CHAPTER 7. Bonds

Chapter 7 added by Stats. 1967, Ch. 978.

§§ 98310–98381 · 30 sections

1. ARTICLE 1. Issuance §§ 98310–98318 · 9 sections

   • § 98310 The district may from time to time incur a bonded indebtedness as provided in this chapter to pay the cost of acquiring, constructing or completing the whole…
   • § 98311 Whenever the board by resolution passed by vote of two-thirds of all its members determines that the public interest or necessity demands the acquisition,…
   • § 98312 The ordinance calling a special bond election shall fix the date on which the election will be held, and the manner of holding the election and of voting for…
   • § 98313 Propositions for incurring indebtedness for more than one object or purpose may be submitted at the same election.
   • § 98314 Any special bond election may be held separately, or may be consolidated with any other election, the provisions of this chapter setting forth the procedure…
   • § 98315 The ordinance shall be published, and no other notice of election need be given.
   • § 98316 The board shall comply with Article 3, (commencing with Section 9160) of Chapter 2 of Division 9 of the Elections Code, the provisions of which are applicable…
   • § 98317 The votes of two-thirds (2/3) of all voters voting on the proposition at the election are required to authorize the issuance of bonds under this chapter.
   • § 98318 If the proposition submitted at a special bond election fails to receive the requisite number of votes, the board shall not within six months after the…
2. ARTICLE 2. Form and Content §§ 98330–98335 · 6 sections

   • § 98330 Bonds authorized by this chapter shall mature serially in amounts to be fixed by the board; except that payment shall begin not later than 10 years from the…
   • § 98331 The board may divide any issue of bonds authorized pursuant to this chapter into two or more series, and may fix different dates of issuance and different…
   • § 98332 Pending the actual issuance or delivery of bonds, a district may issue temporary or interim bonds, certificates, or receipts, of any denomination whatsoever,…
   • § 98333 The bonds shall be issued in such denominations as the board determines, except that no bonds shall be issued of a denomination less than one thousand dollars…
   • § 98334 The board may at any time prior to the issuance and sale of any bonds provide for the call and redemption of any or all of the bonds on any interest payment…
   • § 98335 The bonds shall be signed by the chairman of the board or by such officer of the district as the board shall by resolution authorize and designate for that…
3. ARTICLE 3. Issue and Sale §§ 98340–98342 · 3 sections

   • § 98340 The bonds may be issued and sold for not less than their par value, but otherwise as the board determines. Before selling any bonds, or any part thereof, the…
   • § 98341 All premiums and accrued interest received on the sale of bonds shall be placed in the fund to be used for the payment of principal of and interest on the…
   • § 98342 In lieu of the immediate levy of a tax to pay the interest or any part thereof on any bonded indebtedness incurred in accordance with this part the board may,…
4. ARTICLE 4. Refunding §§ 98350–98356 · 7 sections

   • § 98350 Whenever the board by resolution passed by a vote of two-thirds of all its members determines that the refunding of the whole or any portion of the bonded…
   • § 98351 The issuance of refunding bonds shall not be construed as the incurring or increase of an indebtedness within the meaning of this act, and the approval of the…
   • § 98352 Except as otherwise provided, the provisions of this chapter shall substantially govern as to all matters pertaining to the issuance of refunding bonds,…
   • § 98353 Refunding bonds shall bear interest at a rate not exceeding the interest rate on the refunded bonds, but payment of the refunding bonds shall begin not later…
   • § 98354 The proceeds of the sale of refunding bonds shall be applied only to the purchase, or retirement at not more than par and accrued interest, or the call price,…
   • § 98355 In lieu of selling refunding bonds and using the proceeds to purchase or retire the bonds to be refunded, the board may exchange refunding bonds at not less…
   • § 98356 Wherever outstanding bonds are refunded they shall be surrendered to the treasurer of the district, who shall cancel them by endorsing on their face the manner…
5. ARTICLE 5. Status as Investments §§ 98360–98361 · 2 sections

   • § 98360 All bonds including refunding bonds issued by a district are legal investments for all trust funds and for the funds of all insurance companies, banks, both…
   • § 98361 All bonds of the district, to the same extent as bonds of any other municipality, are legal for use by any other municipality, are legal for use by any state…
6. ARTICLE 6. Validation § 98370 · 1 section

   • § 98370 An action to determine validity of bonds, including refunding bonds, may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2…
7. ARTICLE 7. Revenue Bonds §§ 98380–98381 · 2 sections

   • § 98380 As an alternative procedure for the raising of funds, the district may issue bonds, payable from revenues of any facility or enterprise to be acquired or…
   • § 98381 The district is a local agency within the meaning of the Revenue Bond Law of 1941 (Chapter 6 (commencing with Section 54300) of Part 1 of Division 2 of Title 5…