ARTICLE 3. Special Improvement Bonds

Article 3 added by Stats. 1947, Ch. 424.

§§ 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.…