ARTICLE 4. Provisions Relating to Bonds

Article 4 added by Stats. 1949, Ch. 81.

§§ 54400–54435 · 34 sections

• § 54400 The legislative body may determine and provide in the resolution for: (a) The number of series in which the bonds are to be issued. (b) The date the bonds are…
• § 54401 If the legislative body divides any issue of bonds into series, it may prescribe, and state in the resolution, different dates for the bonds of each series.…
• § 54402 The legislative body may determine and provide in the resolution for: (a) The issuance of any bonds or a series in the form of serial bonds or sinking fund…
• § 54403 Any premium payable on the bonds shall be in the amount or amounts specified by the legislative body.
• § 54404 The bonds are not subject to call or redemption prior to their fixed maturity date unless the right to exercise a call is expressly stated on the face of the…
• § 54405 The resolution may provide the terms and conditions upon which the bonds may be declared or become due and payable upon specified defaults.
• § 54406 The resolution may provide for the replacement of mutilated, destroyed, stolen, or lost bonds.
• § 54407 By resolution, the legislative body may provide the manner for authenticating the bonds and other terms to be contained in the bonds.
• § 54408 Pending the preparation of the definitive bonds, interim receipts or temporary bonds, exchangeable for definitive bonds may be issued in the form and with the…
• § 54409 In the absence of an express recital on its face that the bond or interim receipt is nonnegotiable, the bond or interim receipt is a negotiable instrument.
• § 54410 In determining the amount of bonds to be issued, the legislative body may include: (a) All costs and estimated costs incidental to or connected with the…
• § 54411 Bonds bearing the signature of officers of the local agency in office on the date of the signing are valid, notwithstanding that before delivery the persons…
• § 54412 The validity of the authorization and issuance of the bonds is not affected by proceedings for the acquisition, construction, or improving of the enterprise or…
• § 54413 Any resolution authorizing bonds may provide that the bonds may recite that it is issued pursuant to this chapter and bonds containing such recital are…
• § 54414 Reference on the face of the bonds to the resolution by its date of adoption incorporates the provisions of the resolution and of this chapter into the bonds…
• § 54415 Each taker and subsequent holder of the bonds and attached or detached coupons has recourse to all of the provisions of the resolution and of this chapter and…
• § 54416 The legislative body may issue and sell the bonds in the manner it determines.
• § 54417 The legislative body may sell the bonds in installments at different times or as an entire series of bonds at one time.
• § 54418 The legislative body may sell the bonds at a price above or below par in a manner, at public or private sale, as it determines by resolution. If the…
• § 54419 The sale price of all bonds sold shall include the interest accrued to the date of delivery of and payment for the bonds.
• § 54420 The bonds are special obligations of the local agency and are secured by a pledge of and shall be a charge upon, and shall be payable, as to the principal…
• § 54421 By resolution the legislative body may pledge, place a charge upon, and assign all or any part of the gross revenues of the enterprise and of any and all funds…
• § 54422 The payment of interest on and principal of the bonds and any premiums upon the redemption of any thereof are secured by a pledge, charge, and lien upon the…
• § 54423 The revenues and any interest earned on the revenues and all other funds specified in the resolution authorizing the issuance of the bonds constitute a trust…
• § 54424 So long as any bonds or interest thereon are unpaid the revenues and interest thereon shall not be used for any other purpose, except as provided in Sections…
• § 54425 If the interest and principal of the bonds and all charges to protect or secure them are paid when due an amount for the necessary and reasonable maintenance…
• § 54426 In its discretion the legislative body may provide in the resolution providing for the issuance of the bonds that, the principal, interest, and sums for other…
• § 54427 Bonds of the same issue shall be equally secured by a pledge, charge, and lien upon the revenues of the enterprise and all other funds specified in the…
• § 54428 The general fund of the local agency is not liable for the payment of the bonds or their interest.
• § 54429 The credit or taxing power of the local agency is not pledged for the payment of the bonds or their interest.
• § 54430 The holder of the bonds or coupons shall not compel the exercise of the taxing power by the local agency or the forfeiture of its property.
• § 54431 The principal of and interest on the bonds and any premiums upon the redemption of any thereof are not a debt of the local agency, nor a legal or equitable…
• § 54432 Every bond shall recite in substance that the principal of and interest on the bond are payable solely from the revenues and other funds pledged or otherwise…
• § 54435 The bonds and interest or income from the bonds are exempt from taxation in this State, except from gift, inheritance, and estate taxes.