Streets and Highways Code - SHC
DIVISION 10. THE IMPROVEMENT BOND ACT OF 1915 [8500 - 8887]
( Division 10 added by Stats. 1941, Ch. 79. ) PART 12. REDEMPTION FUND DEFICIENCIES [8770 - 8784]
( Part 12 added by Stats. 1941, Ch. 79. ) 8771.
On receipt of the report, the legislative body shall fix a date for hearing thereon. The clerk shall give notice of the hearing by posting for 10 days. At the hearing the legislative body shall determine whether in its judgment there will ultimately be insufficient money in the redemption fund to discharge the unpaid bonds and interest. If it determines that in its judgment there will be no such shortage, it shall direct the treasurer to pay matured bonds and interest as long as there is available money in the redemption fund.
(Amended by Stats. 1985, Ch. 65, Sec. 24. Effective June 6, 1985.)