9070-9076

STREETS AND HIGHWAYS CODE
SECTION 9070-9076




9070.  In the event that the holders of one or more of the
outstanding bonds do not enter any contract to refund the same,
nevertheless, if the holders of 75 percent or more of the outstanding
bonds do contract for the refunding of the bonds owned or held by
them the city shall have authority to refund all of the outstanding
bonds of said issue under the provisions of this division, but in
such event prior to recording the reassessment levied under this
division sufficient money to adequately provide for the retirement or
payment of the bonds of the nonconsenting holders must be provided
and set aside in the proper fund for that purpose.




9071.  The city which is conducting the refunding proceedings may
make an advancement or contribution or an additional contribution in
order to provide money to pay or retire the bonds of the
nonconsenting holders. In the event the city makes all or any part of
such advancement it may reimburse itself entirely or partially by
taking all or any part of the refunding bonds at par.



9072.  If any person advances money to provide for the payment or
retirement of the bonds of nonconsenting holders the legislative body
may deliver at par all or any portion of the refunding bonds which
are not to be delivered to consenting bondholders to the person
making such advance or advances, or may sell at par all or any part
of the refunding bonds not to be delivered to consenting bondholders
and from the proceeds thereof reimburse such person, and may contract
to make such sale or delivery.



9073.  Any other methods of raising funds for the payment or
retirement of the bonds of nonconsenting holders which will, prior to
the time the assessment is recorded under this division, adequately
provide the money necessary for such payment or retirement is hereby
authorized.



9074.  Whenever any money is placed in any fund for the retirement
or payment of the bonds of nonconsenting holders such money shall be
used only for that purpose. After all of the bonds of the
nonconsenting holders have been paid or retired any sum remaining in
the fund shall be returned to the city or person which advanced the
money.



9075.  In the event that the discharge of the bonds of any
nonconsenting holders at less than the par value thereof has been
authorized by any final decree or order confirming a plan of
readjustment under any bankruptcy laws of the United States in any
proceedings initiated under the authority of this division or
otherwise the legislative body may perform all acts and do all things
necessary for the discharge of the bonds in accordance with the
decree or order.


9076.  The reassessment shall not be recorded until adequate
provision has been made in accordance with the terms of this article
for the payment or retirement of bonds of nonconsenting holders.