CHAPTER 6. Bonds [9395. - 9527.]
Chapter 6 added by Stats. 1943, Ch. 369.
§§ 9395–9527 · 79 sections
ARTICLE 1. In General §§ 9395–9405 · 11 sections
- § 9395 If a majority of the votes cast at the bond election are in favor of the issuance of bonds, the board shall cause bonds of the drainage district, in the amount…
- § 9396 The bonds shall be of the denomination of not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) each.
- § 9397 The bonds shall be signed by the president of the board, attested by its secretary with the seal of the board affixed thereto, numbered consecutively in the…
- § 9398 The bonds shall bear interest at a rate to be fixed by the order of the board for issuance of the bonds not to exceed 6 per cent per annum payable semiannually…
- § 9399 Coupons for each installment of interest shall be attached to the bonds and shall bear the facsimile signature of the Controller.
- § 9400 Whenever any of the bonds are sold or delivered by the State Treasurer either to a purchaser thereof or upon an order from the board payable in such bonds, the…
- § 9401 The State Treasurer shall certify and deliver to the board or its secretary a list of bonds sold or delivered, showing the serial numbers, denominations, date…
- § 9402 The State Treasurer shall certify and deliver to the board or its secretary, whenever requested, a statement of all bonds and coupons for interest thereon paid…
- § 9403 The bonds of the drainage district issued pursuant to this part which are investigated and approved by any commission or officer authorized by any law of this…
- § 9404 If within one year from the time bonds are authorized to be issued as provided in this part, the bonds are not sold or disposed of, the board may at its…
- § 9405 The board may thereafter call for the payment of the assessment in such installments from time to time as it shall determine and as provided in Part 4 of this…
ARTICLE 2. Form of Bond §§ 9410–9411 · 2 sections
- § 9410 The bonds may be substantially in the following form: UNITED STATES OF AMERICA No. _________ STATE OF CALIFORNIA $ __________ SACRAMENTO AND SAN JOAQUIN…
- § 9411 The interest coupons may be substantially in the following form: No. $ The Treasurer of the State of California will pay to the holder hereof on the ____ day…
ARTICLE 3. Validating Proceedings § 9415 · 1 section
- § 9415 An action to determine the validity of bonds may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil…
ARTICLE 4. Sale of Bonds §§ 9440–9450 · 11 sections
- § 9440 The State Treasurer shall receive and place the bonds to the credit of the drainage district, and shall when and as directed by the board sell any of the bonds…
- § 9441 The bonds shall not be sold for less than 95 per cent of their face value and the accrued interest thereon.
- § 9442 Before making a sale of any of the bonds, notice shall be given by the State Treasurer that he will sell a specified amount of the bonds, stating the day, hour…
- § 9443 The notice shall state that sealed proposals will be received by him for the purchase of the bonds or any part thereof at the day and hour named in the notice.
- § 9444 The notice shall be given by publication once a week for three successive weeks in a newspaper of general circulation published in the City of Sacramento.
- § 9445 At the time and place appointed in the notice the State Treasurer shall open the bids and shall award the purchase of the bonds or any part thereof to the…
- § 9446 If the highest bid is not equal to par and accrued interest the State Treasurer shall notify the board of the amounts of the highest bids received, and reject…
- § 9447 At any time before all the bonds held by the State Treasurer have been sold by him, the board may: (a) Draw upon the State Treasurer for, and issue and deliver…
- § 9448 In making payments in bonds, the board shall draw orders upon the State Treasurer payable in bonds to the amount therein named.
- § 9449 The orders shall be countersigned by the Controller and shall be paid with bonds by the State Treasurer upon presentation to the amount therein provided for.
- § 9450 In drawing any order upon the State Treasurer payable in bonds, the board may specify the maturity of the bonds which are to be delivered in compliance with…
ARTICLE 5. Payment of Principal, Interest and Redemption §§ 9455–9461 · 7 sections
- § 9455 The principal of the bonds shall, by an order of the board entered in its minutes, be made payable on the first day of July or the first day of January and in…
- § 9456 Not less than 10 per cent of the aggregate face value of the bonds shall be payable within 10 years from their date, and not less than 9 per cent of the…
- § 9457 The board may call and redeem in their numerical order such an amount of the bonds as it may see fit on any interest date subsequent to the first day of July,…
- § 9458 To effect such redemption, the board shall cause to be published once each week for two successive weeks, in a newspaper published in the City of Sacramento, a…
- § 9459 Out of the bond fund of the assessment the State Treasurer shall, on presentation at or after its maturity, pay the holder of each bond or interest coupon…
- § 9460 If any bond or interest coupon has not been presented to the State Treasurer for payment when it becomes due, it shall cease to bear interest, but if presented…
- § 9461 The indorsed bond or coupon shall bear interest at the rate expressed in the bond until paid or until funds have been provided in the State Treasury applicable…
ARTICLE 6. Funds and Warrants §§ 9465–9478 · 14 sections
- § 9465 The money derived from the sale of any of the bonds shall be received by the State Treasurer and placed to the credit of the following funds in the following…
- § 9466 Whenever the drainage district has any money in the bond fund of any assessment which money is not immediately required for the purpose of paying principal or…
- § 9467 The investment may be made by the board by direct purchase of the bonds from time to time and in such manner as it determines and at such price or prices as it…
- § 9468 Any bonds purchased pursuant to the provisions of this article, and held in the bond fund may from time to time be sold and the proceeds temporarily reinvested…
- § 9469 Sales of any bonds purchased and held in the bond fund shall from time to time be made so that the proceeds may be applied to the purpose for which the bond…
- § 9470 Any bonds purchased pursuant to the provisions of this article, may be delivered to the State Treasurer for cancellation and the bonds shall thereupon be…
- § 9471 The bond fund of each assessment shall be held by the State Treasurer and shall be applied by him toward the payment of the bonds and coupons thereon based…
- § 9472 If any balance remains in the bond fund of the assessment after payment in full of the principal and interest of all outstanding bonds issued upon the…
- § 9473 The balance may be distributed by the board to the owners or other persons interested in the lands.
