Whenever an assessment is paid off following the issuance of bonds, there shall be transferred, from the special reserve fund to the redemption fund, an amount equal to the reduction in the assessment determined pursuant to Section 8881.
Cal. Sts. & High. Code § 8884
SPECIAL SECURITY FUND
Known as the Improvement Bond Act
The act spans §§ 8500 to 8887 (148 sections).
Added by Stats. 1979, Ch. 149.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.