California Health and Safety Code 34354 – By resolution, an authority may authorize the issuance of its bonds …
By resolution, an authority may authorize the issuance of its bonds which may be taxable or nontaxable. The resolution, its trust indenture, or mortgage may provide for:
(a) The issuance of bonds in one or more series.
Terms Used In California Health and Safety Code 34354
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) The date the bonds shall bear.
(c) The date of maturity, not exceeding 45 years from their respective dates.
(d) The interest rate, not exceeding 12 percent a year.
(e) The denomination of the bonds.
(f) The form of the bonds, either coupon or registered, as permitted by law.
(g) The conversion or registration privileges which the bonds shall carry.
(h) The rank or priority of the bonds.
(i) The manner of execution of the bonds.
(j) The medium of payment in which the bonds are payable.
(k) The place of payment.
( l) The terms of redemption, with or without premium.
(Amended by Stats. 1983, Ch. 1309, Sec. 13.)