California Government Code 53508 – The resolution authorizing any bonds or any issue of bonds may …
The resolution authorizing any bonds or any issue of bonds may provide for any of the following:
(a) The form of the bonds to be issued as serial bonds, or sinking fund bonds, with serial or term maturities, or any combination thereof.
Terms Used In California Government Code 53508
- Bonds: means bonds, notes, warrants, or other evidence of indebtedness payable, both principal and interest, from the proceeds of ad valorem taxes that may be levied without limitation as to rate or amount upon property subject to taxation by the legislative body. See California Government Code 53507
- 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
- Legislative body: means the governing body of the issuer. See California Government Code 53507
(b) The number of series in which the bonds are to be issued.
(c) The form of the bonds as coupon, registered, or book entry.
(d) The interest on the bonds, either fixed or variable, and the interest rate or rates, payable at the times and in the manner specified therein, and whether all or part of any series of the bonds shall be issued as zero coupon or capital appreciation bonds; provided, however, that under no conditions may the annual interest rate, whether fixed or variable, exceed the maximum rate permitted by Section 53531 or 53532.
(e) The time, medium, and place or places of payment.
(f) The time or times of maturity of the bonds, not exceeding 40 years from their respective dates.
(g) The date or dates to be borne by the bonds of each series.
(h) The denomination of the bonds.
(i) The registration and conversion privileges of the bonds.
(j) The manner in which the bonds are to be executed.
(k) The terms of redemption, with or without premium.
(l) Other terms and conditions of the bonds and of their execution, issuance, and sale deemed necessary and appropriate by the legislative body.
(Added by Stats. 1993, Ch. 841, Sec. 1. Effective January 1, 1994.)