CHAPTER 1. General Provisions [3900. - 3928.]

Chapter 1 added by Stats. 1958, 1st Ex. Sess., Ch. 103.

§§ 3900–3928 · 32 sections

§ 3900 This part may be cited as the Harbor Development Bond Law of 1958.
§ 3901 As used in this chapter the following words shall have the following meanings: (a) “Committee” means the Harbor Improvement Bond Committee. (b) “Authority”…
§ 3902 The following funds are created in the State Treasury for the purposes of this part: (a) Harbor Bond Sinking Fund. (b) Fifth San Francisco Seawall Fund. (c)…
§ 3903 There is in the State Government the Harbor Improvement Bond Committee. The committee shall consist of the State Controller, the State Treasurer, and the…
§ 3904 The members of the committee shall not receive additional compensation for their services under this part.
§ 3905 For the purpose of creating funds to provide for the construction, improvement and development of harbors in this State as provided in this part, the Harbor…
§ 3906 After adoption of any resolution by the committee, provided for in Section 3907, the State Treasurer shall arrange for the preparation of the requisite number…
§ 3907 Whenever the authority pursuant to Section 3940 or the commission pursuant to Section 3950 determines by resolution that a bond issue under this part is…
§ 3908 The aggregate par value of all bonds issued under this part at the instance of the authority shall not exceed fifty million dollars ($50,000,000) and the…
§ 3909 All bonds issued under this part shall bear the facsimile signature of the Governor and the facsimile countersignature of the Controller and shall be endorsed…
§ 3910 All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations…
§ 3911 In determining the dates of maturity of the bonds, and the amount thereof to mature at each date of maturity, the committee shall be guided, so far as it may…
§ 3912 The rate of interest to be borne by the bonds need not be uniform for all bonds of the same issue, series or division and shall be the rate or rates fixed and…
§ 3913 Both principal of and interest on the bonds shall be payable in lawful money of the United States, at the Office of the State Treasurer, or at the office of…
§ 3914 Each bond shall contain a reference to this part and if subject to call or redemption prior to maturity, a recital to that effect.
§ 3915 The bonds authorized to be issued under this part shall be sold by the State Treasurer to the highest bidder for cash, either at public auction or upon sealed…
§ 3916 Due notice of the time and place of sale of all bonds shall be given by the State Treasurer by publication in one newspaper published in the City and County of…
§ 3916.5 The sum of seventy-five thousand dollars ($75,000) is hereby appropriated out of the General Fund to be used as a revolving fund to pay the expenses incurred…
§ 3917 The committee may provide for the issuance, sale or exchange of refunding bonds out of the bonds issued under this part for the purpose of redeeming or…
§ 3918 For the payment of the principal and interest of the bonds the Harbor Bond Sinking Fund shall consist of the following: (a) Payments from any available moneys…
§ 3918.5 (a) A separate account shall be established in the Harbor Bond Sinking Fund, in which shall be deposited all money paid into such fund from the San Francisco…
§ 3919 The State Treasurer shall on Controller’s warrants duly drawn for that purpose, invest the moneys in the Harbor Bond Sinking Fund in the purchase of the bonds…
§ 3919.3 The authority is authorized with the approval of the Department of Finance, to invest any surplus moneys in the Fifth San Francisco Seawall Fund in bonds or…
§ 3920 Whenever the committee deems that it will increase the salability or the price of the bonds to obtain, prior to or after sale, a legal opinion, other than that…
§ 3921 The State Treasurer directly or through a state fiscal agent, or agents, shall, on the respective dates of maturity of all bonds, or on the date fixed for the…
§ 3922 Upon the payment of any such bond or coupon, the State Treasurer, or such state fiscal agent, or agents, shall perforate the same with a suitable device in a…
§ 3923 The State Treasurer, or such state fiscal agent, or agents, with the approval of the State Treasurer, may destroy or cremate any or all bonds and any or all…
§ 3924 It shall be the duty of the State Treasurer to pay the interest of said bonds, when the same falls due, out of the moneys provided for in this part, on…
§ 3925 All bonds issued under this part and sold shall be deemed to have been called in at their respective dates of maturity and the State Treasurer shall, on the…
§ 3926 Whenever the committee shall determine that any bonds then outstanding, and which by their terms are subject to redemption prior to maturity, should be…
§ 3927 The State Controller and the State Treasurer shall keep full and particular account and record of all their proceedings under this part, and they shall…
§ 3928 All money remaining in the account of the Harbor Bond Sinking Fund, established pursuant to subdivision (a) of Section 3918.5, after the principal of and…