CHAPTER 2. Refunding Bonds
Chapter 2 added by Stats. 1943, Ch. 372.
§§ 25035–25119 · 26 sections
ARTICLE 1. General Refunding Provisions §§ 25035–25041 · 6 sections
- § 25035 Any district may issue refunding bonds for the purpose of refunding any or all of the outstanding bonds and warrants of the district.
- § 25035.5 Notwithstanding any other provision of this division requiring any election, any district described in Section 20560.1 may issue refunding bonds for the…
- § 25038 The board shall call an election for the purpose of authorizing the issuance of the refunding bonds.
- § 25039 Notice of the election shall be given and it shall be held and its result determined and declared substantially in the manner provided for a bond election,…
- § 25040 Any issue of refunding bonds may in the discretion of the board mature serially or at one time.
- § 25041 The maturities of refunding bonds shall be fixed by the board.
ARTICLE 2. Refunding Bond Sinking Fund §§ 25060–25068 · 9 sections
- § 25060 If any issue of refunding bonds are made to mature at one time, the board prior to or at the time of their issuance shall provide for the creation of and…
- § 25061 The amount of sinking fund payments may be modified from time to time by the board.
- § 25062 Whenever the sinking fund contains at least ten thousand dollars ($10,000), the board may publish notice of redemption at least once a week for three…
- § 25063 The notice shall set forth all of the following: (a) The amount available for the redemption of the bonds. (b) An invitation for sealed proposals for the sale…
- § 25064 All proposals received in response to the notice shall be opened by the board in open meeting at the time specified in the notice or at a time to which the…
- § 25065 Any or all of the proposals may, in the discretion of the board, be rejected.
- § 25066 If no bids are received or if the bids received and accepted are not sufficient to exhaust the money on hand and available for the purpose, the district…
- § 25067 No proposal to sell bonds to the district pursuant to this article at a price in excess of their par value shall be accepted.
- § 25068 All bonds purchased from sinking fund money shall be forthwith canceled.
ARTICLE 3. Authorized Refunding Modification §§ 25091–25092 · 2 sections
ARTICLE 4. Unauthorized Refunding Modification §§ 25110–25119 · 9 sections
- § 25110 The provisions of this article are applicable only to refunding plans which both: (a) Were adopted prior to January 31, 1939. (b) Then contained no provisions…
- § 25111 The terms of any refunding plan and of the refunding bonds outstanding thereunder may be modified from time to time if the modification is approved in the…
- § 25112 The approval of the modification by the district shall be given by a resolution of its board and by its voters at an election called by the board.
- § 25113 Notice of the election shall be given and it shall be held in substantially the same manner as a bond election, except that a majority vote only is required…
- § 25115 The approval of the holders of outstanding refunding bonds affected by the modification shall be evidenced by either of the following: (a) The written consent…
- § 25116 If the modification is approved in the manner provided in this article, the district need not issue new refunding bonds and coupons in exchange for outstanding…
- § 25117 If the modification or modified refunding plan provides for the extension of the time of maturity of all or any of the refunding bonds, the district in lieu of…
- § 25118 All refunding bonds the terms of which have been modified shall continue to be binding outstanding bonds of the district and negotiable instruments…
- § 25119 Any modification of any refunding plan adopted pursuant to the provisions of this article may provide for its subsequent modification with the consent of the…