Section § 25200

Explanation

In this section, when the term “bonds” is mentioned, it includes both construction bonds, which are used to fund the building of projects, and refunding bonds, which are used to refinance existing debt. This applies unless there's a specific exception stated.

As used in this chapter “bonds” includes both construction and refunding bonds except as otherwise expressly provided.

Section § 25201

Explanation

This law section states that the board is responsible for deciding what the bonds and the attached interest coupons look like, as per the rules of this article.

Subject to the provisions of this article the board shall prescribe the form of the bonds issued by the district and of the attached interest coupons.

Section § 25202

Explanation

This law defines that 'an issue of bonds' refers to all the bonds that are released based on one proposal that has been approved by voters in an election.

An issue of bonds means all of the bonds issued in accordance with a single proposal approved at an election.

Section § 25203

Explanation

This law states that when bonds are issued, they must be assigned consecutive numbers. Each series of issued bonds has its own sequence of numbers that follows one after another.

Each issue of bonds shall be numbered consecutively as authorized, and the bonds of each issue shall be numbered consecutively.

Section § 25204

Explanation

This law states that the board is responsible for setting the date when each set of bonds will be issued. They also have the authority to split a single set of bonds into multiple groups and assign different issuance dates to each group.

The board shall fix the date of each issue of bonds and may divide any issue into two or more divisions and fix different dates for the bonds of each respective division.

Section § 25205

Explanation

This law states that a bond's date must be set after the election where its issuance was approved but before the bond is given to the buyer.

The date of any bond shall be subsequent to the date of the election at which its issuance was authorized and prior to that of its delivery to a purchaser from the district.

Section § 25206

Explanation

This law states that the official date of a bond is the date printed on its front.

The date of issue of any bond shall be deemed to be the date of the bond appearing on its face.

Section § 25207

Explanation

The board is responsible for determining the value or values of each bond issued.

The board shall fix the denomination or denominations of the bonds.

Section § 25208

Explanation

This law states that bonds can have an interest rate of up to 8% per year, which is set by the board. However, if it's determined that the bond interest will be taxed federally, the rate can go up to 10% per year. This rule has been in effect since January 1, 1984.

The bonds shall bear interest at a rate not to exceed 8 percent per year to be fixed by the board, except that, if, before the issuance of the bonds, the board determines, to the best of its knowledge and belief, that the interest on the bonds will be subject to federal income taxation under then existing law, the bonds may bear interest at a rate or rates not exceeding 10 percent per year to be fixed by the board.
This section shall become operative on January 1, 1984.

Section § 25208.1

Explanation

This law allows the Board of Directors of the Solano Irrigation District to set interest rates on their bonds up to 18% per year if they anticipate that the interest will be taxed federally. This decision has to be made through a resolution before the bond sale.

Notwithstanding the provisions of Section 25208 of the Water Code and any other provisions of law, the Board of Directors of the Solano Irrigation District may determine and provide, in any resolution providing for the issuance of bonds pursuant to this division, for the bonds to bear interest at a rate or rates not exceeding 18 percent a year if, before the issuance of the bonds, the board determines, to the best of its knowledge and belief, that the interest on the bonds will be subject to federal income taxation under then existing law.

Section § 25209

Explanation

This law states that interest payments need to be made twice a year, specifically on January 1st and July 1st.

The interest shall be payable on the first day of January and the first day of July of each year.

Section § 25209.1

Explanation

This law specifies that for certain districts, the interest on bonds, which are paid only from revenue and used for electric power projects, must be paid at least twice a year on specific dates set by the district's board.

In the case of any district described in Section 20560.2, notwithstanding any other provision of this division, the interest on any bonds of the district payable solely from revenue issued for purposes of financing works of the district for the generation, transmission, distribution, or sale of electric power shall be payable at least semiannually on the dates designated by the board.

Section § 25210

Explanation

The board is responsible for deciding where the bonds and their interest will be paid out.

The board shall designate the places at which the bonds and the interest thereon shall be payable.

Section § 25211

Explanation

This law states that bonds must be paid using U.S. currency.

The bonds shall be payable in lawful money of the United States.

Section § 25212

Explanation

This law states that each bond must be paid back in full at a specified time, rather than paying only a portion of its value.

Each bond shall be made payable at a given time for its full face value and not for a percentage thereof.

Section § 25213

Explanation

This law states that the main sum (or principal) that is owed on bonds must be paid on either January 1st or July 1st of the years specified by the board.

The principal on bonds shall be payable on the first day of January or the first day of July of the years designated by the board.

Section § 25213.1

Explanation

This California law states that for certain districts, when bonds are issued exclusively for projects related to electric power, the main payments (except for early repayments) must be made on the same dates designated for interest payments. This applies only if the bonds are entirely funded by revenue from those projects.

In the case of any district described in Section 20560.2, notwithstanding any other provision of this division, each principal payment, other than payments of principal upon optional redemption, on any bonds of the district payable solely from revenue issued for purposes of financing works of the district for the generation, transmission, distribution, or sale of electric power shall be payable on one of the dates designated by the board pursuant to Section 25209.1 for payment of interest on the bonds.

Section § 25214

Explanation

This law says that any bond issued cannot have a maturity date that is longer than 50 years from the date it was issued.

In no case shall the maturity of any bond be more than 50 years from its date.

Section § 25215

Explanation
If bonds can be paid off early, this option must be clearly indicated on the bond itself.
When bonds are made callable, a statement to that effect shall be set forth on the face of the bond.

Section § 25216

Explanation

This law states that each bond from a district must be signed by the president and secretary who are in office anytime from when the bond is issued until it is delivered to the buyer.

Each bond shall be signed by the president and secretary then in office at any time between the date of the bond and its delivery to a purchaser from the district.

Section § 25217

Explanation

Each bond issued by the district must have the district's official seal stamped on it.

The seal of the district shall be impressed on each bond.

Section § 25218

Explanation

This law says that the interest coupons, which are part of a bond from a district, need to be signed by the secretary who is in office at some point between when the bond is created and when it is sold. The signature can be a facsimile, which means it doesn't have to be handwritten and can be printed or stamped.

The interest coupons shall be signed by the secretary then in office at any time between the date of the bond and its delivery to a purchaser from the district. The signature of the secretary may be made by facsimile.

Section § 25219

Explanation

This law states that unless specified differently when bonds are issued, both the bonds and their interest will be paid using money from an annual assessment on land. Alternatively, payments may come from charges decided by the board. This ensures that all land remains responsible and can be assessed for these payments.

Unless otherwise provided in the proceedings for the issuance of the bonds, they and the interest on them shall be paid from money derived from an annual assessment upon land or charges which in the discretion of the board are fixed and collected in lieu thereof and all land shall be and remain liable to be assessed for these payments.