Business and Personal Finance Dictionary

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• 1915 ACT, 1911 ACT BONDS
  
  The California name for Special Assessment bonds or Improvement Bonds, named, obviously, for the years in which the enabling legislature was approved. A special district is formed, public improvements (streets, curbs, gutters, water or sewer systems, etc.) are constructed, assessments are levied on all the properties in the district in proportion to the benefit derived from the improvement. Bonds are sold - without voter approval - and are repaid from the special assessments received. '15 Acts are callable on any interest payment date and are usually dated on the 2nd of the month instead of the 1st or the 15th. '11 Act bonds are payable from the assessments from one specific property and have a prior lien on that property in the event of default.
  
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