California Streets and Highways Code

§ 10427

SHC § 10427Div. 12 · Ch. 5

Statute text

After completion of the improvement and the payment of all claims from the improvement fund, the legislative body shall determine the amount of the surplus, if any, remaining in the improvement fund by reason of the assessment and any supplemental assessment levied for the improvement. The surplus shall be used, in amounts determined by the legislative body, for one or more of the following purposes:

(a)For transfer to the general fund of the city, provided that the amount transferred shall not exceed the lesser of one thousand dollars ($1,000) or 5 percent of the total amount expended from the improvement fund.

(b)As a credit upon the assessment and any supplemental assessment, in the manner provided in Section 10427.1.

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Legislative history

Amended by Stats. 1991, Ch. 966, Sec. 11.