California Streets and Highways Code 5334 – When bonds are to be issued to represent unpaid assessments against a …
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When bonds are to be issued to represent unpaid assessments against a possessory interest created by a lease in Indian-owned property, the term of the lease remaining at the time of issuance shall exceed, by at least 15 years, the term of the bonds issued.
If bonds are to be issued to represent assessments against such a possessory interest, the legislative body shall so declare in the resolution of intention.
Terms Used In California Streets and Highways Code 5334
- Indian-owned property: means any tax exempt trust property to which an American Indian has rights as determined by federal laws, as administered by the Bureau of Indian Affairs of the Department of Interior. See California Streets and Highways Code 5331
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(Added by Stats. 1978, Ch. 970.)