California Streets and Highways Code 1184 – The board may then issue the bonds of the division to the number and …
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The board may then issue the bonds of the division to the number and amount provided for in the election proceedings. The bonds shall be payable out of the funds of the division, and the money for the redemption of and the interest on the bonds shall be raised by taxation upon the property in the division. The total amount of bonds so issued shall not exceed fifteen per cent of the taxable property of the division as shown by the last equalized assessment roll of the county.
(Enacted by Stats. 1935, Ch. 29.)
Terms Used In California Streets and Highways Code 1184
- County: includes "city and county. See California Streets and Highways Code 14
- Division: means permanent road division. See California Streets and Highways Code 1160
- Last equalized assessment roll: means the last assessment roll made up by the county assessor, including the changes ordered by the board of supervisors sitting as a board of equalization. See California Streets and Highways Code 1160