California Streets and Highways Code

§ 8746.4

SHC § 8746.4Div. 10 · Part 10.7

Statute text

The legislative body shall provide a remedy in its resolution authorizing the issuance of bond anticipation notes if the anticipated bonds cannot be sold at the time or in the amount specified in the resolution or if any default occurs with respect to the notes. Any remedy which is so provided shall limit the obligations of property owners within the area subject to assessment to the amount of the assessment authorized and levied, except that the legislative body may enter into an agreement with any of the property owners within the district pledging some or all of the property of those property owners who are a party to the agreement as additional security for the notes.

Legislative history

Added by Stats. 1984, Ch. 1298, Sec. 15.