CHAPTER 3. Bonds
Chapter 3 added by Stats. 1949, Ch. 81.
§§ 53400–53595.55 · 106 sections
ARTICLE 1. Unsold Bonds §§ 53400–53401 · 2 sections
- § 53400 A county, city, district, or political subdivision may sell any of its bonds, authorized by the electors and unsold, at a price which will net the purchaser…
- § 53401 This article does not apply to bonds authorized under a law permitting their sale at a price netting the purchaser more than 6 percent.
ARTICLE 1.5. Bond Accountability §§ 53410–53412 · 3 sections
- § 53410 On or after January 1, 2001, any local bond measure that is subject to voter approval that would provide for the sale of bonds by a local agency shall provide…
- § 53411 The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, 2002, and at least once a year…
- § 53412 As used in this article: (a) “Local agency” means any county, city, city and county, including a charter city or county, or any special district. (b) “Special…
ARTICLE 2. Mutilated or Defaced Bonds §§ 53430–53440 · 11 sections
- § 53430 As used in this article: (a) “Bond” includes warrant or other evidence of indebtedness. (b) “Local agency” means county, city, irrigation district, reclamation…
- § 53431 When a bond of a local agency is mutilated or defaced the legislative body shall issue a duplicate if all of the following conditions exist: (a) It appears by…
- § 53432 The duplicate shall have the same time to run, bear like interest, and have the same number, as the mutilated or defaced bond.
- § 53433 The owner of the bond desiring a duplicate shall make a written application to the legislative body, stating the facts required by this article.
- § 53434 The owner shall accompany his application with a deposit of money required by the legislative body for the cost of printing, lithographing or otherwise…
- § 53435 If required by the legislative body, the owner shall also file with his application a bond in the required sum with good and sufficient sureties, to be…
- § 53436 Upon receipt of the application, the legislative body shall adopt a resolution: (a) Stating the receipt of the application. (b) Stating the compliance with the…
- § 53437 The duplicate bond shall be signed by the same officers and as nearly as possible shall be issued in the manner of the original.
- § 53438 The duplicate shall be delivered in exchange for the original bond.
- § 53439 An exchange shall not be made unless the defaced or mutilated bond with any coupons attached is identifiable and is first surrendered by the owner.
- § 53440 When the original is surrendered, the legislative body shall cause proper record to be made of its cancellation and thereafter the duplicate has the validity…
ARTICLE 3. Lost or Destroyed Bonds §§ 53460–53466 · 7 sections
- § 53460 As used in this article: (a) “Local agency” means county, city, irrigation district, reclamation district, school district, sanitary district, or other…
- § 53461 The legislative body of a local agency may issue a new bond similar to the original to replace it if: (a) By competent proof it is made to appear to the…
- § 53462 If the legislative body refuses to issue a new bond, the owner of any lost or destroyed bond may apply to the superior court of the county in which the local…
- § 53463 The application shall be by petition a copy of which shall be served upon the legislative body not later than ten days prior to the time set for the hearing.
- § 53464 The court shall inquire into the truth of the facts stated in the petition and hear the proofs and allegations of the petition. If satisfied that the…
- § 53465 Each bond and attached coupon so issued shall state upon its face: (a) The number and denomination of the bond for which it is issued. (b) That it is issued in…
- § 53466 The undertaking required by this article, duly indorsed as approved, shall be filed in the office of the clerk or the treasurer of the issuing local agency as…
ARTICLE 4. Pledge and Use of Revenues to Pay and Secure General Obligation Bonds §§ 53500–53505 · 6 sections
- § 53500 As used in this article: (a) “Local agency” means county, city, city and county, public district, or other public or municipal corporation. (b) “General…
- § 53501 This article applies to all local agencies which have the power to issue general obligation bonds to acquire, construct or finance a revenue-producing facility.
