BondsBond Issuance
Section § 22776
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.
Section § 22777
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.
Section § 22778
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.
Section § 22779
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.
Section § 22780
This law states that bonds cannot have a lifespan longer than 40 years.
Section § 22781
This law states that both the principal and interest of the bonds must be paid in U.S. legal currency.
Section § 22782
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.
Section § 22783
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.
Section § 22784
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.
Section § 22785
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.
Section § 22786
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.