CHAPTER 7. Bonds [40225. - 40266.]

Chapter 7 added by Stats. 1965, Ch. 1899.

§§ 40225–40266 · 20 sections

1. ARTICLE 1. Issuance §§ 40225–40237 · 9 sections

   • § 40225 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…
   • § 40226 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,…
   • § 40231 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…
   • § 40232 Propositions for incurring indebtedness for more than one object or purpose may be submitted at the same election.
   • § 40233 Any special bond election may be held separately, or may be consolidated with any other election authorized by law at which the voters of the district may…
   • § 40234 The ordinance shall be published, and no other notice of election need be given.
   • § 40235 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…
   • § 40236 The votes of sixty percent (60%) of all voters voting on the proposition at the election are required to authorize the issuance of bonds under this chapter.
   • § 40237 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 §§ 40240–40243 · 4 sections

   • § 40240 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…
   • § 40241 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…
   • § 40242 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…
   • § 40243 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 §§ 40245–40246 · 2 sections

   • § 40245 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…
   • § 40246 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…
4. ARTICLE 4. Status as Investments §§ 40260–40261 · 2 sections

   • § 40260 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…
   • § 40261 All bonds of the district, to the same extent as bonds of any other municipality, are legal for use by any state or national bank or banks in the state as…
5. ARTICLE 5. Validation § 40263 · 1 section

   • § 40263 An action to determine the validity of bonds, including refunding bonds, may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part…
6. ARTICLE 6. Revenue Bonds §§ 40265–40266 · 2 sections

   • § 40265 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…
   • § 40266 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…