Boulevard DistrictsThe Bond Issue
Section § 26180
This law specifies the value range for bonds that can be issued, setting a minimum of one hundred dollars and a maximum of one thousand dollars, as decided by the commission.
Section § 26181
This law outlines the terms for bond payments, which must be made in U.S. money at the county treasurer's office where the district is located. These bonds can't have an interest rate higher than 8% yearly, with interest paid every six months. The bonds need to start being paid back within five years of their issue date, and at least one-thirtieth of the total bond amount must be paid off each year.
Section § 26182
This law states that bonds must be signed by the president and countersigned by the commission's secretary. The bonds should be numbered according to when they will mature. Additionally, they need to have interest coupons attached, which are confirmed by a facsimile signature of the secretary.
Section § 26183
This law allows the commission to sell bonds in any way and amount they find suitable. However, each bond must be sold for at least its face value; it can't be sold for less.
Section § 26184
When bonds are sold, the money from the sale must go into a special fund managed by the county treasurer. This fund is named after the specific boulevard district that the bonds are for. The money is only to be used for the projects and purposes that were approved when voters agreed to issue the bonds.