(a) The city council may, by resolution, determine and declare that bonds shall be
issued to finance the estimated cost of some or all of the proposed improvements described
in the resolution of formation adopted pursuant to Section 36716, if the resolution of formation adopted pursuant to that section provides for the
issuance of bonds, under the Improvement Bond Act of 1915 (Division 10 (commencing
with Section 8500)) or in conjunction with Marks-Roos Local Bond Pooling Act of 1985 (Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of
the Government Code). Either act, as the case may be, shall govern the proceedings relating to the issuance
of bonds, although proceedings under the Improvement Bond Act of 1915 may be modified by the city council as necessary to accommodate
assessments levied upon business pursuant to this part.
(b) The resolution adopted pursuant to subdivision (a) shall generally describe the
proposed improvements specified in the resolution of formation adopted pursuant to
Section 36716, set forth the estimated cost of those improvements, specify the number of annual
installments and the fiscal years during which they are to be collected. The amount of debt service to retire the bonds shall not exceed the amount of revenue
estimated to be raised from assessments over 20 years.
(c) Notwithstanding any other provision of this part, assessments levied to pay the
principal and interest on any bond issued pursuant to this section shall not be reduced
or terminated if doing so would interfere with the timely retirement of the debt.
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