5880-5884
HARBORS AND NAVIGATION CODE
SECTION 5880-5884
5880. The board of supervisors shall pass a resolution providing for the issuance and sale of bonds to represent the principal of the indebtedness authorized to pay the cost of the improvement or development work in the harbor, and shall prescribe the form of the bonds. 5881. All bonds issued under this part shall be payable substantially in the following manner: A part to be determined by the board of supervisors, which shall be not less than one-fortieth part of the whole indebtedness, shall be paid each year on a date, and at a place to be fixed by the board of supervisors, and designated in the bonds, together with interest on all sums unpaid at that date. 5882. The board of supervisors of the county may determine the denomination of the bonds, except that no one bond shall be of a denomination less than one hundred nor more than one thousand dollars. The bonds shall be payable on the date and at the place fixed in the bond, with interest payable semiannually at the rate specified in the bond, which shall not exceed the maximum fixed by the resolution calling the election. 5883. The bonds shall be signed by the chairman of the board of supervisors, and the treasurer, and countersigned by the auditor of the county. The coupons upon the bonds shall be numbered consecutively and signed by the county treasurer. If any officer whose signature or counter-signature appears on the bonds or coupons ceases to be an officer before the delivery of the bonds to the purchaser, his signature or counter-signature is as valid as if he had remained in office. 5884. Bonds may be issued and sold by the board of supervisors of the county for not less than their par value and accrued interest at the date of delivery, and the proceeds shall be placed in the treasury of the county to the credit of the proper improvement fund, and applied exclusively to the purposes mentioned in the resolution and for which the bonds were voted.