Section 43771.
43771. The legislative body of any city shall keep the funds arising from the sale of bonds pursuant to this article separate and distinct from all other municipal funds in a fund to be called “general improvement fund,” and shall invest and reinvest the money in bonds issued by the city, or bonds issued for […]
Section 43772.
43772. If the bonds are issued to acquire or to provide funds for the purchase of certain outstanding bonds, they may be used only for that purpose. All of the funds not so used and all sums received in payment of principal or interest of the bonds acquired by the city or received from their […]
Section 43773.
43773. At such times as the legislative body determines, it may sell any of the bonds purchased by it. The bonds shall not be sold at a price less than that paid for them. (Added by Stats. 1949, Ch. 79.)
Section 43774.
43774. The purchase price of any bonds sold and the accrued interest on them shall be placed in the general improvement fund and may be reinvested in bonds, or, if such reinvestment is not permitted, shall be used to pay principal and interest of the bonds issued pursuant to this article. (Added by Stats. 1949, […]
Section 43775.
43775. During the time the city owns any district bonds payable from taxes or assessments levied wholly or partially in accordance with the assessed value of the land within the district, the legislative body may omit any sum for the payment of principal and interest past due and unpaid because of delinquencies from the amount […]
Section 43776.
43776. When bonds are acquired at less than their par value, the legislative body may reduce the total principal amount of any issue acquired and held by it to a total principal amount to be fixed by ordinance. The reduced total principal amount of the issue shall not be less at par than the total […]
Section 43777.
43777. The ordinance is subject to referendum as other ordinances and shall designate: (a) The issue of bonds to be reduced. (b) The total principal amount of the issue acquired. (c) The purchase price paid for the bonds. (d) The principal amount of the proposed reduction. (e) The numbers, denominations, and maturity dates of the bonds to be canceled. (f) […]
Section 43778.
43778. At the time and place fixed, the bonds shall be publicly canceled, and the city clerk shall enter on the minutes of the legislative body a record of the bonds canceled sufficient to identify them and the fact and date of their cancellation. (Added by Stats. 1949, Ch. 79.)
Section 43779.
43779. If the bonds canceled are issued under the Improvement Bond Act of 1915, the legislative body shall reduce the principal amount of the assessments securing the bonds to the total principal amount of the unpaid and uncanceled bonds of the same issue. (Added by Stats. 1949, Ch. 79.)
Section 43780.
43780. The reduction of assessments shall be carried out by canceling such proportion of the assessments as is necessary, and the legislative body may provide procedure for such cancellation. The uncanceled portion of the assessments is valid and shall be collected pursuant to the statutes under which the original assessments were levied and bonds issued. […]