Title GOV — California Gov. Code

If the entire issue of bonds is to mature at one time, the bonds may be called for redemption in numerical order at par and accrued interest on any interest payment date prior to their fixed maturity.

Any bond issued pursuant to this article shall not be callable or redeemable prior to its fixed maturity date unless it contains a statement that the bond is callable.

At least once each year, within sixty days prior to an interest payment date, if the sinking fund contains sufficient available money to call one or more of the outstanding bonds, the legislative body shall invite sealed proposals for the sale to the city of any bonds for payment…

The notice shall state the amount available for the redemption of bonds and specify the time and place the proposals will be opened. At such time and place, all proposals shall be opened in public. Any or all proposals may be rejected in the discretion of the legislative body.

A proposal shall not be accepted unless the sale price is less than par and accrued interest. If no proposals are received, or if those received are rejected or are insufficient to exhaust the money available for the redemption of bonds, the legislative body shall call in numeric…

Notice of the call for redemption shall be published once a week for two weeks in a newspaper of general circulation in the city. The first publication shall be not less than thirty days prior to the date fixed for redemption. Upon the date fixed, bonds called shall be redeemed a…

If any bonds called are not presented for redemption on the date fixed, on the day following a sum sufficient for the payment of the principal of such bonds and accrued interest to the date of redemption shall be placed in a special fund for that purpose, and interest on such bon…

This article provides an alternative system for the issuance of bonds. When proceedings are commenced under this article, its provisions govern all procedures to be taken.

This article shall be liberally construed to the end that its purposes may be made effective.

In its ordinance or resolution authorizing the issuance of bonds, a city legislative body may provide that a certain portion of such bonds, as determined and specified in the ordinance or resolution, will be paid by the city each year prior to maturity, at the option of the holde…

In the ordinance or resolution, the legislative body shall prescribe the method for determining the particular bonds to be paid, and the manner in which they are payable. It shall also fix the amount to be paid by the city in lieu of interest on the bonds accrued but not due at t…

If provision is made for the payment of bonds in advance of maturity, the legislative body shall levy and collect a tax which, with any other funds in the treasury set apart for the purpose, is sufficient to pay the portion of such bonds becoming payable before maturity and prior…

Such taxes are in addition to all other taxes levied and collected for municipal purposes and for meeting payments on the principal and interest of the bonded indebtedness as they fall due. They shall be levied and collected at the time and in the manner of other municipal taxes,…

The amount fixed by the legislative body to be paid in lieu of interest accrued but not due shall be paid by the city out of the fund in its treasury for meeting sums coming due for interest on such bonds. At the time of payment of the bonds, this amount, and all due and unpaid i…

Whenever a city has an outstanding indebtedness evidenced by bonds the legislative body may submit to the electors of the city, at any election held for that purpose, a proposition: (a) Declaring all or any of the bonds to be at once due and payable. (b) Compromising the bonded i…

The election shall be called and held in the same manner as other elections in the city.

The notice of election shall state: (a) The bonded indebtedness which it is proposed to declare at once due and payable. (b) The terms of the proposed compromise. (c) The terms of the proposed judgment by consent in favor of the bondholders. (d) The proposed method of paying the …

The question shall be voted upon as an entirety. If two-thirds of the electors vote in favor of it, by ordinance the legislative body shall declare the bonds described in the notice due and payable.

The legislative body shall carry the compromise into effect and consent to the judgment specified in the notice of election and the proposed method of paying the judgment in installments. By resolution, it shall designate the officers and attorneys to sign the necessary documents…

It shall provide for the collection of an annual tax sufficient to pay the interest on the judgment as it falls due and such portion of the principal as is designated in the notice of election.

The rights of any nonconsenting holder of bonds specified in the notice are not affected by the proceedings.

In any action brought upon any of the bonds described in the notice, the judgment of a court of competent jurisdiction is conclusive as to the regularity of all proceedings taken.

In any action brought upon any of the bonds described in the notice of election, the plaintiff shall deposit in court the bonds upon which he sues.

