This law allows the board of directors of a district to issue funding bonds as an additional way to pay for the costs related to acquiring property and making improvements within the district.

This law states that the rules for issuing funding bonds are additional and do not interfere with other rules about bonds or taxes. Funding bonds can be issued in multiple series for parts of one or several projects within a district.

Before issuing funding bonds, the board of directors must pass a resolution stating their intention to do so. This resolution needs to have specific information: the boundaries of the funding district that will be responsible for the bond payments, described with a map if necessary, and possibly including the entire or part of the joint highway district. It should describe the property or improvements the bonds will finance and their general cost.

The resolution must also state how much money will be raised through bonds, with bonds lasting no more than five years and interest rates capped at 6% per year. Additionally, it should explain the percentage of annual tax levies on land within each zone of the district to pay off the bond's principal and interest, ensuring it doesn’t exceed what each county can handle as outlined in previous reports. Finally, the resolution must set a time and place for a hearing about the proposed bonds.

When a decision is made to issue funding bonds, the secretary must publish a notice about when and where a public hearing will be held. This notice should appear twice in local newspapers located at the county seat within the district's boundaries. The board of directors can choose the newspapers, or if they don't, the secretary can decide where to publish.

This law section mandates that a hearing must take place at least 15 days after an announcement has been published. The hearing notice has to be sent over to the county boards involved at least 30 days before the hearing date.

Furthermore, a county cannot be charged for a funding district if that county has already paid the amounts assessed in the past.

If you have an interest in the proposed funding bonds or the planned funding district, you can attend the hearing. At this hearing, you can provide written objections about the bonds, the district boundaries, or how much each piece of land will benefit from the funding.

This law section explains that the board of directors will listen to any objections during a hearing about forming a funding district and issuing funding bonds. They can adjust the district's boundaries or the bond amounts, but they can't expand the district's size or raise the bond total. After the hearing, the board finalizes the district's boundaries, the bonds' amounts, and ensures the bond charges correspond to each zone's benefits from the project.

This law states that any decisions, findings, and determinations made by the board of directors, after giving notice and holding a hearing, are considered final and binding. This holds true for everyone who had the right to object at the hearing, as long as there's no actual fraud involved.

This law states that if, during a hearing, property owners who own more than 25% of the land in a proposed funding district formally object to the issuance of funding bonds, then the board of directors cannot issue those bonds.

This law explains the process for issuing funding bonds after a hearing. The board of directors must send their findings about the bonds to the boards of supervisors in the district's counties. If any supervisors' board objects within 35 days, the bonds can't be issued, but the board of directors can try again with a revised proposal. If there are no objections, the board of directors can move forward with issuing the bonds.

This law section provides a template for funding bonds issued by a Joint Highway District in California. These bonds are essentially promises to repay a specified amount of money at a future date, with interest paid twice a year. The document indicates that taxes will be collected to ensure the bonds can be repaid when due. The bonds are issued under specific guidelines and laws outlined in the Streets and Highways Code, ensuring all legal requirements have been met. They have to be signed by the district's treasurer, and the board's secretary must attest to it.

This law states that when funding bonds are issued, they must be dated on the same day that the board of directors passes the resolution or order authorizing these bonds.

The board of directors can use any unallocated funds from the district to pay any due or overdue interest or principal on funding bonds. They can also advance district money for this purpose. If they do advance money, the district gets reimbursed from future tax collections or funds designated for paying those bonds.

This law explains the requirements for signing and issuing funding bonds by a district. The district's treasurer must sign the bonds, the secretary attests them, and they need the district's official seal. The treasurer also decides the format of the interest coupons, but this requires board approval. Coupons are signed by the treasurer and can use a real or facsimile signature. Payments of both principal and interest must be made in U.S. money at the district treasurer's office.

This law section explains how the repayment of funding bonds is structured. The principal amount of the bonds is to be paid back in annual installments. Each year's payment should be nearly equal, but not necessarily exact, as long as the payment doesn't differ by more than $500 from dividing the total principal by the number of payments. The final payment will cover the remaining balance of the principal.

This section explains that the board of directors has the authority to issue funding bonds for the district. They decide when to issue these bonds, in what manner, and how much money is needed to meet the district's needs. The board also sets the terms for the bonds, including their format, denominations, interest rate, and payment details. However, the interest rate on these bonds cannot exceed 6% annually.

The bonds can be sold by the board as they see fit. Alternatively, they can be given to contractors, in lieu of payment, for work done for the district, at face value.

In every district where funding bonds are used, a special fund is set up specifically for paying back the principal and interest on these bonds. The fund is called the 'Joint Highway District No. ____ of the State of California Funding Bond Redemption Fund No. ____' and each fund is numbered in order within each district.

Every year, by August 15th, the district treasurer must send a statement to the local boards of supervisors detailing the amount of special assessment taxes needed from land, not including buildings, to pay off funding bonds. This statement breaks down the amount by county and zone within each county. Additionally, the district's engineer must prepare and submit a map or plat to each county's clerk showing the boundaries and zones of the lands that are subject to these taxes, including how much each zone owes.

This law says that special assessment taxes, which are taxes created to pay off funding bonds, are separate from other taxes and must be handled by county officials. They will be managed just like regular county taxes, using the same procedures and timelines, including penalties and interest. However, these taxes apply only to the land itself, not any buildings or improvements on it.

This law requires the board of supervisors in each county within a district to annually impose a levy on just the land, excluding any buildings, within their county. The amount should be enough to cover any upcoming or overdue payments of principal and interest on the district's funding bonds and also account for any payment defaults.