It is the intention of this division that the outstanding bonds and the original assessments shall remain in full force and effect and secured by the original assessments until superseded and supplanted by reassessments and refunding bonds validly and legally issued pursuant to this division, at which time the reassessments shall become the security for the refunding bonds and the refunding escrow shall become the security for any outstanding bonds not exchanged for refunding bonds.
Cal. Sts. & High. Code § 9504
General Provisions and Definitions
Known as the Refunding Act of 1984 for 1915 Improvement Act
The act spans §§ 9500–9707 (83 sections).
Added by Stats. 1984, Ch. 496, Sec. 1
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.