When the judgment, rendered in accordance with the terms of the proposed compromise described in the notice, becomes final, the bonds sued upon shall be delivered to the treasurer of the city against which the judgment is rendered, to be held by him and his successors until the j…

If for any reason the judgment is reversed or set aside, or if any orders or writs under it are disobeyed by the defendant or its officers, the treasurer shall return the bonds to the plaintiff. At his option, the plaintiff may be relegated to all rights which he held and enjoyed…

Upon presentation by the owner to the city treasurer of any coupon bond or bond payable to bearer issued by any city, with a request for the conversion of the bond into a registered bond, the treasurer shall cut off and cancel the coupons of the coupon bond and stamp, print, or w…

The bond may thereafter be transferred by the registered owner in person or by attorney duly authorized on presentation to the treasurer, and again registered, a similar statement being stamped, printed, or written upon it.

The statement stamped, printed, or written upon the bond may be in substantially the following form: (Date, giving month, year, and day.) This bond is registered pursuant to the statute in such cases made and provided in the name of ______ (here insert name of owner) and the inte…

After any bond has been registered, the principal and interest shall be payable to the registered owner.

The city treasurer shall keep in his office a book showing at all times what bonds are registered and in whose names.

Notwithstanding any provision of law to the contrary, bonds, issued pursuant to statute or city charter, may be in the form of coupon bonds or registered bonds, or some in the form of coupon bonds and some in the form of registered bonds, as provided in the proceedings for their …

This article applies to all coupon bonds and all other bonds payable to bearer.

The legislative body of any city may destroy any bonds remaining in the possession of the city if: (a) The bonds were voted to be issued for municipal purposes. (b) The bonds have been executed but not sold and disposed of. (c) The sale and disposal of the bonds is deemed by the …

The legislative body shall give notice of its intention to destroy the bonds by publication of a notice for four successive weeks in the official newspaper of the city, if there is one, or if there is none, in any newspaper designated by the legislative body published and circula…

The notice shall state: (a) The time and place of the destruction. (b) The reason for the destruction. (c) A general description of the character and amount of the bonds.

At the time and place stated in the notice, the legislative body shall publicly destroy the bonds unless at least three days before the designated time, written objections to the destruction are filed with the city clerk, signed by a majority of the city voters as shown by the vo…

No other issue of bonds in place of those destroyed shall be made by the city, unless again authorized by a vote of the people.

Unless the context otherwise requires, the definitions and general provisions set forth in this article govern the construction of this chapter.

“Board” means Board of Firemen’s Pension Fund Commissioners or Board of Police Pension Fund Commissioners.

“Fund” means the Police Relief and Pension Fund or the Firemen’s Relief and Pension Fund.

“Department” means regularly constituted fire department or regularly constituted police department.

“Member” means a person duly appointed or selected and sworn as a member of the regularly constituted police department if the local agency has established a police relief and pension fund pursuant to this chapter.

“Member” also means any person duly appointed or selected and sworn as a member of the regularly constituted fire department if the local agency has established a firemen’s relief and pension fund pursuant to this chapter.

Every local agency in which there is a police department or a fire department may establish a relief and pension fund for either department or for both departments. If a fund is established for both departments, there shall be two separate funds, one for each department. The fund…

Any fund, for the relief or pensioning of police officers or firemen, their life or health insurance, or the payment of a sum of money on their death, is merged with and constitutes a part of the fund created for that purpose pursuant to this chapter.

The board for each fund consists of the board of commissioners for the department. If there is no board of commissioners, the chairman of the legislative body of the local agency, the treasurer of the local agency, and the chief of the department constitute the board.

The board has charge of and administers the fund and shall order payments from it pursuant to this chapter.

The board shall organize by choosing one of its number as chairman and by appointing a secretary.

The treasurer of the local agency is ex officio treasurer of the fund.

The board shall meet on the first Mondays of April, July, October, and January, and upon the call of its president.