“Public body” as used in this chapter means any county, city and county, city, public district, public authority or other public corporation, or any agency of any thereof, which is authorized to issue bonds.
Chapter 7Denominations
Section § 5600
This law defines what a 'public body' is. It includes any county, city, public district, or agency that has the authority to issue bonds.
public body county city public district public authority public corporation agency issue bonds bond issuance government entity local government municipal bonds public agency bond authority bond-related entities
Section § 5601
This section defines the term 'bonds' as it is used in this chapter. It includes not only traditional bonds but also warrants, notes, and any other forms of debt issued by or on behalf of a public body.
“Bonds” as used in this chapter means bonds, warrants, notes and other evidences of indebtedness issued by or on behalf of any public body.
bonds definition warrants notes indebtedness public body debt debt instruments government debt public finance evidences of indebtedness municipal bonds state bonds local government borrowing public body obligations financial instruments issuance of debt
Section § 5602
This law defines what a 'governing body' is in the context of issuing bonds. It includes entities like a board of supervisors, city council, or board of directors that have the authority to issue bonds for a public body.
“Governing body” means a board of supervisors, city council, board of directors or other legislative or governing body which has the power to provide for the issuance of bonds to be issued by or on behalf of any public body.
governing body bonds issuance board of supervisors city council board of directors legislative authority public body municipal bonds bond-issuing entities local government financial governance public finance government bonds bond authority bond administration
Section § 5603
This law allows a governing body to decide the amount for each bond when issuing them. They can choose any size or amount they prefer, even if it goes against any other rules about bond size. Additionally, not all bonds in a series have to be the same size; they can be different.
Any provision of law specifying the maximum or minimum denomination of bonds to the contrary notwithstanding, a governing body in its ordinance, resolution or order providing for the issuance of any bonds may provide that such bonds shall be issued in a denomination or denominations of any amount or amounts prescribed by it. All bonds of an issue or series of bonds need not be of the same denomination.
bond issuance governing body bond denominations series of bonds ordinance resolution order bond rules bond size customizable bond amount bonds flexibility bond regulations override bond issuance ordinance financial instruments local government bonds
Section § 5604
This law allows a governing body to create rules for exchanging bonds after they're first issued. Basically, if you have two or more bonds from the same issue that are similar in terms, you can swap them for one bigger bond. Or, you can take one bond and exchange it for two or more smaller bonds. All bonds involved in these exchanges must have the same interest rate and maturity date, but they can differ in number, size, or coupon amounts.
A governing body, in its ordinance, resolution or order providing for the issuance of any bonds, may provide a method whereby, at any time after the original issuance of the bonds, two or more bonds of the same issue or series and which are of like tenor may be exchanged for a single bond of like tenor and in a principal amount equal to the total of principal amounts of the bonds so exchanged, and may also provide a method whereby, at any time after the original issuance of the bonds, any single bond may be exchanged for two or more bonds of like tenor and of principal amounts totaling the principal amount of the bond so exchanged, and may also provide for the signature or signatures to be affixed to any bonds or coupons issued in any such exchange. For the purposes of this section bonds are of “like tenor” if they bear the same interest rate, mature on the same date and are otherwise identical as to tenor except for bond number, denomination or coupon amounts.
bond exchange bond issuance principal amount bond tenor interest rate maturity date bond series governing body rules bond denominations bond coupons financial securities municipal bonds bond swapping bond ordinance bond resolution
