ARTICLE 6. Compromise [43850. - 43860.]

Article 6 added by Stats. 1949, Ch. 79.

§§ 43850–43860 · 11 sections

• § 43850 Whenever a city has an outstanding indebtedness evidenced by bonds the legislative body may submit to the electors of the city, at any election held for that…
• § 43851 The election shall be called and held in the same manner as other elections in the city.
• § 43852 The notice of election shall state: (a) The bonded indebtedness which it is proposed to declare at once due and payable. (b) The terms of the proposed…
• § 43853 The question shall be voted upon as an entirety. If two-thirds of the electors vote in favor of it, by ordinance the legislative body shall declare the bonds…
• § 43854 The legislative body shall carry the compromise into effect and consent to the judgment specified in the notice of election and the proposed method of paying…
• § 43855 It shall provide for the collection of an annual tax sufficient to pay the interest on the judgment as it falls due and such portion of the principal as is…
• § 43856 The rights of any nonconsenting holder of bonds specified in the notice are not affected by the proceedings.
• § 43857 In any action brought upon any of the bonds described in the notice, the judgment of a court of competent jurisdiction is conclusive as to the regularity of…
• § 43858 In any action brought upon any of the bonds described in the notice of election, the plaintiff shall deposit in court the bonds upon which he sues.
• § 43859 When the judgment, rendered in accordance with the terms of the proposed compromise described in the notice, becomes final, the bonds sued upon shall be…
• § 43860 If for any reason the judgment is reversed or set aside, or if any orders or writs under it are disobeyed by the defendant or its officers, the treasurer shall…