59320-59324
GOVERNMENT CODE
SECTION 59320-59324
59320. In refunding the indebtedness of a district the total amount of the reassessment to be levied pursuant to this chapter and any contributions shall not exceed the face amount of the original bonds and coupons and interest on them after the maturity of the bonds and coupons, including interest after the date of the resolution of intention, plus the incidental expenses of the proceedings. 59321. Upon completion of the diagram the engineer or such other person as the legislative body designates shall estimate the benefit to be received by each lot in the new district, as shown by the diagram, from the acquisition and cancellation of the original bonds and from the acquisition and improvement for which they were issued and the total benefit on all such lots. 59322. The engineer or such other person shall assess upon and against the land in the new district the total net amount of the cost of the proceedings to be assessed against such land. In so doing he shall assess the total sum upon the lots in the district which are benefited by it by assessing a sum upon each lot in proportion to the estimated benefits to be received by it. 59323. Tax deeded lands are subject to reassessment in refunding proceedings pursuant to this chapter. 59324. In making the assessment and estimating the benefits to be received by each lot, the engineer or other person shall consider, among other things, the following: (a) The principal amount of all the bonds originally issued. (b) The amount of special assessment levies previously made on account of such bonds. (c) The amount of outstanding bonds proposed to be acquired and canceled. (d) The number of issues of such bonds. (e) The amount which has been collected or paid into the interest and sinking fund of the district for any lot upon assessments previously levied to pay the principal and interest of such bonds. (f) The delinquency in the payment of any such assessments existing against any lot. (g) Any allocation referred to in the resolution of intention and any subsequent allocations. (h) Any costs and expenses incidental to the proceedings. (i) The amount of any discount or concession referred to in the bondholders' proposal.