CHAPTER 7. Bonds [90600. - 90721.]

Chapter 7 added by Stats. 1965, Ch. 2039.

§§ 90600–90721 · 32 sections

1. ARTICLE 1. Issuance §§ 90600–90612 · 13 sections

   • § 90600 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…
   • § 90601 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,…
   • § 90602 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…
   • § 90603 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 election is…
   • § 90604 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.
   • § 90605 Upon receiving a petition with the certificate of the secretary stating that it contains the required number of signatures, the board shall formulate for…
   • § 90606 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…
   • § 90607 Propositions for incurring indebtedness for more than one object or purpose may be submitted at the same election.
   • § 90608 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…
   • § 90609 The ordinance shall be published, and no other notice of election need be given.
   • § 90610 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…
   • § 90611 The votes of 60 percent of all the voters voting on the proposition at the election are required to authorize the issuance of general obligation bonds under…
   • § 90612 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 §§ 90620–90623 · 4 sections

   • § 90620 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…
   • § 90621 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 hundred dollars…
   • § 90622 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…
   • § 90623 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 §§ 90640–90642 · 3 sections

   • § 90640 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…
   • § 90641 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…
   • § 90642 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 §§ 90660–90666 · 7 sections

   • § 90660 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…
   • § 90661 The issuance of refunding bonds shall not be construed as the incurring or increase of an indebtedness within the meaning of this part, and the approval of the…
   • § 90662 Except as otherwise provided, the provisions of this chapter shall substantially govern as to all matters pertaining to the issuance of refunding bonds,…
   • § 90663 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…
   • § 90664 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,…
   • § 90665 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…
   • § 90666 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 §§ 90680–90681 · 2 sections

   • § 90680 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…
   • § 90681 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. Validating Proceedings § 90700 · 1 section

   • § 90700 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 §§ 90720–90721 · 2 sections

   • § 90720 As an alternative procedure for the raising of funds, the district is authorized to issue bonds, payable from revenues of any facility or enterprise to be…
   • § 90721 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…