§ 9472 Bond Fund Surplus Distribution

Key Takeaways

•If there's leftover money in a special fund after paying off all the loans and interest for a project, that money doesn't disappear.
•The leftover money must be given back to the people who paid into the fund in the first place.
•The amount each person gets back depends on how much they originally paid.

Example

Imagine your neighborhood chips in money to fix a broken park. Everyone pays a little extra based on how close they live to the park. After the park is fixed and all the bills are paid, there's some money left over.

That extra money doesn't go to the city or get wasted. Instead, it goes back to the people who paid for the park fixes. If you paid more because you live right next to the park, you'll get more money back than someone who paid less.

If any balance remains in the bond fund of the assessment after payment in full of the principal and interest of all outstanding bonds issued upon the assessment, the balance shall be held for the benefit of the lands upon which the assessment was made and in proportion to the amounts assessed thereon. (Added by Stats. 1943, Ch. 369.)

Key Takeaways

•If there's leftover money in a special fund after paying off all the loans and interest for a project, that money doesn't disappear.
•The leftover money must be given back to the people who paid into the fund in the first place.
•The amount each person gets back depends on how much they originally paid.

Key Takeaways

Example

Key Terms

References

§ 9472 Bond Fund Surplus Distribution

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References