- § 53502 In any ordinance, resolution, order or indenture providing for the issuance of general obligation bonds of a local agency to provide funds for the acquisition,…
- § 53503 In connection with such pledge the legislative body may provide in such ordinance, resolution, order or indenture such covenants, promises, restrictions and…
- § 53504 The pledge and the payment and security provisions authorized by this article shall be in addition to, and not in derogation of, any provisions permitted or…
- § 53505 If the legislative body intends to exercise the powers granted by this article it shall make a statement of such intention in any ordinance, resolution or…
ARTICLE 4.5. General Obligation Bonds §§ 53506–53509.5 · 13 sections
- § 53506 (a) This article is full authority for the issuance of bonds or refunding bonds by any city, county, city and county, school district, community college…
- § 53506.5 This article shall be liberally construed to promote its objectives. If inconsistent with any other law, this article shall be controlling.
- § 53507 As used in this article, the following terms shall have the meanings assigned to them in this section. (a) “Bonds” means bonds, notes, warrants, or other…
- § 53507.5 (a) The legislative body may, by resolution, provide for the issuance of bonds pursuant to this article. (b) The resolution shall state that the bonds are…
- § 53508 The resolution authorizing any bonds or any issue of bonds may provide for any of the following: (a) The form of the bonds to be issued as serial bonds, or…
- § 53508.3 (a) No bond shall be subject to mandatory tender for purchase or redemption prior to its fixed maturity date unless it contains a recital to that effect. (b)…
- § 53508.5 Notwithstanding any other law and except as provided in Section 53508.6, a school district or community college district that intends to issue bonds that allow…
- § 53508.6 Notwithstanding any other law, a school district or community college district may, pursuant to this article, issue bonds that do not allow for the compounding…
- § 53508.7 (a) The bonds shall be sold at a public or private sale and at a price at, above, or below par, as the legislative body determines. (b) Any bonds sold at a…
- § 53508.9 (a) Notwithstanding Section 53508.7, a local agency may sell bonds at a negotiated sale for a price at, above, or below par value, as authorized by the…
- § 53509 (a) Any bond issued under the authority of this article may be refunded pursuant to this or any other applicable law. Any bond may be refunded pursuant to this…
- § 53509.3 Nothing in this article shall limit the authority of the legislative body to enter into any contract in connection with the issuance of the bonds which it is…
- § 53509.5 After the sale of bonds issued under the authority of this article, the legislative body shall do both of the following: (a) Present actual cost information…
ARTICLE 5. Validating Proceedings §§ 53510–53511 · 2 sections
- § 53510 As used in this article “local agency” means county, city, city and county, public district or any public or municipal corporation, public agency or public…
- § 53511 (a) A local agency may bring an action to determine the validity of its bonds, warrants, contracts, obligations or evidences of indebtedness pursuant to…
ARTICLE 5.5. Lien for General Obligation Bonds § 53515 · 1 section
- § 53515 (a) General obligation bonds issued and sold by or on behalf of a local agency shall be secured by a statutory lien on all revenues received pursuant to the…
ARTICLE 6. Notice by Mail §§ 53520–53523 · 4 sections
- § 53520 As used in this article “local agency” means county, city, city and county, public district or any public or municipal corporation, public agency or public…
- § 53521 Whenever by any law of this state a local agency is required to give notice by posting or publication of a hearing on the formation of a local agency or an…
- § 53522 The clerk or secretary of the local agency shall, upon the completion of the mailing of the notice, file with the legislative body of the local agency an…
- § 53523 The failure of any addressee of any mailed notice to receive the same shall not affect in any way whatsoever the validity of the proceedings including such…
ARTICLE 7. Interest Rates on Bonds §§ 53530–53534 · 6 sections
- § 53530 As used in this article: (a) “Local agency” means county, city, city and county, public district, public entity or authority, or other public or municipal…
- § 53531 Any provision of law specifying the maximum interest rate on bonds to the contrary notwithstanding, bonds may bear interest at a coupon rate or rates as…
- § 53531.1 (a) The Legislature hereby finds and declares that, in enacting and amending Sections 53530 and 53531, the intent has been, and continues to be, to provide…
