CHAPTER 7. Bonds [96400. - 96591.]

Chapter 7 added by Stats. 1965, Ch. 1835.

§§ 96400–96591 · 32 sections

1. ARTICLE 1. Issuance §§ 96400–96412 · 13 sections

   • § 96400 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…
   • § 96401 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,…
   • § 96402 In lieu of a resolution passed by the board, proceedings for the issuance of bonds for the purposes provided in this chapter may be initiated by petition of…
   • § 96403 Whenever any petition signed by voters within the district equal in number to at least 15 percent of the total vote cast at the last general statewide election…
   • § 96404 If the required number of signatures is found to be genuine, the secretary shall transmit to the board an authentic copy of the petition without the signatures.
   • § 96405 Upon receiving a petition with the certificate of the secretary stating that it contains the required number of signatures, the board shall formulate for…
   • § 96406 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…
   • § 96407 Propositions for incurring indebtedness for more than one object or purpose may be submitted at the same election.
   • § 96408 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…
   • § 96409 The ordinance shall be published, and no other notice of election need be given.
   • § 96410 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…
   • § 96411 The votes of two-thirds (2/3) of all the voters voting on the proposition at the election are required to authorize the issuance of bonds under this chapter.
   • § 96412 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 §§ 96440–96443 · 4 sections

   • § 96440 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…
   • § 96441 The bonds shall be issued in such denominations as the board determines, except that no bonds shall be of a denomination less than one hundred dollars ($100),…
   • § 96442 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…
   • § 96443 The bonds shall be signed by the president 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 §§ 96470–96472 · 3 sections

   • § 96470 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…
   • § 96471 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…
   • § 96472 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 division, the board…
4. ARTICLE 4. Refunding §§ 96500–96506 · 7 sections

   • § 96500 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…
   • § 96501 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…
   • § 96502 Except as otherwise provided, the provisions of this chapter shall substantially govern as to all matters pertaining to the issuance of refunding bonds,…
   • § 96503 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…
   • § 96504 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,…
   • § 96505 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…
   • § 96506 Whenever 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 §§ 96530–96531 · 2 sections

   • § 96530 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…
   • § 96531 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…
6. ARTICLE 6. Validation § 96560 · 1 section

   • § 96560 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…
7. ARTICLE 7. Revenue Bonds §§ 96590–96591 · 2 sections

   • § 96590 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…
   • § 96591 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…