California Government Code 54719 – If assessments to be collected through annual installment payments …
If assessments to be collected through annual installment payments have been authorized pursuant to this chapter, the legislative body may do one or more of the following:
(a) Provide for the accumulation of the money collected from the annual installments in a fund until there is sufficient money to pay all or part of the cost of the maintenance work for which the installment assessments were authorized.
Terms Used In California Government Code 54719
- legislative body: means the city council or board of trustees in the case of a city, the board of supervisors in the case of a county or a city and county, or the board of directors, trustees, or governors or other governing body in the case of a special district or any other municipal or public corporation or district. See California Government Code 54706
- local agency: means any city, county, city and county, special district, or any other municipal corporation or district. See California Government Code 54705
(b) Provide for a temporary advance to the improvement fund from any available and unencumbered funds of the local agency to pay all or part of the cost of the maintenance work for which the installment assessments were authorized and direct that the advance be repaid from the annual installments levied and collected during the fiscal years designated.
(c) Borrow an amount necessary to finance the estimated cost of the maintenance work for which the installment assessments were authorized. The amount borrowed and associated financing costs shall not exceed the amount of revenue estimated to be raised from the annual assessments levied over the designated five fiscal years.
(Added by Stats. 1991, Ch. 966, Sec. 4.)