- § 9474 The board shall from time to time when necessary, present its written request to the Controller for the issuance of warrants for the purpose of paying the cost…
- § 9475 The board’s request shall specify the amount of the warrant and the name of the payee thereof and upon receipt of the request the Controller shall draw his…
- § 9476 The State Treasurer shall pay the warrants or make delivery of the bonds as provided in this part.
- § 9477 Warrants issued by the Controller and payable out of the assessment as provided by Part 4 of this division shall be paid by the State Treasurer out of and only…
- § 9478 No warrant issued pursuant to any of the provisions of this part or of Part 4 of this division shall be accepted or received by the county treasurer in payment…
ARTICLE 7. Annual Installments §§ 9485–9497 · 13 sections
- § 9485 Upon the sale of any of the bonds of the drainage district based upon any assessment levied by the board, as provided by this part, the board shall annually…
- § 9486 The board may also in the order fix and determine upon such additional sum as the board deems proper to be collected to provide a sinking fund for the…
- § 9487 Immediately upon making the order the board shall prepare in duplicate, retaining one original, and causing the other original to be certified by its secretary…
- § 9488 To the assessment referred to in the preceding section shall be added and collected an additional amount of 15 per cent of the amount to cover possible…
- § 9489 The statement provided for in Section 9487 shall also include, and there shall be added and collected, such additional sum as the board in its order may have…
- § 9490 The amount necessary to pay the interest and principal, or either, falling due, together with the additional 15 per cent of that amount and the amount for…
- § 9491 Unless otherwise determined by the board or by an order entered in its minutes, a copy of which duly certified shall be transmitted to the county treasurer of…
- § 9492 For convenience in entering payments of the installment for bonds, the board shall furnish to the county treasurer of each county affected, an annual…
- § 9493 The list shall contain appropriate columns for the entry of payments, sales and redemptions.
- § 9494 The county treasurer shall enter on the annual collection list in the proper column the following: (a) All payments, with date of payment. (b) The word “sold”…
- § 9495 The county treasurer shall make a report to the board as often as requested of all entries made by him on the collection list.
- § 9496 When either portion of any installment for bonds becomes delinquent, a penalty of one dollar ($1) together with 20 per cent of the amount of the installment on…
- § 9497 All money collected by the several county treasurers upon the installment for bonds or for the penalty thereon in case of delinquency shall, within 30 days…
ARTICLE 8. Bond Record §§ 9505–9506 · 2 sections
- § 9505 The board shall maintain in its office and open to public inspection at all reasonable times during office hours, a book or books to be known as the bond…
- § 9506 In case there are several bond issues under this part based upon several different assessments all of the proceedings, records and transactions of every kind…
ARTICLE 9. Refunding Bonds §§ 9510–9527 · 18 sections
- § 9510 The board may, by resolution entered in its minutes, order the refunding of the whole or any part of the principal of any bond issue now or hereafter…
- § 9511 Refunding bonds may be issued for the purpose, and when issued their proceeds may be used to refund outstanding bonds either as they mature or to call and…
- § 9512 The resolution ordering refunding of bonds shall designate the numbers, denominations, dates of maturity and aggregate principal amounts of the bonds to be…
- § 9513 Refunding bonds shall mature serially in amounts to be fixed by the board in its resolution.
- § 9514 The payment of the refunding bonds shall begin not later than five years from the date thereof and shall be completed in not more than 25 years from the date…
- § 9515 The refunding bonds, together with interest thereon, shall be payable at the office of the State Treasurer.
- § 9516 Refunding bonds shall be issued in such denominations as the board may determine except that no bonds shall be of a denomination of less than one hundred…
- § 9517 The refunding bonds shall be signed by the president of the board or such other member of the board as the board may by resolution designate and shall be…
- § 9518 The interest coupons of the refunding bonds shall be numbered consecutively and signed by the secretary of the board by his engraved or lithographed signature.
- § 9519 In case any officer whose signature or countersignature appears on the refunding bonds or coupons ceases to be such officer before the delivery of the bonds to…
- § 9520 The refunding bonds may be issued and sold by the board as it may determine but for not less than their par value and accrued interest thereon.
- § 9521 The proceeds of the refunding bonds shall be placed in the State Treasury to the credit of the drainage district in the bond fund of the assessment upon which…
- § 9522 The proceeds may also be used to defray the expenses of refinancing the obligations.
- § 9523 The principal and interest of the refunding bonds shall be based upon, secured by and payable out of the assessment or assessments upon which the bonds…
- § 9524 Upon the sale of any of the refunding bonds, installments of the assessment upon which the bonds are based shall be called and collected and the installments…
- § 9525 The refunding bonds or any part thereof when sold may be called and redeemed by the board in the manner provided by Chapter 6 of this part.
- § 9526 The refunding bonds issued by the drainage district pursuant to this part shall be legal investments for all trust funds and for the funds of all insurance…
- § 9527 Whenever bonds of cities, cities and counties, counties or school districts may by law be issued as security for the performance of any act or as security for…