§ 9504
75 words·~1 min read·
/ca/streets-and-highways-code/9504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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bonds and the original assessments shall remain in full force and effect and secured by the original assessments until superseded and supplanted by reassessments and refunding bonds validly and legally issued pursuant to this division, at which time the reassessments shall become the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.