifying people about the need to pay the assessments.
Section § 10600.1
This law explains that if bonds are issued under the Improvement Act of 1911, any assessment fees less than $150 that aren't paid within 30 days are considered late. These unpaid fees will start to accumulate interest at a rate of 1% per month, calculated starting from when the bonds are issued. The city’s legislative body has the option to collect these overdue payments by following procedures outlined in specified chapters of the law. Additionally, any references to the contractor or related parties in those chapters will be understood as referring to the city itself. Also, any mentions of interest starting from the 'date of filing the original assessment' should be interpreted as starting from the 'date of the bonds.'
Section § 10600.2
When a government body is selling improvement bonds, they can require those who want to buy them to put down a deposit. This deposit must be in cash, a certified check, or a cashier’s check and is meant to ensure that the bidder will follow through with the purchase if they win.
Section § 10600.5
This law section states that when a resolution plans to issue bonds under the Improvement Act of 1911 or the Improvement Bond Act of 1915, these bonds can only be dated after the time for cash payments has ended.
Section § 10601
This law allows the legislative body or the contractor to file a lawsuit to confirm the validity of an assessment, bonds, contracts, improvements, or acquisitions. Such a lawsuit must follow specific procedures laid out in another chapter. Once an improvement or acquisition is authorized or an assessment is confirmed, it is considered "in existence" for legal purposes. Importantly, only the legislative body or contractor can bring this lawsuit, and there are strict deadlines, generally prohibiting filing after work begins unless otherwise specified.
Section § 10602
This law says that bonds can be issued and sold based on instructions from the legislative body. The money from selling these bonds must go into a specific fund mentioned in another section. The notice about these bonds must state the highest interest rate that can be charged, which can't be more than 8% a year, paid every six months. Also, these bonds have to be payable to whoever holds them.
Section § 10602.5
This law allows a city or other governmental entity to sell assessments on public property for funding public improvements. After confirming the assessment, which can include city-owned property, the legislative body can sell these assessments or issue bonds and certificates similar to Section 10602 procedures. The proceeds from these sales are deposited into a specific fund. Buyers purchasing these assessments, bonds, or certificates gain ownership and are entitled to the same rights as any other assessment or bond owner under specific sections.
Section § 10603
In cases where bonds will be issued for public work projects, this law requires that a city street superintendent, county surveyor, or district engineer must notify about and handle assessments—basically payments related to the project. However, the government body in charge can appoint someone else, like a treasurer or tax collector, to manage the money. If it’s a public corporation, they can have the county’s treasurer or tax collector handle it. Whoever is appointed must also certify details on how much has been paid or still is due, which are duties usually done by the street superintendent for bond issues.
Section § 10603.1
If a city assigns the county treasurer or tax collector to handle tasks like collecting money or managing bonds, they must be paid upfront for their estimated costs. However, the city can opt to sign a contract with them, agreeing on how much they’ll be paid for their work. If these costs aren't covered in the assessment, the city must pay them from its general fund.
Section § 10604
This law states that before bonds are issued, the person who is responsible for collecting assessments might need to be bonded. This means they must have a financial guarantee in place, approved by the local government, ensuring they handle the money properly. If this person is already a bonded official, collecting the money is part of their legal duties. If a county official is collecting for another public entity, the county acts as an agent to collect funds owed. If the local government thinks the existing bond isn't enough, they can require a separate bond. The cost of this bond is considered an incidental expense of the process.
Section § 10605
This law states that the person responsible for collecting assessments must deposit the money into the construction fund of the organization handling the proceedings at least once a week. This can be done more often if the organization's legislative body decides to do so.
Section § 10606
This law states that a legislative body can decide to issue bonds and handle related assessments based on certain sections of the Refunding Assessment Bond Act of 1935. If they choose to follow this method, those specific provisions from the 1935 Act become part of this current law. The bonds must then be labeled to indicate they are for a public project or acquisition.
Section § 10607
This law deals with how unpaid assessments are handled under the Improvement Bond Act of 1915. It specifies the process for filing the list of unpaid assessments and issuing bonds. Interest on these bonds begins accruing from a certain date, and properties can pay off assessments early before they mature. It also describes how bonds are called, premiums are paid, and what happens if there are errors in assessments or bonds, including reassessment.
Section § 10608
This law specifies how an 'Improvement Bond' should be labeled and structured. It requires that certain provisions for early payment found in previous legislation be included in the bond. Additionally, it dictates that the bond should reference a particular act's title with additional language indicating modifications from another act.
Section § 10609
This law says that when bonds are issued under certain bond acts, specific rules must be followed. It includes legal protections and time limits for taking action, plus reassessment powers granted by those acts. The notice of improvement is considered equivalent to the resolution of intention.
Section § 10610
This section means that once bonds are issued under this chapter, it's assumed that all the necessary legal steps and procedures were properly followed before the bonds were issued. This provides legal assurance that the process was conducted correctly.