CHAPTER 4. Alternate Method for Refunding Bonds

Chapter 4 added by Stats. 1951, Ch. 336.

§§ 52700–52760 · 30 sections

1. ARTICLE 1. Issuance and Forms §§ 52700–52714 · 13 sections

   • § 52700 The board may cause refunding bonds to be issued as provided in this chapter for the purpose of refunding any outstanding bonds, including original issues and…
   • § 52701 Refunding bonds issued pursuant to this chapter shall be issued in substantially the manner prescribed by Chapter 3 of this part for the issuance of refunding…
   • § 52703 The board shall call and conduct an election of the landowners in the manner provided in Chapter 3 (commencing with Section 50800) of Part 4 of this division…
   • § 52704 Prior to the issuance of any refunding bonds pursuant to this chapter the board shall file with the county treasurer a copy of the refunding plan and a…
   • § 52705 The refunding bonds may be in substantially the following form: (Form of Bond) United States of America State of California County of _____ Refunding Bond of…
   • § 52706 The interest coupons to be attached to the refunding bonds may be in substantially the following form: No. $ The County Treasurer of ____ County, California,…
   • § 52707 An action to determine the validity of refunding bonds may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of…
   • § 52709 Refunding bonds issued pursuant to this chapter may be sold from time to time in the same manner as other bonds of the district, or may be exchanged for other…
   • § 52710 The outstanding bonds refunded or exchanged shall be immediately canceled by the county treasurer.
   • § 52711 The maturity of the refunding bonds issued pursuant to this chapter and the rate of interest thereon shall be fixed by the board, but in no case shall the…
   • § 52712 An issue of refunding bonds issued pursuant to this chapter shall be based upon and payable out of the assessment from which the bonds to be refunded were…
   • § 52713 The board may make expenditures, or incur indebtedness, and issue warrants therefor to pay the cost and expenses incident to any refunding plan or in…
   • § 52714 The authority to issue refunding bonds pursuant to this chapter is in addition to the authority granted by Chapter 3 of this part, and nothing in this chapter…
2. ARTICLE 2. Sinking Fund §§ 52730–52737 · 6 sections

   • § 52730 The board, prior to, or at the time of, issuance of the refunding bonds under this chapter, shall provide for the creation of an annual sinking fund for the…
   • § 52731 The county treasurer, at least 90 days before the first day of January in each year during which the refunding bonds are outstanding, shall levy and collect a…
   • § 52732 Ninety days, or more, before the first day of January in any year, the board may modify the amount of the sinking fund payment. The board shall forthwith mail…
   • § 52735 In any year in which the district has surplus funds from other sources available for the sinking fund payment and has deposited such funds in the sinking fund…
   • § 52736 The board may invest the money in the sinking fund in bonds of the United States or of the State of California, and hold the bonds so purchased, and the income…
   • § 52737 The proceeds of sale of any bonds in which any part of the sinking fund is invested shall be deposited in the sinking fund.
3. ARTICLE 3. Redemption §§ 52750–52760 · 11 sections

   • § 52750 When the sinking fund contains at least ten thousand dollars ($10,000), the county treasurer shall, upon request of the board, by notice published once a week…
   • § 52751 The notice shall state the amount available for the redemption of bonds or refunding bonds and shall specify when and where the proposals will be opened.
   • § 52752 All proposals shall be opened at the office of the county treasurer at an open meeting of the board convened at the time specified in the notice or at some…
   • § 52753 Any or all proposals may be rejected by the county treasurer, and shall be rejected by him if requested to do so in writing by a majority of the board.
   • § 52754 If no bids are received, or if the bids accepted are not sufficient to exhaust the money available for the purchase of outstanding bonds or refunding bonds,…
   • § 52755 No proposal to sell bonds to the district at a price in excess of the par value thereof shall be accepted.
   • § 52756 All bonds purchased with sinking fund moneys shall forthwith be canceled.
   • § 52757 The board may, by resolution adopted prior to the time of issuing any refunding bonds, provide for the call and redemption thereof, in numerical order, or by…
   • § 52758 Notice of redemption of callable refunding bonds shall be published once a week for three successive weeks in a newspaper of general circulation printed and…
   • § 52759 The first publication of the notice shall be not less than 30 days nor more than 90 days prior to the date fixed in the refunding bonds for the redemption.
   • § 52760 Interest on refunding bonds declared to be callable shall cease after the date fixed for redemption if the district has provided funds for the payment of the…