2020 California Code
Streets and Highways Code - SHC
DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915
PART 11.1 - ALTERNATIVE PROCEDURE FOR COLLECTING ASSESSMENTS AND ADVANCE RETIREMENT OF BONDS
Section 8766.
The owner of assessed land, except land which has been ordered to judicial foreclosure pursuant to Section 8830, may prepay the assessment and remove the lien of the assessment by paying to the treasurer all of the following:
(a) The amount of any delinquent installments of principal and interest, together with penalties accrued to the date of prepayment.
(b) The unpaid, nondelinquent principal of the assessment, including principal posted to the tax roll for the current fiscal year but not yet paid.
(c) An allowance for redemption premium, calculated by multiplying the amount of the unmatured principal by the redemption premium percentage stated in the bonds. Unmatured principal excludes principal due during the fiscal year of prepayment.
(d) A reasonable fee, fixed by the treasurer, for the cost of administering the prepayment and the advance redemption of bonds.
(e) Interest accrued to the next call date of the bonds. The next call date is the next bond interest payment date which is not less than 90 days after the date of prepayment. Credit shall be given, or a refund provided, for installments of interest posted to the current tax roll and actually paid.
(f) A credit for the reserve fund calculated pursuant to Section 8881.
(Amended by Stats. 1989, Ch. 104, Sec. 22.)
