This law allows a city (not a city-county combination) to handle its debt in two ways. First, if the city has existing debts like bonds, notes, or legal judgments, it can restructure these debts. Second, if any part of the city, like a department or board, has debt that was created for a legitimate city project, the city can also manage that debt similarly.

The city can issue bonds to manage its debt, even before it is due, if two-thirds of the legislative body agrees. This means they can reorganize or replace existing debt with potentially better terms.

This law states that bonds issued must be worth between $100 and $1,000 each. These bonds can last for up to 40 years and carry an annual interest rate that can't go over 8%, paid every six months.

This section allows for flexibility in setting interest rates on bonds, meaning that the interest rate can vary for different interest payments throughout the duration of the bond's term.

This law states that bonds must be structured so that they are paid off in a series of payments over time, with at least one-fortieth of the total principal and interest being paid each year.

This law states that the legislative body can decide when the bonds they issue will start to mature, but the start date for maturity can't be more than three years from when the bonds are issued.

This law section specifies that bonds will be paid in whatever currency and at whichever locations the legislative body has chosen and stated in the bonds.

This law section states that bonds can be sold in a way determined by the legislative body to the highest bidder, ensuring the city doesn't pay more than 8% interest annually. Alternatively, these bonds can be exchanged for existing debts.

When a city conducts a cash sale of bonds, the money received must go into the city's treasury. This money can only be used to pay off the debt for which the bonds were originally issued.

This law says that if there is any money left over after paying off debts with refunding bonds, that money must be put into a special fund. This fund is solely for paying back the principal and interest of those refunding bonds as they come due.

Whenever a government body takes on debt through bonds, they must levy a tax when setting general taxes to ensure they can pay the interest and part of the bond's principal. This needs to happen every year until the bonds are fully paid or there is enough money set aside to cover all the payments as they come due.

If refunding bonds are issued and their first due date is over a year away, the legislative body must collect enough taxes each year to cover the interest as it comes due and to save up enough in a sinking fund to pay off the principal by the maturity date.

In this section, it states that certain taxes will be charged and collected like any other taxes in a city. These taxes are specifically intended to pay off bonds and their interest, and they are separate from other types of taxes.

This law section allows a city to guarantee payments on its outstanding bonds by notifying the Controller of their intention and appointing a bond trustee. If the city doesn't have enough tax revenue to pay the bonds' principal and interest, the bond trustee informs the bondholders and the Controller. The Controller then uses funds from the Motor Vehicle License Fee Account to cover the bond payments. The city is reimbursed from future tax revenues for any reduction in its allocation due to these payments. However, this law doesn’t make the State of California responsible for any payments to the city from this fund.

For a city to issue bonds to fund or refinance its debt, the city's voters must approve it in a special election. This is required in two cases: first, if the city incurred debt beyond its annual income, resulting in warrants or judgments; second, if a department within the city incurred debt without asking voters or getting two-thirds voter approval.

Any election that needs to happen under this section must follow the rules set out in Article 1 of this chapter.

This law requires that when a city or local government is planning to hold an election to approve new bonds (which is a way to borrow money), the official announcement of this election must clearly state the reason and purpose for these new bonds.

If a city wants to refinance its debt using new bonds that will take over forty years to pay off, they must ask the city's voters for approval. Two-thirds of the voters must agree in a special election for the city to issue these new bonds. The election will follow the same rules as other local elections.

This law states that when bonds are sold, the money made should be used by the treasurer to pay off a judgment or to refinance the debt the bonds were meant to address. Alternatively, the bonds can be directly swapped at their face value for the existing debts they are meant to refinance.

This law explains that if new bonds are issued to pay off existing debt before it's due, and the original debt has a clause allowing early payment at a cost above its par value, then the new bonds should be exchanged for at least their full value. Any difference in interest that's accumulated up to the exchange date should also be accounted for in this transaction.

If a city has enough money to pay back certain overdue or callable debts, like bonds or notes, the city treasurer must announce this in a local newspaper for two weeks. This notice will include details about the debt. If the debt isn't claimed for payment within 30 days of the first notice, it stops earning interest.

The law section outlines that the treasurer must mail a notice to the registered owner of any bond or similar debt if their address is available in the treasurer's records. This notification is about the need to present the bond or debt within a specified time. If it's not presented within that time, the interest stops accruing, and the amount owed is set aside for payment once presented.

This law states that if bonds are approved to pay off or refinance other debts before they are due, and those debts include specific instructions on how they should be paid early, these instructions must be followed exactly.

When debts like bonds or warrants are paid off, the treasurer must mark them as 'canceled' with the payment amount and date on the front.

This law section requires the treasurer to keep track of and document any financial obligations, like bonds and notes, that have been paid off. They must also report these payments to the city's governing body.

If any financial obligations originate from or relate to a city department, board, or special fund, reports on these obligations should be made to the department, board, or officer responsible for managing that specific fund.

This law requires that a report be created at least monthly. The report must include canceled financial documents like bonds, warrants, judgments, or any other proof of debt that have been settled and canceled.

Once all debts, like bonds and loans, that were meant to be repaid are settled and canceled, any leftover money should be put into a special fund. This fund is only to be used to pay off the new bonds' principal and interest as they become due.