2005 California Streets and Highways Code Sections 25370-25377 CHAPTER 16. GENERAL BOND PROVISIONS

25370.  The provisions of this chapter shall apply to all bonds
issued under the authority of this part.
25371.  All bonds issued by joint highway districts shall be legal
investments for the funds of:
   (a) Trusts.
   (b) Insurance companies.
   (c) Banks, both commercial and savings.
   (d) Trust companies.
   (e) State schools.
   (f) Any other body whose funds may be invested in bonds of cities,
counties, school districts or irrigation districts within the State
of California.
25372.  Whenever bonds of cities, counties, school districts or
irrigation districts may be used as security for the performance of
any act or the deposit of any public moneys, any bonds issued by
joint highway districts may be so used.
25373.  The State Director of Finance may purchase any bonds issued
by joint highway districts and pay for them out of any surplus money
in the State treasury which, in his judgment, is not required for
governmental purposes prior to the maturity of such bonds.  The
boards of supervisors of the several counties within the district may
likewise purchase such bonds with any surplus funds under their
control.
25374.  If the report of the board of directors shows that the
proposed project or any unit thereof, is estimated to cost more than
one million dollars ($1,000,000), the board of directors may provide
that any bonds issued to finance the same shall be extended over a
period of not to exceed 15 annual installments, in which event the
initial payment from each county within the district shall be not
less than the sum obtained by dividing the total amount payable in
each county by the number of installments in which the bonds are to
be paid.
25375.  The issuance of any bonds by the district shall be
conclusive evidence of the regularity, validity and legal sufficiency
of all proceedings, acts and determinations in any wise pertaining
thereto.  After the bonds are issued no assessment tax or tax or
other charge levied or collected for the purpose of paying the
principal or interest thereon shall be held to be invalid or illegal
or set aside or refunded, by reason of any error, informality,
irregularity, omission or defect in any of the proceedings, acts or
determinations in any wise pertaining to the issuance or payment of
the bonds. No action or proceeding shall be thereafter commenced or
maintained to cancel or set aside the bonds or to prevent the payment
thereof or the levy, collection or enforcement of any assessment
tax, tax or other charge made for such payment.
25376.  No bonds shall be issued by the district in an amount which
will aggregate at any time an obligation in excess of 10 per cent of
the assessed value of the aggregate total taxable property within the
district as shown by the then current taxation assessment rolls of
the several counties within the district.
25377.  The taxable property within any county shall not at any time
be obligated for all joint highway district purposes, in any amount
in excess of the following limitations:
   (a) In counties having a total assessed value of all taxable
property therein of one hundred million dollars ($100,000,000) or
less, not more than 3 per cent thereof.
   (b) In counties having a total assessed value of all taxable
property therein of more than one hundred million dollars
($100,000,000), not more than 2 per cent thereof.