2007 California Streets and Highways Code Chapter 3.5. Financing

CA Codes (shc:36640)

36640.  (a)  The city council may, by resolution, determine and
declare that bonds shall be issued to finance the estimated cost of
some or all of the proposed improvements described in the resolution
of formation adopted pursuant to Section 36625, if the resolution of
formation adopted pursuant to that section provides for the issuance
of bonds, under the Improvement Bond Act of 1915 (Division 10
(commencing with Section 8500)) or in conjunction with Marks-Roos
Local Bond Pooling Act of 1985 (Article 4 (commencing with Section
6584) of Chapter 5 of Division 7 of Title 1 of the Government Code).
Either act, as the case may be, shall govern the proceedings
relating to the issuance of bonds, although proceedings under the
Bond Act of 1915 may be modified by the city council as necessary to
accommodate assessments levied upon business pursuant to this part.
   (b) The resolution adopted pursuant to subdivision (a) shall
generally describe the proposed improvements specified in the
resolution of formation adopted pursuant to Section 36625, set forth
the estimated cost of those improvements, specify the number of
annual installments and the fiscal years during which they are to be
collected.  The amount of debt service to retire the bonds shall not
exceed the amount of revenue estimated to be raised from assessments
over 30 years.
   (c) Notwithstanding any other provision of this part, assessments
levied to pay the principal and interest on any bond issued pursuant
to this section shall not be reduced or terminated if doing so would
interfere with the timely retirement of the debt.