California Streets and Highways Code

§ 8767

SHC § 8767Div. 10 · Part 11.1

Statute text

Upon receiving a partial or full prepayment of an assessment, the treasurer shall deposit it in an assessment prepayment subaccount of the bond redemption fund. All prepayments may be commingled in a single account. From the account, the treasurer shall make disbursements as follows:

(a)The administrative fee shall be deposited in the general fund of the city.

(b)Delinquent principal, interest, and penalties shall be transferred to the redemption fund for the bonds. If a special reserve fund has been established for the bonds and has been depleted on account of the delinquencies, the delinquent amounts and penalties shall be transferred instead to the special reserve fund.

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Legislative history

Amended by Stats. 1989, Ch. 104, Sec. 24.