2005 California Education Code Sections 15400-15405 Article 10. Method of Bond Payment

15400.  (a) The board of supervisors, by an order entered upon its
minutes, shall fix the time when the whole or any part of the
principal of the bonds shall be payable, which shall not be more than
25 years from the date of the bonds.  If the governing board of the
school district or community college district in which the school
facilities improvement district is located has prescribed in its
resolution the time or times when the whole or any part of the bonds
shall be payable, the times and amounts shall be fixed by the order
of the board of supervisors.
   (b) Any bonds may be issued subject to call and redemption before
maturity at the option of the governing board of the school district
or community college district in which the school facilities
improvement district exists.  The governing board may include in its
resolution a requirement that all or any part of the bonds shall be
issued subject to call and redemption before maturity and the price
or prices at which said bonds shall be redeemed.  The board of
supervisors, in its order fixing the form of the bonds and the
maturities thereof, shall provide that the bonds be redeemable at the
option of the governing board and at the price or prices fixed in
the resolution.  Bonds issued subject to call and redemption prior to
maturity shall contain a recital to that effect, and no bond shall
be subject to call or redemption prior to maturity unless it contains
the recital.  The board of supervisors in its order shall fix the
method of giving notice of redemption to holders of bonds to be
redeemed.
15401.  The board of supervisors, at the direction of the governing
board of the school district or community college district in which
the school facilities improvement district is located, may divide the
principal amount of bonds authorized at any election into two or
more series and may fix different dates for the bonds of each series,
in which event the maximum maturity date of the bonds shall be
calculated from the date of each series respectively.  When the
issuance of bonds shall have been authorized pursuant to two or more
propositions submitted at the same or different elections, all or any
part of the bonds not theretofore issued may be combined and issued
and sold as one or more series.
15402.  The board of supervisors may make the principal and interest
of the bonds payable at the office of the treasurer of the county,
or at any other place within the United States which the board may
designate, or at the office of the county treasurer, or at any other
designated place at the option of the bondholder.  The place of
payment shall be specified in the bonds.  The expense of paying the
bonds elsewhere than at the office of the treasurer shall be a proper
charge against the school facilities improvement district to be paid
out of the tax levied and collected for the payment of the bonds.
15403.  The principal and interest on the bonds shall be paid by the
county treasurer of the county in which the superintendent of
schools has jurisdiction of the school district or community college
district in which the school facilities improvement district is
located, at the place required by the terms of the bonds, upon
presentation and surrender of warrants drawn by the county auditor in
payment thereof, after he or she has canceled the bonds and coupons,
or upon the receipt of the registered owner, if the bonds are
registered, after a proper warrant has been drawn by the auditor, out
of the fund provided for their payment.
15404.  Upon the order of the auditor, any money remaining in the
interest and sinking fund of any school facilities improvement
district after the payment of all bonds and coupons payable from the
fund, or any money in excess of an amount sufficient to pay all
unpaid bonds and coupons payable from the fund, shall be transferred
to the general fund of the governing board of the school district or
community college district in which the school facilities improvement
district is located.
15405.  Any money paid into the county treasury of the county and
credited to the interest and sinking fund of any school facilities
improvement district remaining after the payment of all bonds and
coupons payable from the fund, or which is in excess of an amount
sufficient to pay all unpaid bonds and coupons payable from the fund,
shall be transferred to the special reserve fund of the school
district or community college district in which the school facilities
improvement district is located and may be used only for the purpose
specified in Section 42840.