8205-8210

STREETS AND HIGHWAYS CODE
SECTION 8205-8210




8205.  All bonds shall be issued in such denominations as the
commission may determine, except that they shall be not less than one
hundred dollars ($100) nor more than one thousand dollars ($1,000).



8206.  All bonds shall be payable in lawful money of the United
States at the office of the county treasurer of the county, and shall
bear interest at a rate not to exceed 6 percent per annum, which
shall be payable semiannually. Not less than one-thirtieth part of
the total issue of bonds shall be payable each year, commencing not
more than five years after the date of the bond issue.



8207.  The bonds shall be signed by the president and countersigned
by the secretary of the commission. They shall be numbered
consecutively in the order of their maturity, and shall have coupons
attached attested by the facsimile signature of the secretary.




8208.  The bonds may be sold by the commission in such manner and
such quantities as it may determine, but no bond shall be sold for
less than its face value.


8209.  The proceeds of the sale of the bonds shall be deposited with
the county treasurer and shall be placed by him in a fund in the
county treasury to be called the ____ Separation of Grade District
Fund (naming it). The money in the fund shall be used for the
purposes indicated in the order calling the election at which the
issuance of the bonds was authorized.



8210.  The bonds shall be legal investment: for all trust funds; the
funds of all insurance companies, banks, and trust companies; the
state school funds, and for all sinking funds under the control of
the State Treasurer; and whenever any moneys may by law now or
hereafter enacted be invested in or loaned upon the security of bonds
of states, counties or school districts in the State, such moneys
may be invested or loaned on the security of the bonds of such
district.