The owner of assessed land, except land which has been ordered to judicial foreclosure pursuant to Section 8830, may prepay the assessment in part and remove the lien of the assessment in part by paying to the treasurer all of the following:
(a) The amount of any delinquent installment of principal and interest, together with penalties accrued to the date of prepayment.
(b) A portion of the unpaid, nondelinquent principal of the assessment in increments of five thousand dollars ($5,000).
(c) An allowance for redemption premium, calculated by multiplying the amount of the unmatured principal being prepaid by the redemption premium percentage stated in the bonds.
(d) A reasonable fee, fixed by the treasurer, for the cost of administering the prepayment and the advance redemption of bonds.
(e) Interest accrued to the next call date of the bonds. The next call date is the next bond interest payment date which is not less than 90 days after the date of prepayment.
(f) A credit for the reserve fund calculated pursuant to Section 8881.
When an assessment has been partially prepaid, the treasurer shall issue a revised auditor’s record for that parcel, showing the proportionate reduction in assessment installments. Thereafter, the treasurer shall levy subsequent installments at the reduced rate.
(Amended by Stats. 1990, Ch. 446, Sec. 16.)