§ 43850 City Bond Debt Resolution

Key Takeaways

•If a city owes money from bonds, it can ask voters to decide on paying it back early.
•The city can ask voters to agree to pay less than what is owed.
•The city can ask voters to allow a court to decide how much is owed.
•If the court decides, the city can ask voters to agree to pay the amount in parts over time.

Example

A city owes a lot of money from bonds it sold to build a new park. Now, the city is struggling to pay the money back.

The city can ask the people who live there to vote on whether to pay back all the money at once, or maybe pay less than what is owed. They can also ask the voters to let a court decide how much is owed and then pay that amount in smaller parts over time.

Whenever a city has an outstanding indebtedness evidenced by bonds the legislative body may submit to the electors of the city, at any election held for that purpose, a proposition: (a) Declaring all or any of the bonds to be at once due and payable. (b) Compromising the bonded indebtedness. (c) Consenting to a judgment in favor of the bondholders. (d) Providing for the payment of such judgment in installments. (Added by Stats. 1949, Ch. 79.)

Key Takeaways

•If a city owes money from bonds, it can ask voters to decide on paying it back early.
•The city can ask voters to agree to pay less than what is owed.
•The city can ask voters to allow a court to decide how much is owed.
•If the court decides, the city can ask voters to agree to pay the amount in parts over time.

Example

A city owes a lot of money from bonds it sold to build a new park. Now, the city is struggling to pay the money back.

Key Takeaways

Example

Key Terms

References

§ 43850 City Bond Debt Resolution

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References