Streets and Highways Code - SHC
DIVISION 10. THE IMPROVEMENT BOND ACT OF 1915 [8500 - 8887]
( Division 10 added by Stats. 1941, Ch. 79. ) PART 16. SPECIAL SECURITY FUND [8880 - 8887]
( Part 16 added by Stats. 1979, Ch. 149. ) 8880.
In any proceedings leading to the issuance of bonds pursuant to this division, the legislative body may include, as an incidental expense of the proceedings, an amount to create a special reserve fund for the bonds.
The amount so provided shall not exceed 10 percent of the total amount of assessments to be levied under the proceedings.
(Amended by Stats. 1989, Ch. 104, Sec. 25.)