CHAPTER 4. Provisions Relating to Revenue Bonds Only

Chapter 4 added by Stats. 1951, Ch. 390.

§§ 36300–36368 · 32 sections

1. ARTICLE 1. Bond Issuance §§ 36300–36305 · 6 sections

   • § 36300 If a revenue bond issue is contemplated, there shall be included in the estimate required by Section 35950 every expense of the district that it is probable…
   • § 36301 Revenue bonds shall be issued in the name of the district and shall be obligations of the district, limited, however, to the payment or redemption of the…
   • § 36302 Revenue bonds are not a general debt, liability, or obligation of the district.
   • § 36303 The board may, in the resolution authorizing the issuance of revenue bonds, provide that the bonds or any part thereof shall be subject to call and redemption…
   • § 36304 Revenue bonds issued subject to call and redemption prior to maturity shall contain a recital to that effect on the face of the revenue bonds, and no revenue…
   • § 36305 The board in its resolution authorizing the issuance of revenue bonds shall fix the method of giving notice of redemption to the holders of revenue bonds to be…
2. ARTICLE 2. Lien of Bonds §§ 36320–36323 · 4 sections

   • § 36320 The payment of both principal and interest of revenue bonds shall be secured only by the revenues pledged therefor.
   • § 36321 No holder of any revenue bond may ever compel any exercise of the taxing power to pay the bond, interest thereon, or any part of either.
   • § 36322 All revenue bonds of the same issue shall, subject to the prior and superior rights of outstanding bonds, claims, or obligations, and notwithstanding anything…
   • § 36323 All revenue bonds of the same issue shall be equally and ratably secured without priority by reason of number, date of bonds, of sale, of execution, or of…
3. ARTICLE 3. Miscellaneous Provisions §§ 36340–36352 · 13 sections

   • § 36340 Revenue bonds and interest coupons attached thereto shall be in such form as may be prescribed by the board.
   • § 36341 The face of each revenue bond shall state: (a) That the payment or redemption of the bond and the payment of the interest thereon is secured solely by a first…
   • § 36342 Revenue bonds shall be payable in lawful money of the United States.
   • § 36343 Each issue of revenue bonds shall be numbered consecutively and the bonds of each issue shall be numbered consecutively from lower to higher as they mature and…
   • § 36344 The date appearing upon the face of a revenue bond shall be deemed to be the date of issuance irrespective of the subsequent delivery of the bond.
   • § 36345 Revenue bonds shall be signed by the president and attested by the secretary, and interest coupons appertaining thereto shall be signed by the secretary.
   • § 36346 All the signatures on the bond or coupons may be printed, lithographed, engraved, or otherwise mechanically reproduced, except that one of the signatures shall…
   • § 36347 The seal of the district may be affixed to the revenue bonds by mechanical reproduction thereof.
   • § 36348 If any officer whose signature appears on any revenue bond or coupon ceases to be such officer of the district before the delivery of the bonds to the…
   • § 36349 Revenue bonds shall be of such denomination or denominations as the board may prescribe.
   • § 36350 Revenue bonds shall be payable at such time and place as may be designated by the board, but in no case shall the maturity of any bond be more than 40 years…
   • § 36351 Every revenue bond shall be payable at a given time for its entire amount and not for a percentage thereof.
   • § 36352 Revenue bonds shall bear interest at a rate not in excess of 8 percent per annum, payable annually or semiannually as may be prescribed by the board.
4. ARTICLE 4. Action to Secure Payment of Revenue Bonds §§ 36360–36368 · 9 sections

   • § 36360 Bondholders owning or holding 25 percent or more of any outstanding and unpaid issue of revenue bonds may, when payments of principal or interest, or both,…
   • § 36361 The complaint shall: (a) Name the district as a defendant. (b) State that on the date therein named bond principal payments, interest thereon, or both, were in…
   • § 36362 The summons in the proceeding shall be served by publishing a copy thereof once a week for four weeks in a newspaper of general circulation published in each…
   • § 36363 Within 30 days after publication of the summons has been completed and proof filed with the court any person may appear and answer the complaint.
   • § 36364 On the expiration of 60 days after the publication of summons has been completed and proof filed with the court, after proof to the court that a default exists…
   • § 36365 The jurisdiction of the court over the affairs of the district shall continue until the default for which the receiver was appointed has been discharged.
   • § 36366 A receiver has no power to dispose of any part of the property of the district except in the ordinary course of business. The authority of a receiver is…
   • § 36367 No court has jurisdiction to enter any order or decree requiring or permitting a receiver to sell, assign, mortgage, or otherwise dispose of or encumber the…
   • § 36368 Whenever all that is due upon all obligations and interest thereon which are a charge, lien, or encumbrance on the revenues of the district has been paid and…