SECTIONS 15230-15235 - California Statutes

EDUCATION CODE

SECTION 15230-15235

15230. The board of supervisors by an order entered upon its
minutes shall fix the time when the whole or any part of the
principal of the bonds shall be payable, which shall not be more than
25 years from the date of the bonds. If the governing board of the
district has prescribed in its resolution the time or times when the
whole or any part of the bonds shall be payable, the times and
amounts shall be fixed by the order of the board of supervisors.
Any bonds authorized at an election held after September 15, 1945,
may be issued subject to call and redemption before maturity at the
option of the governing board of the district. The governing board
may include in its resolution a requirement that all or any part of
such bonds shall be issued subject to call and redemption before
maturity and the price or prices at which the bonds shall be
redeemed. The board of supervisors, in its order fixing the form of
the bonds and the maturities thereof, shall provide that the bonds be
redeemable at the option of the governing board and at the price or
prices fixed in the resolution. Bonds issued subject to call and
redemption prior to maturity shall contain a recital to that effect,
and no bond shall be subject to call or redemption prior to maturity
unless it contains that recital. The board of supervisors in its
order shall fix the method of giving notice of redemption to holders
of bonds to be redeemed.

15231. The board of supervisors at the direction of governing board
of the district may divide the principal amount of bonds authorized
at any election into two or more series and may fix different dates
for the bonds of each series, in which event the maximum maturity
date of the bonds shall be calculated from the date of each series
respectively. When the issuance of bonds shall have been authorized
pursuant to two or more propositions submitted at the same or
different elections, all or any part of the bonds not theretofore
issued may be combined and issued and sold as one or more series.

15232. The board of supervisors may make the principal and interest
of the bonds payable at the office of the treasurer of the county,
or at any other place within the United States, including any office
of a trustee or paying agent, which the board may designate, or at
the office of the county treasurer, or at any other designated place
at the option of the bondholder. The place of payment shall be
specified in the bonds. The expense of paying the bonds elsewhere
than at the office of the treasurer shall be a proper charge against
the district to be paid out of the tax levied and collected for the
payment of the bonds.

15233. (a) The principal and interest on the bonds shall be paid by
the county treasurer of the county, the superintendent of schools of
which has jurisdiction of the district in behalf of which the bonds
were issued, at the place required by the terms of the bonds, upon
presentation and surrender of warrants drawn by the county auditor in
payment thereof, after he or she has canceled the bonds and coupons,
or upon the receipt of the registered owner, if the bonds are
registered, after a proper warrant has been drawn by the auditor, out
of the fund provided for their payment.
(b) Notwithstanding subdivision (a), if the board of supervisors
has designated the office of a trustee or paying agent as the place
for payment of the principal and interest of the bonds, then upon
receipt of moneys representing the principal and interest on those
bonds, the trustee or paying agent shall be responsible for the
actual payment to the bondholders and cancellation of any bonds or
coupons.

15234. Any money remaining in the interest and sinking fund of any
district after the payment of all bonds and coupons payable from the
fund, or any money in excess of an amount sufficient to pay all
unpaid bonds and coupons payable from the fund, shall be transferred
to the general fund of the district upon the order of the auditor.

15235. Any money paid into the county treasury of the county and
credited to the interest and sinking fund of any district remaining
after the payment of all bonds and coupons payable from the fund, or
which is in excess of an amount sufficient to pay all unpaid bonds
and coupons payable from the fund, shall be transferred to the
special reserve fund of the school district, or designated building
fund of the community college district upon the order of the auditor,
and may be used only for the purpose specified in Section 42840 or
in accordance with the California Community Colleges Budget and
Accounting Manual and for no other purpose.