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2020 California Code
Streets and Highways Code - SHC
DIVISION 10 - THE IMPROVEMENT BOND ACT OF 1915
PART 12 - REDEMPTION FUND DEFICIENCIES
Section 8772.
Universal Citation: CA St & Hwy Code § 8772 (2020)
8772.
If the legislative body determines that in its judgment there will be a shortage in the redemption fund, it shall direct the treasurer to pay to the holders of all outstanding and unpaid bonds such proportion thereof as the amount of funds on hand bears to the total amount of the unpaid principal of the bonds and the interest which has accrued or will accrue thereon. Similar proportionate payments shall thereafter be made periodically as moneys come into the redemption fund.
(Amended by Stats. 1985, Ch. 65, Sec. 25. Effective June 6, 1985.)
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