California Government Code ARTICLE 4 - Investment Bond Act of 1909

• Section 43760.
  This article may be cited as the Investment Bond Act of 1909.(Added by Stats. 1949, Ch. 79.)
• Section 43761.
  Whenever the public interest or necessity requires, any city may incur a bonded indebtedness to acquire bonds:(a) Issued by the city.(b) Issued by or for any district...
• Section 43762.
  It is the intent of the Legislature in adopting this article that the acquisition of such bonds or investments of the general improvement fund shall...
• Section 43763.
  Bonds issued pursuant to this article shall be issued substantially in the manner prescribed by Article 1 of this chapter.(Added by Stats. 1949, Ch. 79.)
• Section 43764.
  The ordinance calling the election need not contain any statement as to the estimated cost of the proposed public improvement.(Added by Stats. 1949, Ch. 79.)
• Section 43765.
  If the bonds are to be issued to acquire outstanding bonds, the ordinance shall state generally:(a) What bonds are to be purchased or acquired.(b) The total principal...
• Section 43766.
  The interest rate on the bonds need not be the same during the entire term and different rates may be fixed for one or more...
• Section 43767.
  The bonds shall not be sold at less than their par value. They may be exchanged at their par value for the outstanding bonds if...
• Section 43768.
  In the exchange of bonds, interest upon the bonds to be acquired accruing to the date of exchange may be offset against the interest accruing...
• Section 43769.
  Bonds issued pursuant to this article shall be redeemed and paid pursuant to Article 1 of this chapter.(Added by Stats. 1949, Ch. 79.)
• Section 43770.
  Taxes for the payment of the bonds shall be levied pursuant to Article 1 except where any issue of bonds pursuant to this article is...
• Section 43771.
  The legislative body of any city shall keep the funds arising from the sale of bonds pursuant to this article separate and distinct from all...
• Section 43772.
  If the bonds are issued to acquire or to provide funds for the purchase of certain outstanding bonds, they may be used only for that...
• Section 43773.
  At such times as the legislative body determines, it may sell any of the bonds purchased by it. The bonds shall not be sold at...
• Section 43774.
  The purchase price of any bonds sold and the accrued interest on them shall be placed in the general improvement fund and may be reinvested...
• Section 43775.
  During the time the city owns any district bonds payable from taxes or assessments levied wholly or partially in accordance with the assessed value of...
• Section 43776.
  When bonds are acquired at less than their par value, the legislative body may reduce the total principal amount of any issue acquired and held...
• Section 43777.
  The ordinance is subject to referendum as other ordinances and shall designate:(a) The issue of bonds to be reduced.(b) The total principal amount of the issue acquired.(c) The...
• Section 43778.
  At the time and place fixed, the bonds shall be publicly canceled, and the city clerk shall enter on the minutes of the legislative body...
• Section 43779.
  If the bonds canceled are issued under the Improvement Bond Act of 1915, the legislative body shall reduce the principal amount of the assessments securing...
• Section 43780.
  The reduction of assessments shall be carried out by canceling such proportion of the assessments as is necessary, and the legislative body may provide procedure...
• Section 43781.
  When the legislative body of any city has acquired any district bonds pursuant to this article, it may, as an alternative to the procedure prescribed...
• Section 43782.
  Before ordering the cancellation, by ordinance the legislative body shall:(a) Determine that the public interest and welfare will be best served by the cancellation of all...
• Section 43783.
  At the time and place fixed in the ordinance, the bonds shall be publicly canceled, and the legislative body shall cause a record of the...
• Section 43784.
  The legislative body may sell any district bonds acquired from money in the general improvement fund to any property owner at such price as it...
• Section 43785.
  All district bonds sold for the purpose of effecting such redemption shall be canceled and discharged upon the redemption of the property. The treasurer shall...
• Section 43786.
  The legislative body may determine that any issue of bonds pursuant to this article shall mature at one time, not to exceed twenty years from...
• Section 43787.
  If the bonds are made to mature at one time, the annual tax levy shall be sufficient to pay the interest on the bonds as...
• Section 43788.
  The sum to be raised each year and placed in the sinking fund for the payment of the principal shall not be less than an...
• Section 43789.
  If the entire issue of bonds is to mature at one time, the bonds may be called for redemption in numerical order at par and...
• Section 43790.
  Any bond issued pursuant to this article shall not be callable or redeemable prior to its fixed maturity date unless it contains a statement that...
• Section 43791.
  At least once each year, within sixty days prior to an interest payment date, if the sinking fund contains sufficient available money to call one...
• Section 43792.
  The notice shall state the amount available for the redemption of bonds and specify the time and place the proposals will be opened. At such...
• Section 43793.
  A proposal shall not be accepted unless the sale price is less than par and accrued interest. If no proposals are received, or if those...
• Section 43794.
  Notice of the call for redemption shall be published once a week for two weeks in a newspaper of general circulation in the city. The...
• Section 43795.
  If any bonds called are not presented for redemption on the date fixed, on the day following a sum sufficient for the payment of the...
• Section 43796.
  This article provides an alternative system for the issuance of bonds. When proceedings are commenced under this article, its provisions govern all procedures to be...
• Section 43797.
  This article shall be liberally construed to the end that its purposes may be made effective.(Added by Stats. 1949, Ch. 79.)

Last modified: October 22, 2018