ARTICLE 5. Payment of Principal, Interest and Redemption

Article 5 added by Stats. 1943, Ch. 369.

§§ 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…