Title GOV — California Gov. Code

The local agency shall keep proper books of record and accounts of the revenues, separate from all other records and accounts, in which complete and correct entries shall be made of all transactions relating to the revenues.

At all times, the books shall be subject to the inspection of the holders of not less than 10 percent of the outstanding bonds or their representatives authorized in writing.

The local agency shall cause to be published a summary statement showing the amount of revenues collected which are required as security for payment of the principal of and interest on the bonds, the disbursements from such revenues in reasonable detail, and a general financial s…

The statement shall be published annually, not more than 120 days after the close of each fiscal year. The local agency shall furnish a copy of the statement to any bondholder upon request.

In the resolution authorizing the bonds, the local agency may agree that the statement shall be prepared or audited by an independent certified public accountant and shall be in the form and contain the detail specified in the resolution.

The duties set forth in this article do not require the local agency to expend any funds other than revenues pledged to secure payment of the principal of or interest on bonds as provided in this article.

A fiscal or paying agent may be appointed as now, or hereafter, provided in Article 7 (commencing with Section 54550) of Chapter 6 of Division 2 of Title 5.

A validating proceeding may be conducted as now, or hereafter, provided in Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.

Bondholders shall have the remedies as now, or hereafter, provided in Article 10 (commencing with Section 54640) of Chapter 6 of Division 2 of Title 5.

The bonds may be refunded in the manner now, or hereafter, provided in Article 11 (commencing with Section 54660) of Chapter 6 of Division 2 of Title 5.

All bonds issued in pursuance of the provisions of this article shall by their issuance be conclusive evidence of the regularity, validity, and legal sufficiency of all proceedings, acts, and determinations in any wise pertaining thereto, had or made hereunder.

Any action, suit, or proceeding of any kind or nature in which the validity of any of the proceedings taken under the provisions of this article is questioned or attacked, shall be filed within 30 days after the day of the adoption of the resolution providing for the issuance of …

This article provides an alternative authority and procedure for the subject to which it relates but does not affect any other law relating to the same or a similar subject. When proceeding under this article, its provisions only need be followed.

This article and all of its provisions shall be liberally construed to the end that the purposes of this article may be effective. If any section, subdivision, sentence, clause, or phrase of this article is for any reason held to be unconstitutional, that decision shall not affec…

A county, city, district, or political subdivision may sell any of its bonds, authorized by the electors and unsold, at a price which will net the purchaser not more than 8 percent a year, payable semiannually, on the par value of the bonds.

This article does not apply to bonds authorized under a law permitting their sale at a price netting the purchaser more than 6 percent.

On or after January 1, 2001, any local bond measure that is subject to voter approval that would provide for the sale of bonds by a local agency shall provide accountability measures that include, but are not limited to, all of the following: (a) A statement indicating the specif…

The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, 2002, and at least once a year thereafter. The annual report shall contain all of the following: (a) The amount of funds collected and expended. (b) The statu…

As used in this article: (a) “Local agency” means any county, city, city and county, including a charter city or county, or any special district. (b) “Special district” means an agency of the state, formed pursuant to general law or a special act, for the performance of governmen…

As used in this article: (a) “Bond” includes warrant or other evidence of indebtedness. (b) “Local agency” means county, city, irrigation district, reclamation district, school district, or other municipal corporation.

When a bond of a local agency is mutilated or defaced the legislative body shall issue a duplicate if all of the following conditions exist: (a) It appears by clear and unequivocal proof that the bond is so mutilated or defaced as to impair its value to the owner. (b) There is no…

The duplicate shall have the same time to run, bear like interest, and have the same number, as the mutilated or defaced bond.

The owner of the bond desiring a duplicate shall make a written application to the legislative body, stating the facts required by this article.

The owner shall accompany his application with a deposit of money required by the legislative body for the cost of printing, lithographing or otherwise preparing the duplicate, and all other expenses connected with the issuance of the duplicate.

