California Streets and Highways Code 9403 – Refunding bonds issued pursuant to this division shall comply with …
Refunding bonds issued pursuant to this division shall comply with the following requirements:
(a) Bonds shall be in such denominations as the legislative body may determine.
Terms Used In California Streets and Highways Code 9403
- City: includes "city and county" and "incorporated town. See California Streets and Highways Code 15
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(b) Bonds shall be payable to bearer.
(c) The date of the bonds shall be the date of the recording of the reassessment.
(d) Bonds shall be signed by the mayor or other chief executive of the city and by the city treasurer, and attested by the city clerk, the seal of the city affixed thereto.
(e) Bonds shall be numbered consecutively and shall bear interest and mature as provided in the contract with the bondholders.
(f) The coupons affixed to the bonds shall be signed by the city treasurer by his printed, lithographed, or engraved facsimile signature.
(g) At least the first two maturing interest coupons on the bonds must be at a rate of interest less than the interest rate on the bonds to be refunded.
(Added by Stats. 1951, Ch. 463.)