ARTICLE 3. Refunding Indebtedness

Article 3 added by Stats. 1949, Ch. 79.

§§ 43720–43747 · 28 sections

• § 43720 The legislative body of any city, except a city and county, may provide for the funding or refunding of outstanding indebtedness pursuant to this article, if…
• § 43721 By a two-thirds vote of its number, the legislative body may fund or refund the indebtedness at, after, or before maturity and issue bonds of the city for the…
• § 43722 The bonds shall be issued in denominations of not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) each, have not more than 40…
• § 43723 The rate of interest during the entire term of the bonds need not be the same but different rates may be fixed for one or more interest payments.
• § 43724 The bonds shall be serial bonds, and not less than one-fortieth of the principal and interest on all sums unpaid shall be paid each year.
• § 43725 The legislative body may fix a date for the earliest maturity of the principal of the bonds, not more than three years from the date of the issue.
• § 43726 The bonds shall be payable in such money and at such places as the legislative body designates in the bonds.
• § 43727 The bonds may be sold in the manner provided by the legislative body, to the highest bidder, at such price that the interest rate paid by the city, computed on…
• § 43728 The proceeds of any sale for cash shall be placed in the city treasury to the credit of the funding fund, and applied only to refunding the indebtedness for…
• § 43729 Any proceeds of the refunding bonds remaining after the indebtedness has been paid shall be deposited in the fund established for the payment of principal and…
• § 43730 At the time of making the general tax levy after incurring the bonded indebtedness and annually thereafter until the bonds are paid or until there is a sum in…
• § 43731 If the earliest maturity of the refunding bonds is more than one year after the date of issuance, the legislative body shall levy and collect annually a tax…
• § 43732 The taxes shall be levied and collected as other city taxes, and are in addition to all other taxes. They shall be used only for the payment of the bonds and…
• § 43732.5 (a) Prior to the issuance by a city of bonds pursuant to this chapter, the legislative body may elect, by resolution, to guarantee payment on outstanding bonds…
• § 43733 Bonds to fund or refund the indebtedness shall not be issued unless authorized by the electors of the city voting at an election to be called and held for that…
• § 43734 The election shall be called and held pursuant to Article 1 of this chapter.
• § 43735 The ordinance calling the election shall recite the object and purposes for which the bonded indebtedness is to be incurred.
• § 43736 When it is proposed to refund any outstanding bonded indebtedness of a city upon terms which permit any number of the refunding bonds to mature more than forty…
• § 43737 The proceeds from the sale of the bonds shall be applied by the treasurer to the satisfaction of the judgment or the refunding of the indebtedness for which…
• § 43738 If the refunding bonds are issued in whole or in part to refund before maturity an indebtedness evidenced by bonds, notes, or other evidences of indebtedness,…
• § 43740 When sufficient money is in the funding fund to redeem one or more outstanding past due bonds, warrants, judgments, notes, or other evidences of indebtedness…
• § 43741 At the same time the treasurer shall deposit in the post office a copy of the notice, enclosed in a sealed envelope, postage prepaid, addressed to the…
• § 43742 If any bonds are authorized for funding or refunding before maturity any obligations which by their terms are subject to call and payment before maturity, and…
• § 43743 When any outstanding bonds, warrants, judgments, notes, or other evidences of indebtedness are surrendered and paid, the treasurer shall cancel them by…
• § 43744 The treasurer shall keep a record of bonds, warrants, judgments, notes, or other evidences of indebtedness redeemed, and report the redemptions to the city…
• § 43745 If the obligations were issued by, on account of, or against, any department, board, or special fund of the city, he shall make the report to such department,…
• § 43746 The report shall be made at least once a month, and shall be accompanied by the bonds, warrants, judgments, or other evidences of indebtedness which have been…
• § 43747 Any money remaining in the funding fund, after all outstanding bonds, warrants, judgments, notes, or other evidences of indebtedness proposed to be refunded…