- § 53532 The provisions of Section 53531 shall apply only to coupon rates and shall not affect the power of a local agency to sell bonds at a discount below par if…
- § 53533 Notwithstanding Section 53531 or any other provision of law establishing limitations on the rate of interest of any indebtedness or obligation of a city,…
- § 53534 Any provision of law to the contrary notwithstanding, a city, county, or city and county may enter into contracts commonly known as “interest rate swap…
ARTICLE 8. Issuance, Sale and Cancellation of Bonds §§ 53540–53542 · 3 sections
- § 53540 As used in this article: (a) “Local agency” means county, city, city and county, public district, public entity or authority or other public or municipal…
- § 53541 Any provision of law requiring an election to the contrary notwithstanding, the legislative body without a vote of the electors may issue bonds of the local…
- § 53542 (a) The Housing Bond Credit Committee shall, after consultation with appropriate agencies including, but not limited to, the Department of Business and…
ARTICLE 9. Refunding of Bonded Indebtedness of Local Agencies §§ 53550–53569 · 14 sections
- § 53550 The following terms shall have the following meanings: (a) “Local agency” means public district, public corporation, authority, agency, board, commission,…
- § 53551 The legislative body of any local agency may issue negotiable coupon bonds, to be denominated refunding bonds, for the purpose of refunding any of the…
- § 53552 Whenever the legislative body of a local agency determines that prudent management of the fiscal affairs of the local agency requires that it issue refunding…
- § 53553 When the legislative body determines to issue refunding bonds pursuant to this article, it shall adopt a resolution providing for the issuance of such bonds.…
- § 53554 Such refunding bonds shall: (a) Be negotiable in form; (b) Recite that they are bonds of the local agency issuing the bonds; (c) Recite that they are issued…
- § 53555 Refunding bonds issued pursuant to this article may be exchanged for the bonds to be refunded on such basis as the legislative body determines is for the…
- § 53556 The designated costs of issuing the refunding bonds may be paid by the purchaser of the refunding bonds or may be paid from any other legally available source,…
- § 53557 Any proceeds of sale of any refunding bonds may be deposited in escrow or trust with any bank or trust company within or without the state, or both within and…
- § 53558 Such proceeds and investments in escrow or trust shall be in an amount at the time of issuance of such refunding bonds which is certified by a certified public…
- § 53559 Following the issuance of any refunding bonds pursuant to this article, the legislative body of the local agency shall provide for the payment of principal and…
- § 53560 Upon the issuance, sale and delivery or exchange of refunding bonds pursuant to this article: (a) If only the refunding bonds remain outstanding, such…
- § 53561 It is hereby declared that it is a public purpose for a local agency to issue refunding bonds for the purposes set forth in this article and to invest and…
- § 53562 The powers conferred by this article are in addition and supplemental to, and not in substitution for, and the limitations imposed by this article shall not…
- § 53569 Before selling any refunding bonds subject to the provisions of this article, any local agency shall advertise such bonds for sale at public sale and shall…
ARTICLE 10. Refunding of Revenue Bonds of Local Agencies §§ 53570–53572 · 3 sections
- § 53570 The following terms shall have the following meanings: (a) “Local agency” means public district, public corporation, authority, agency, board, commission,…
- § 53571 It is hereby declared that it is a public purpose for a local agency to issue bonds for the purpose of refunding any revenue bonds of the local agency or any…
- § 53572 In connection with the issuance of bonds under any law permitting the issuance of refunding bonds, a local agency may declare the proceeds of such refunding…
ARTICLE 11. Provisions Applicable to All Refunding Bonds of All Local Agencies §§ 53580–53589.5 · 14 sections
- § 53580 The following terms shall have the following meanings: (a) The term “local agency” means public district, public corporation, authority, agency, board,…
- § 53581 Notwithstanding the provisions of any other law, the provisions of this article shall apply to all refunding bonds of any local agency, regardless of the…
- § 53582 The proceedings of any local agency authorizing the issuance of bonds shall not require the deposit of any more moneys, obligations, and federal securities as…
