Section § 26180

Explanation

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.

All bonds shall be issued in such denominations as the commission may determine, except that they shall not be less than one hundred dollars ($100) nor more than one thousand dollars ($1,000).

Section § 26181

Explanation

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.

All bonds shall be payable in lawful money of the United States at the office of the county treasurer of the county in which the district is situated, and shall bear interest at a rate not to exceed 8 percent per annum which shall be payable semiannually. Not less than one-thirtieth part of the total issue of bonds shall be payable each year, commencing not more than five years after the date of the bond issue.

Section § 26182

Explanation

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.

The bonds shall be signed by the president and countersigned by the secretary of the commission. They shall be numbered consecutively, in the order of their maturity, and shall have coupons for interest attached, attested by the facsimile signature of the secretary of the commission.

Section § 26183

Explanation

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.

The bonds may be sold by the commission in such manner and in such quantities as it may determine. However no bond may be sold for less than its face value.

Section § 26184

Explanation

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.

The proceeds of the sale of bonds shall be deposited with the county treasurer and shall be placed by him in a fund in the county treasury to be called the boulevard fund of ____ boulevard district (naming it). The money in the fund shall be used for the purposes indicated in the order calling the election at which the issuance of the bonds was authorized.