CHAPTER 6. Bonds

Chapter 6 added by Stats. 1947, Ch. 424.

§§ 29900–30004 · 72 sections

1. ARTICLE 1. General §§ 29900–29930 · 36 sections

   • § 29900 Any county may issue funding or refunding bonds pursuant to this chapter for the following purposes: (a) To refund any outstanding county indebtedness,…
   • § 29900.5 (a) A county may also issue bonds pursuant to this chapter for the purpose of seismic strengthening of unreinforced buildings and other buildings. Proceeds of…
   • § 29901 The board of supervisors shall adopt an order calling and providing for a bond election, which order shall state: (a) The purpose or purposes for which the…
   • § 29901.5 All or any part of the proceeds of the bonds may be contributed or paid to any agency, board, commission or entity constituted or provided for by agreement…
   • § 29902 The board of supervisors shall provide for submitting the question of the issuance of the bonds to the qualified electors of the county at the next general…
   • § 29903 To the right of or below each bond proposition on the ballot, the words “Yes” and “No” shall be printed on separate lines, with voting targets.
   • § 29904 Several separate propositions may be submitted at the same election, and any single proposition may include one or more purposes.
   • § 29905 A special election may be held as provided in this article. Only qualified voters of the county may vote. The election shall be held as nearly as practicable…
   • § 29906 The order calling and providing for a bond election shall be published in one or more newspapers published in the county once a week for at least four weeks.…
   • § 29907.5 Article 3 (commencing with Section 9160) of Chapter 2 of Division 9 of the Elections Code, relating to arguments concerning county measures, are applicable to…
   • § 29908 If two-thirds of the electors voting on a proposition vote in favor of it, the bonds in an amount not exceeding that specified in said proposition may be…
   • § 29909 The total amount of bonded indebtedness shall not at any time exceed 5 percent of the taxable property of the county as shown by the last equalized assessment…
   • § 29910 If the issuance of the bonds is authorized at said election, the board may thereafter adopt a resolution or resolutions providing for the issuance of all or…
   • § 29910.1 The board may divide the principal amount of any issue into two or more series and fix different dates for the bonds of each series. The bonds of one series…
   • § 29910.2 When the issuance of bonds shall have been authorized pursuant to two or more propositions submitted at the same or different elections, all or any part of…
   • § 29911 In the resolution providing for the issuance of the bonds, the board may provide for the call and redemption of all or any part of the bonds on any interest…
   • § 29912 Notice of redemption shall be published at such time and in such manner as the board may provide in the resolution providing for the issuance of the bonds.
   • § 29913 If funds are made available for the payment of the principal, interest, and premium on the bonds called, the interest on the bonds shall cease after the date…
   • § 29914 The bonds may be issued in such denomination or denominations as the board of supervisors may prescribe.
   • § 29915 The principal and interest shall be payable in lawful money of the United States, either at the treasury of the county or at such place within the United…
   • § 29916 Interest on the bonds shall not exceed 8 percent per annum, payable semiannually, except that interest for the first year after the date of the bonds may be…
   • § 29917 (a) The bonds shall be signed by the chairperson of the board of supervisors or by any other member thereof as the board of supervisors shall, by resolution…
   • § 29918 The bonds shall be sold at the times, in the amounts, and in the manner prescribed by the board, but for not less than par.
   • § 29919 At its option the board may use the following form of bond: “No._________ $ _________ United States of America County of ________ State of California The…
   • § 29920 The interest coupon may be in the following form: “The County of ____, State of California, hereby promises to pay to the holder hereof, on the ____ day of…
   • § 29921 All premiums and accrued interest received shall be placed in the fund to be used for the payment of principal of and interest on the bonds, and the remainder…
   • § 29922 At the time of making the next general tax levy after incurring the bonded indebtedness, and annually thereafter until all of the bonds are paid or until there…
   • § 29923 The tax for interest and redemption of bonds shall be in addition to all other taxes, and shall not be less than sufficient to pay the interest on the bonds…
   • § 29924 When collected the tax shall be paid into the treasury of the county and used solely to pay the interest and principal of the bonds as they become due.
   • § 29924.5 (a) Prior to the issuance by a county of bonds pursuant to this chapter, the board may elect, by resolution, to guarantee payment on outstanding bonds of the…
   • § 29925 If the board fails to make the levy necessary to pay the bond or interest coupons at maturity and any bond or interest coupon is presented to the treasurer and…
   • § 29926 The tax shall be levied and collected as a part of the state tax and paid into the State Treasury and passed to the special credit of the county as a bond tax.
   • § 29927 The payments shall be made, as they mature, by warrants to the holder of the registered obligations, as shown by the register in the office of the State…
   • § 29928 If any officer whose signature, counter-signature, or attestation appears on any county bond or coupon ceases to be such officer before the delivery of the…
   • § 29929 The board may contract a bonded indebtedness for county purposes only as provided in this chapter.
   • § 29930 When the board of supervisors deems it in the best interests of the county, it may authorize the county treasurer, upon such terms and conditions as may be…
2. ARTICLE 2. Destruction of Unsold Bonds §§ 29940–29943 · 4 sections

