The bonds and interest shall be paid at the office of the treasurer or of another paying agent designated by the legislative body.
Part 7BOND RECORDS AND PAYMENTS
Section § 8670
This law states that the payment of bonds and their interest must be made at the treasurer's office or at another paying agent chosen by the legislative body.
bond payment location paying agent legislative body designation interest payment treasurer's office municipal bond process California bonds interest disbursement payment procedures government financial operations
Section § 8671
This law states that the treasurer or someone assigned by them must keep a special fund called a redemption fund for bondholders. This fund is to be filled with money collected from assessments and is strictly for paying the bondholders their principal, interest, and any redemption premium. This money can't be used for anything else.
The treasurer or designated paying agent shall keep a redemption fund designated by the name of the bonds, in which there shall be placed all sums received from the collection of the assessments made. The fund shall be considered a trust fund for the benefit of the bondholders. The redemption fund shall be used for paying principal and interest and redemption premium, if any, payments on the bonds directly, or money in the fund may be forwarded to the paying agent for these purposes. Under no circumstances shall the bonds or the interest thereon be paid out of any other fund.
redemption fund bondholders trust fund principal payments interest payments redemption premium assessments paying agent treasurer responsibilities financial management of bonds
Section § 8672
This law requires the treasurer or a designated agent to keep a detailed record of all bonds, including specific details such as their series, number, date, amount, interest rate, and the last known holder. They must also track the payment of interest coupons associated with each bond.
Additionally, each paid bond and its coupons need to be canceled and filed by the treasurer or agent. All these records, including the register and canceled documents, must be kept for five years after the last bond in the series has matured.
The treasurer or the designated paying agent shall keep a register in his or her office showing the series, number, date, amount, rate of interest, and last known holder of each bond, and the number and amount of each interest coupon paid. The treasurer or agent shall cancel and file each bond and coupon which he or she pays. The register, canceled bonds, and coupons shall be retained for five years beyond the last maturity of the bond issue.
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