- § 53583 (a) Any local agency may issue bonds pursuant to this article or any revenue bond law under which the local agency is otherwise authorized to issue bonds for…
- § 53583.5 If the original bonds to be refunded under this article were issued under Section 33760, 34312, or 52080 of the Health and Safety Code, the refunding bonds…
- § 53584 The proceeds of refunding bonds may be applied to the purchase, retirement at maturity, or redemption of the bonds to be refunded either at their earliest…
- § 53584.1 In issuing refunding bonds to honor warrants to school districts, community college districts, and other local agencies in settlement of bankruptcy, the Board…
- § 53585 A local agency that issues refunding bonds may obtain insurance or other credit enhancement of the refunding bonds or of the escrow referred to in Section…
- § 53585.1 (a) In issuing refunding bonds to honor warrants to school districts, community college districts, and other local agencies in settlement of bankruptcy, the…
- § 53586 Notwithstanding Section 53583, the outstanding bonds of the project areas of the redevelopment agency of the City of San Bernardino, which were merged into one…
- § 53587 In determining the amount of refunding bonds to be issued, the local agency may include all costs of issuing the refunding bonds and of refunding the bonds to…
- § 53588 The issuance, transfer, and interest income earned on any bonds issued by a local agency under this article is exempt from taxation of every kind by any state…
- § 53589 This article provides a complete, additional, and alternative method for doing the things authorized by this article and shall be regarded as supplemental and…
- § 53589.5 An action may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure to determine the validity of…
ARTICLE 12. Financial Advisers and Bond Counsel §§ 53590–53594 · 5 sections
- § 53590 The following terms shall have the following meanings for purposes of this article: (a) “Bond counsel” means any attorney or firm of attorneys that represents…
- § 53591 No investment firm that has, or has had, a financial advisory relationship with respect to a new issue of bonds shall acquire as principal either alone or as a…
- § 53592 Each financial advisory relationship shall be evidenced by a written document executed prior to, upon, or promptly after the inception of the financial…
- § 53593 No bond counsel with respect to a new issue of bonds shall also be counsel, with respect to that new issue of bonds, to the underwriter or other initial…
- § 53594 Injunctive relief shall be available, subject to judicial discretion, to prohibit or enjoin any violation of this article, but no violation shall affect the…
ARTICLE 13. Collateralized Borrowing §§ 53595–53595.55 · 12 sections
- § 53595 As used in this article: (a) “Debt instruments” means bonds, notes, certificates of participation, or other evidences of indebtedness issued by a local agency…
- § 53595.5 This article shall apply only to local agencies located within a county with a population of over 4,000,000 persons.
- § 53595.10 A local agency may pledge, sell, transfer, assign, or otherwise dispose of tax increment revenues for any purpose for which the general funds of the local…
- § 53595.15 (a) A pledge by a local agency of tax increment revenues received pursuant to a tax increment agreement shall be valid and binding upon the local agency from…
- § 53595.20 (a) A local agency may, from time to time, issue its negotiable debt instruments payable from, secured by, collateralized by, or representing interests in, tax…
- § 53595.25 (a) A local agency may provide for the issuance of debt instruments for the purpose of refunding any debt instruments or any class, series, or issue of debt…
- § 53595.30 (a) All moneys received pursuant to this article and pledged to the payment of any class, series, or issue of debt instruments, whether as tax increment…
- § 53595.35 (a) In the discretion of the legislative body of a local agency, any debt instruments issued under this article may be secured by an indenture by and between…
- § 53595.40 (a) Debt instruments issued under this article shall be payable solely from the tax increment revenues herein provided and not from any other assets or…
- § 53595.45 (a) Debt instruments issued by a local agency under this article are hereby made securities in which all (1) banks, bankers, savings banks, trust companies,…
- § 53595.50 Any debt instruments issued under this article, their transfer, and in the income therefrom shall at all times be free from taxation of every kind by the state…
- § 53595.55 This article shall be deemed to provide a complete, additional, and alternative method for doing the things authorized hereby and shall be regarded as…