   • § 29940 At any time after two years subsequent to the date of any election authorizing the issuance of bonds for county purposes, the board of supervisors may…
   • § 29941 The board shall give notice of its intention to destroy the bonds by a notice published for one week in a newspaper of general circulation published and…
   • § 29942 At the time and place specified and in accordance with the terms of the notice, the board shall publicly destroy the bonds.
   • § 29943 No other issue of bonds in place of those destroyed shall be made unless again authorized by a vote of the people.
3. ARTICLE 3. Special Improvement Bonds §§ 29950–29976 · 27 sections

   • § 29950 Any county may incur a bonded indebtedness for any of the following purposes. (a) To acquire any bonds: (1) Issued by the county. (2) Issued by or for any…
   • § 29951 The intent of this article is that investments of county funds shall be made for the purpose of: (a) aiding and facilitating the making of needed public…
   • § 29952 Except as otherwise provided in this article, the bonds authorized to be issued pursuant to this article may be issued and sold pursuant to Article 1 or any…
   • § 29953 The interest rate on the bonds need not be the same during their entire term, but different rates may be fixed for one or more interest payments on the bonds.
   • § 29954 If the bonds are to be issued to acquire outstanding bonds, the order calling the election shall briefly and generally state what bonds are to be purchased or…
   • § 29955 The bonds shall not be sold at less than their par value, or may be exchanged at their par value for the outstanding bonds, if the outstanding bonds are taken…
   • § 29956 The bonds shall be redeemed and paid pursuant to Article 1.
   • § 29957 The taxes for the payment of the bonds shall be levied pursuant to Article 1, except where the entire issue is to mature at one time, taxes shall be levied…
   • § 29958 The county treasurer shall keep the money arising from the sale of bonds issued pursuant to this article separate and distinct from all other county money in a…
   • § 29959 The board shall invest and reinvest the money in the general improvement fund in bonds issued by the county or bonds issued for highway, sewer, drainage, or…
   • § 29960 The board shall collect the principal and interest on the bonds and credit the amount collected to the general improvement fund, except that if the bonds are…
   • § 29961 The board may sell any of the bonds purchased by it at a price not less than that paid. The purchase price of any bonds so sold and the accrued interest…
   • § 29962 During the time the county owns any district bonds payable from taxes or assessments levied wholly or partially in accordance with the assessed value of the…
   • § 29963 If any bonds are acquired at less than their par value, the board may reduce the total principal amount of any issue of bonds so acquired and held to a total…
   • § 29964 The ordinance shall designate the issue of bonds to be reduced, the total principal amount of the issue acquired, the purchase price paid, the principal amount…
   • § 29965 Unless prevented by petition protesting the passage of the ordinance, signed and filed with the board pursuant to Section 9144 of the Elections Code, the bonds…
   • § 29966 If the bonds canceled are issued pursuant to the Improvement Bond Act of 1915 to pay the cost of any work or improvement made under the Improvement Act of…
   • § 29967 The board may make any issue of bonds issued pursuant to this article mature at one time, not to exceed 20 years after the date of issuance.
   • § 29968 If the bonds mature at one time, the annual tax levy shall be sufficient to pay the interest on the bonds as it comes due and create a sinking fund for the…
   • § 29969 If the entire issue of bonds is to mature at one time, such bonds may be called for redemption in numerical order at par and accrued interest on any…
   • § 29970 At least once each year within 60 days prior to an interest-payment date, if the sinking fund contains sufficient available money to call one or more of the…
   • § 29971 At the time and place designated all proposals shall be opened in public. Any or all of the proposals may be rejected in the discretion of the board. Proposals…
   • § 29972 If no proposals are received, or if those received are rejected or are insufficient to exhaust the money available for the redemption of bonds, the board shall…
   • § 29973 Notice of the call of bonds for redemption shall be published once a week for two weeks in a newspaper of general circulation published in the county. The…
   • § 29974 Upon the date fixed for redemption, the bonds called shall be redeemed at par and accrued interest to that date.
   • § 29975 If any bonds called are not presented for redemption on the date fixed, on the day following a sum sufficient for the payment of the principal the bonds and…
   • § 29976 This article is intended to provide an alternative system for the issuance of bonds and does not affect any other provision of law for the issuance of bonds.…
4. ARTICLE 4. Payment of Unauthorized Indebtedness §§ 30000–30004 · 5 sections

   • § 30000 If it appears to the satisfaction of the board of supervisors that the county is justly indebted to any person for money received into the treasury of the…
   • § 30001 The board shall publish a notice calling an election, submitting to the voters of the county the question whether the bonds shall be issued. The notice shall…
   • § 30002 If two-thirds of all the voters voting at the election vote in favor of issuing the bonds, the board shall issue bonds in the sum stated in the notice of…
   • § 30003 The bonds shall bear interest at the rate of 5 percent a year and be payable at the time as the board orders, not exceeding 20 years from date of issuance. The…
   • § 30004 Each year the board shall levy a tax sufficient to pay the annual interest on the bonds and the principal as it becomes due.