Alternatively, the city may create a deferral fund for the assessment district, and deposit into the deferral fund an amount sufficient to pay the asessments being deferred for a specified period of time. Funds in the deferral fund may be invested as other city funds are invested, or in more restricted ways as determined by the legislative body. Any investment of the funds in the deferral fund shall comply with federal arbitrage rules.
Cal. Sts. & High. Code § 10704
Deferral of Assessments
Known as the Municipal Improvement Act
The act spans §§ 10000–10706 (149 sections).
Added by Stats. 1984, Ch. 1298, Sec. 29.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.