CHAPTER 2. Preliminary Proceedings [9050. - 9081.]

Chapter 2 added by Stats. 1951, Ch. 463.

§§ 9050–9081 · 17 sections

1. ARTICLE 1. Authority to Refund § 9050 · 1 section

   • § 9050 Whenever any principal or interest of any issue of bonds issued under the “Improvement Bond Act of 1915” is past due and unpaid because of delinquency in the…
2. ARTICLE 2. Consent of Bondholders §§ 9055–9061 · 7 sections

   • § 9055 The legislative body may enter into a written contract or contracts with the owner or owners of such bonds and provide therein for the cancellation of the…
   • § 9056 When any bond is presented by any person to the legislative body for refunding, such person shall be deemed the owner thereof, and the legislative body may…
   • § 9057 The contract or contracts shall determine the terms and conditions upon which the outstanding bonds shall be exchanged for the refunding bonds.
   • § 9058 The bonds to be refunded may be deposited with the city treasurer or with any duly incorporated bank or trust company doing business in the State, which shall…
   • § 9059 The State of California or any city, county, or other political subdivision or public corporation, owning any bonds which might be refunded under the…
   • § 9060 The city may at any time prior to the actual issuance and exchange of the refunding bonds make additional contracts with any owners of bonds for the surrender…
   • § 9061 If the owners of 75 percent or more of the principal amount of the outstanding bonds of any issue join in the contract or contracts, the city may proceed under…
3. ARTICLE 3. Nonconsenting Bondholders §§ 9070–9076 · 7 sections

   • § 9070 In the event that the holders of one or more of the outstanding bonds do not enter any contract to refund the same, nevertheless, if the holders of 75 percent…
   • § 9071 The city which is conducting the refunding proceedings may make an advancement or contribution or an additional contribution in order to provide money to pay…
   • § 9072 If any person advances money to provide for the payment or retirement of the bonds of nonconsenting holders the legislative body may deliver at par all or any…
   • § 9073 Any other methods of raising funds for the payment or retirement of the bonds of nonconsenting holders which will, prior to the time the assessment is recorded…
   • § 9074 Whenever any money is placed in any fund for the retirement or payment of the bonds of nonconsenting holders such money shall be used only for that purpose.…
   • § 9075 In the event that the discharge of the bonds of any nonconsenting holders at less than the par value thereof has been authorized by any final decree or order…
   • § 9076 The reassessment shall not be recorded until adequate provision has been made in accordance with the terms of this article for the payment or retirement of…
4. ARTICLE 4. Refunding of Two or More Issues §§ 9080–9081 · 2 sections

   • § 9080 Two or more issues of bonds issued under the Improvement Bond Act of 1915 may be refunded in one proceeding under this division and only one issue of refunding…
   • § 9081 The proceedings for refunding two or more issues of bonds shall follow as nearly as may be the procedure for the refunding of one issue, with such…