California Government Code 5105 – Whenever by operation of law or by order the bonded indebtedness of …
Whenever by operation of law or by order the bonded indebtedness of any issuing body is reduced in amount, the interest thereon reduced, the time for the payment thereof or of any tax or assessment levied to pay the indebtedness, the interest thereon, or any portion of both or either of them, extended, or any other term or condition for the payment thereof altered, the obligations of all guarantors are reduced as to principal and interest, or either of them, extended as to the time of payment and altered as to any and all terms thereof in the same manner and to the same extent as the obligation or obligations of the issuing body and the tax or assessment payers, or either of them, are reduced, extended or altered.
(Enacted by Stats. 1943, Ch. 134.)
Terms Used In California Government Code 5105
- issuing body: means the State, any subdivision thereof, municipality, public corporation, or district. See California Government Code 5103
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- order: means declaration, proclamation, or order of any officer or court having jurisdiction to make the declaration, proclamation, or order. See California Government Code 5104