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Cal. Sts. & High. Code § 8880

SPECIAL SECURITY FUND

Known as the Improvement Bond Act

The act spans §§ 8500 to 8887 (148 sections).

Amended by Stats. 1989, Ch. 104, Sec. 25.

In any proceedings leading to the issuance of bonds pursuant to this division, the legislative body may include, as an incidental expense of the proceedings, an amount to create a special reserve fund for the bonds.

The amount so provided shall not exceed 10 percent of the total amount of assessments to be levied under the proceedings.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.