ARTICLE 2.5. Additional Stockton Port District Bonds
Article 2.5 added by Stats. 1961, Ch. 859.
§§ 6350–6353 · 14 sections
- § 6350 Pursuant to this article, the Stockton Port District may also create an additional bonded debt up to but not in excess of 3 percent of the assessed value of…
- § 6350.1 This bonded indebtedness may be created solely for the purpose of providing funds for the acquisition or construction of revenue-producing harbor improvements…
- § 6350.2 All bonds issued pursuant to this article shall be authorized by ordinance passed by two-thirds of all of the members of the board concurred in by ordinance of…
- § 6350.3 The bonds shall be payable within 30 years from their date and shall mature serially at such times as may be fixed by the board, but the earliest maturity of…
- § 6350.4 The bonds may be issued in such denominations as the board determines, except that no bond shall be of a denomination less than one hundred dollars ($100) nor…
- § 6350.5 If any officer whose signature or countersignature appears on the bonds or coupons ceases to be an officer before the delivery of the bonds to the purchaser,…
- § 6350.6 The form of the bonds shall be prescribed by the board and they shall be signed by the officer or officers that the board designates. The coupons appertaining…
- § 6350.7 The income and revenue derived or to be realized from the harbor improvement acquired or to be acquired from the proceeds of the bonds shall be deposited in a…
- § 6350.8 The special fund shall be applied, secondly, to the creation of a sinking fund, herein designated as “sinking fund,” to provide for the payment of the…
- § 6350.9 Any additional revenues over and above the amounts required to be deposited in the interest fund and the sinking fund, may be deposited in an operation fund,…
- § 6351 Surplus revenues in the operation fund may be deposited either in the interest fund or the sinking fund, but money allocated to the interest fund or the…
- § 6351.5 The board, in and by the ordinance authorizing the issuance of the bonds, shall hypothecate and allocate all of the revenues to be realized from the…
- § 6352 Whenever the revenues of the district are, or in the opinion of the board will be insufficient to provide for the payment in full of the principal or interest…
- § 6353 The Legislature hereby finds and declares that because of the unique, complex problems existing with respect to the Stockton Port District, as a large inland…