If required by the legislative body, the owner shall also file with his application a bond in the required sum with good and sufficient sureties, to be approved by the legislative body, and conditioned to indemnify the local agency for any claim upon the mutilated or defaced bond…

Upon receipt of the application, the legislative body shall adopt a resolution: (a) Stating the receipt of the application. (b) Stating the compliance with the conditions prescribed in this article and any other conditions required by the legislative body in accordance with this …

The duplicate bond shall be signed by the same officers and as nearly as possible shall be issued in the manner of the original.

The duplicate shall be delivered in exchange for the original bond.

An exchange shall not be made unless the defaced or mutilated bond with any coupons attached is identifiable and is first surrendered by the owner.

When the original is surrendered, the legislative body shall cause proper record to be made of its cancellation and thereafter the duplicate has the validity of the original.

As used in this article: (a) “Local agency” means county, city, irrigation district, reclamation district, school district, sanitary district, or other municipal or public corporation. (b) “Bond” includes warrant or other evidence of indebtedness.

The legislative body of a local agency may issue a new bond similar to the original to replace it if: (a) By competent proof it is made to appear to the legislative body that a bond issued by the local agency is lost or destroyed. (b) The owner gives an undertaking approved by th…

If the legislative body refuses to issue a new bond, the owner of any lost or destroyed bond may apply to the superior court of the county in which the local agency is situated for an order requiring the legislative body to show cause why it should not be required to issue a new …

The application shall be by petition a copy of which shall be served upon the legislative body not later than ten days prior to the time set for the hearing.

The court shall inquire into the truth of the facts stated in the petition and hear the proofs and allegations of the petition. If satisfied that the petitioner is the lawful owner of the bond described in the petition, that it has been lost or destroyed and can not after due dil…

Each bond and attached coupon so issued shall state upon its face: (a) The number and denomination of the bond for which it is issued. (b) That it is issued in the place of the bond claimed to have been lost or destroyed. (c) That it is issued as a duplicate. (d) That only one is…

The undertaking required by this article, duly indorsed as approved, shall be filed in the office of the clerk or the treasurer of the issuing local agency as the legislative body directs.

As used in this article: (a) “Local agency” means county, city, city and county, public district, or other public or municipal corporation. (b) “General obligation bonds” means bonds, warrants, notes or other evidence of indebtedness of a local agency payable, both principal and …

This article applies to all local agencies which have the power to issue general obligation bonds to acquire, construct or finance a revenue-producing facility.

In any ordinance, resolution, order or indenture providing for the issuance of general obligation bonds of a local agency to provide funds for the acquisition, construction or financing of a revenue producing facility or any addition to, or extension or improvement of a revenue-p…

In connection with such pledge the legislative body may provide in such ordinance, resolution, order or indenture such covenants, promises, restrictions and provisions as it may deem necessary or desirable including, but not limited to, covenants, promises, restrictions and provi…

The pledge and the payment and security provisions authorized by this article shall be in addition to, and not in derogation of, any provisions permitted or required by law, charter or the Constitution of the State of California relating to payment of general obligation bonds fro…

If the legislative body intends to exercise the powers granted by this article it shall make a statement of such intention in any ordinance, resolution or order calling or providing for an election to authorize the general obligation bonds for a revenue producing facility. Such s…

(a) This article is full authority for the issuance of bonds or refunding bonds by any city, county, city and county, school district, community college district, or special district, secured by the levy of ad valorem taxes, authorized in accordance with the Constitution and, in …

This article shall be liberally construed to promote its objectives. If inconsistent with any other law, this article shall be controlling.

As used in this article, the following terms shall have the meanings assigned to them in this section. (a) “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 withou…

(a) The legislative body may, by resolution, provide for the issuance of bonds pursuant to this article. (b) The resolution shall state that the bonds are being issued pursuant to this article.

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. (b) The number of series in which the bonds …

(a) No bond shall be subject to mandatory tender for purchase or redemption prior to its fixed maturity date unless it contains a recital to that effect. (b) Any bond protected by its terms or by the terms of this section from mandatory tender for purchase or redemption prior to …

Notwithstanding any other law and except as provided in Section 53508.6, a school district or community college district that intends to issue bonds that allow for the compounding of interest, including, but not limited to, capital appreciation bonds, pursuant to this article sha…