BondsExchange

Section § 52260

Explanation

This law allows a district that has issued bonds of various amounts to exchange them, upon request, for bonds of different amounts. The new bonds will have the same total value and maturity date as the original ones, but must be requested by the bondholders, and the original bonds need to be deposited with the district board first.

Any district which has issued bonds of different denominations, may, by order entered in its minutes, upon request of holders thereof, and upon the deposit of the outstanding bonds with the board, issue to the holders of the deposited bonds, bonds in the same form but in different denominations having the same aggregate face value and maturity.
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Section § 52261

Explanation

If a bond needs to be exchanged, it must be signed by everyone who is legally required to sign the original bond.

Exchange bonds shall be executed by all persons required by law to execute the bonds for which the exchange is made.
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Section § 52262

Explanation

When bonds are deposited for exchange, the county treasurer and the board are responsible for canceling them.

Bonds deposited for exchange shall be canceled by the county treasurer and the board.
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