Streets and Highways Code § 8623
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The bonds shall be immediately delivered to the contractor or its assigns in satisfaction of the balance due upon the assessment and warrant if the assessment was levied under the Improvement Act of 1911, or, if the assessment was levied under the Municipal Improvement Act of 1913 or other law, the bonds shall be sold in the manner determined by the legislative body.
(Amended by Stats. 1993, Ch. 194, Sec. 7. Effective January 1, 1994.)