Section § 22776

Explanation

If two-thirds of the voters agree to issue bonds during an election, the board must record this decision in their meeting notes and then confirm all the related actions to the board of supervisors.

If two-thirds of the votes cast at the election were for the issuance of bonds, the board shall enter that fact in its minutes. The board shall certify all of the board proceedings to the board of supervisors.

Section § 22777

Explanation

This section explains that the board of supervisors is responsible for issuing district bonds according to the bond proceedings. It also states that these bonds will be paid back using money from a fund called the interest and sinking fund, and that the money needed to redeem the bonds and pay the interest will be collected through taxes on the district's taxable property.

The board of supervisors shall issue the district bonds in the number and amount specified in the bond proceedings. The board of supervisors shall provide that the bonds are payable out of the interest and sinking fund of the district, naming the fund, and that the money for redemption of the bonds and payment of the interest shall be raised by taxation upon the taxable property in the district.

Section § 22778

Explanation

The board of supervisors is responsible for making decisions about bonds. They must decide what the bonds and their interest coupons will look like, how the bonds will be signed, and when the bond's principal amounts need to be paid back.

By an order entered in its minutes, the board of supervisors shall:
(a)CA Public Utilities Code § 22778(a) Prescribe the form of the bonds and of the interest coupons.
(b)CA Public Utilities Code § 22778(b) The manner in which the bonds shall be executed.
(c)CA Public Utilities Code § 22778(c) Fix the time when all or any part of the principal of the bonds is payable.

Section § 22779

Explanation

This law limits the total bonds a district can issue to no more than 15% of the taxable property value in that district, based on the latest assessment records from the counties involved.

The total amount of bonds issued shall not exceed 15 percent of the taxable property of the district as shown by the last equalized assessment books of the affected counties.

Section § 22780

Explanation

This law states that bonds cannot have a lifespan longer than 40 years.

The term of the bonds shall not exceed 40 years.

Section § 22781

Explanation

This law states that both the principal and interest of the bonds must be paid in U.S. legal currency.

The bonds shall be payable in lawful money of the United States as to principal and interest.

Section § 22782

Explanation

This law allows the board of supervisors to decide where the principal and interest payments on bonds can be made. These payments can be made at the county treasurer's office or another specified location in the U.S., as chosen by the bondholders. The bonds will indicate the payment location. If payments are made somewhere other than the county office, the costs for this are covered by district funds through taxes.

The board of supervisors may make the principal and interest of the bonds payable at the office of the treasurer of the principal county, at such other place within the United States as the board may designate, or at the county treasurer’s office or such other designated place at the option of the bondholders. The place of payment shall be specified in the bonds. The expense of paying the principal and interest other than at the office of the county is a charge against the district funds, to be paid out of the tax for the payment of the bonds.

Section § 22783

Explanation

This law states that bonds must be sold at specific times and in quantities determined by the board of supervisors. However, they cannot be sold for less than their face value, also known as par.

The bonds shall be sold at the times and in the amounts prescribed by the board of supervisors, but for not less than par.

Section § 22784

Explanation

Before a county's board of supervisors can sell bonds, they need to place an advertisement asking for bids. This ad must be published in a widely-read newspaper in the main county. If there isn't one, they should use a newspaper from another county.

Before selling all or any part of the bonds, the board of supervisors shall advertise for bids pursuant to Section 6066 of the Government Code in a newspaper of general circulation published in the principal county, or if no such newspaper is published in the county, in some newspaper published in another county.

Section § 22785

Explanation

This law explains what happens after bids are submitted for bonds. If the bids are good, the bonds go to the highest bidder. If no bids come in or the bids aren't good enough, the board of supervisors can reject them. They can then choose to either advertise again or sell the bonds privately.

If satisfactory bids are received the bonds offered for sale shall be awarded to the highest bidder. If no bids are received or the board of supervisors determines that the bids received are not satisfactory as to price or responsibility of the bidders, the board of supervisors may reject all bids received and either re-advertise or sell the bonds at private sale.

Section § 22786

Explanation

This law states that when bonds are sold, the money made from the sale must be put into the main county's treasury. The funds are credited to the district's improvement fund and can be used for the specific reasons the bonds were created, just like any other district funds.

The proceeds of the sale of the bonds shall be deposited in the treasury of the principal county to the credit of the improvement fund of the district, and may be withdrawn for the purposes for which the bonds were voted as other district money is withdrawn.