2018 California Code
Streets and Highways Code - SHC
DIVISION 11 - REFUNDING OF BONDS ISSUED UNDER THE “IMPROVEMENT BOND ACT OF 1915”
CHAPTER 11 - Issuance of Refunding Bonds
Refunding bonds issued pursuant to this division shall comply with the following requirements:
(a) Bonds shall be in such denominations as the legislative body may determine.
(b) Bonds shall be payable to bearer.
(c) The date of the bonds shall be the date of the recording of the reassessment.
(d) Bonds shall be signed by the mayor or other chief executive of the city and by the city treasurer, and attested by the city clerk, the seal of the city affixed thereto.
(e) Bonds shall be numbered consecutively and shall bear interest and mature as provided in the contract with the bondholders.
(f) The coupons affixed to the bonds shall be signed by the city treasurer by his printed, lithographed, or engraved facsimile signature.
(g) At least the first two maturing interest coupons on the bonds must be at a rate of interest less than the interest rate on the bonds to be refunded.
(Added by Stats. 1951, Ch. 463.)