25400-25410
STREETS AND HIGHWAYS CODE
SECTION 25400-25410
25400. The board of directors of the district may cause revenue
bonds to be issued upon the security of the anticipated unpaid
installments of any levies made upon the counties within the
district.
25401. All revenue bonds shall be payable out of a fund of the
district designated "Joint Highway District No. ____ of the State of
California Revenue Bond Fund" and into which shall be paid all sums
necessary for the retirement of any revenue bonds which may be issued
by the district.
25402. The board of directors shall prescribe the denominations of
the revenue bonds which shall mature serially in convenient amounts
not necessarily equal. Revenue bonds shall bear such rate of interest
not to exceed 8 percent per annum as may be determined by the board
of directors.
25403. Revenue bonds shall be in substantially the following form
(filling in blanks as appropriate):
REVENUE BOND
Joint Highway District No.______ of the State of
California
$_______ Bond No. _______ Series________.
Under and by virtue of Part 1 of Division 16 of the Streets and
Highways Code, the treasurer of Joint Highway District No. ____ of
the State of California will pay to the bearer, out of the fund
hereinafter designated, at the office of the treasurer of said
district, on the ____ day of ____, 19__, the sum of ____ dollars, in
lawful money of the United States of America, with interest thereon
in like lawful money at the rate of ____ per cent per annum, payable
semiannually on the second day of January and the second day of July
of each year from the date hereof (except the last installment
thereof, which shall be payable at the maturity of this bond), upon
presentation and surrender, as they respectively become due, of the
proper interest coupons hereto attached, the first of which is for
interest from date hereof to the next date of interest payment, and
the last for interest to maturity hereof from the last preceding date
of interest payment. This bond is issued under and in conformity
with the provisions of the above mentioned Part 1 of Division 16 of
the Streets and Highways Code, relative to the issuance of revenue
bonds and is a primary obligation of the joint highway district above
named.
This bond is payable out of the "Joint Highway District No. ____
of the State of California Revenue Bond Fund," in accordance with the
provisions of the said Part 1 of Division 16 of the Streets and
Highways Code.
It is hereby certified, recited and declared that all proceedings,
acts and things required by law precedent to or in the issuance of
this bond have been regularly had, done and performed, and this bond
is by law made conclusive evidence thereof.
In witness whereof the board of directors of said joint highway
district has caused this bond to be signed by the treasurer of said
district, attested by the secretary of said board, and the official
seal of said district to be affixed hereto, this ____ day of ____,
19__.
(seal) ____________________________
Treasurer of Joint Highway District
No. _____ of the State of California
Attest:
______________________________________
Secretary of the Board of Directors.
25404. Revenue bonds shall be dated as of the date of the
resolution or order of the board of directors authorizing their
issuance. The board of directors may use any available moneys of the
district, not already allocated to some other purpose, for the
payment of any interest or principal due or past due on any revenue
bonds of the district, and may advance moneys of the district for
such purposes and in the event of such advancement shall be entitled
to reimbursement in the amount thereof out of any levies thereafter
made or any moneys thereafter collected and applicable to the payment
of such bonds.
25405. Any number of series of revenue bonds may be issued under
this part for any portion of a single or different projects in the
district.
25406. All revenue bonds shall be signed by the treasurer of the
district, attested by the secretary of the board of directors thereof
and shall have the official seal of the district attached thereto.
The form of the interest coupons attached to the bonds shall be
determined by the treasurer subject to the approval of the board of
directors. The signature on the interest coupons shall be that of the
treasurer and may be either written or engraved or printed
facsimile.
25407. The principal and interest of all revenue bonds shall be
payable in lawful money of the United States of America at the office
of the treasurer of the district issuing the same. Revenue bonds
shall be serial in character and an approximately even proportion of
the total amount of each issue shall be payable annually. The amount
of the principal due in each annual payment excepting the last may be
made to differ not more than five hundred dollars ($500) from the
amount obtained by dividing the total of the principal amount due
under the bonds, by the number of installments which shall not exceed
four. The last installment shall be for the balance of the total
principal amount not provided to be paid in the previous
installments.
25408. The revenue bonds shall be issued and sold by the board of
directors at such times and manner and in such amounts as may be
required to meet the demands of the district as may be determined by
the board of directors or they may be delivered to any contractor
performing any work for the district, at par, in satisfaction of any
sum due upon his contract.
25409. The board of directors shall levy a tax annually within the
district sufficient to meet the principal and interest of all
outstanding revenue bonds coming due in each fiscal year.
25410. The treasurer of the district shall annually determine the
amount of money necessary to be raised for the payment of principal
and interest coming due each fiscal year upon any outstanding revenue
bonds. The treasurer shall add to that amount a sum sufficient, in
his judgment, to cover anticipated delinquencies and the resulting
sum shall be levied upon all of the property taxable for county
purposes, in the several counties composing the district, according
to the percentages and proportions established for each county.