California Streets and Highways Code 9058 – The bonds to be refunded may be deposited with the city treasurer or …
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The bonds to be refunded may be deposited with the city treasurer or with any duly incorporated bank or trust company doing business in the State, which shall act as depository or escrow holder, as may be designated by contract between the city and the bondholders. The terms of the escrow shall be provided in the contract.
(Added by Stats. 1951, Ch. 463.)
Terms Used In California Streets and Highways Code 9058
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.