SECTIONS 18530-18536 - California Statutes

EDUCATION CODE

SECTION 18530-18536

18530. After the provisions of Sections 18510 to 18515, inclusive,
have been complied with, the board of supervisors shall issue the
bonds of the district, to the number and amount provided in the
proceedings, payable out of the building fund of the district, naming
it, and the money shall be raised by taxation upon the taxable
property in the district, for the redemption of the bonds and the
payment of the interest thereon.

18531. The total amount of bonds issued, shall not exceed 5 percent
of the taxable property of the district, as shown by the last
equalized assessment book of the county.

18532. The bonds shall not bear a rate of interest greater than 8
percent, payable annually or semiannually.

18533. The board of supervisors by an order entered upon its
minutes shall prescribe the form of the bonds and of the interest
coupons attached thereto.

18534. 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 will be payable, which shall not be more than
40 years from the date thereof.

18534.3. The board of supervisors may divide the principal amount
of any issue into two or more series and fix different dates for the
bonds of each series. The bonds of one series may be made payable at
different times from those of any other series.

18534.5. The board of supervisors may provide for redemption of
bonds before maturity at prices determined by it. A bond shall not be
subject to call or redemption prior to maturity unless it contains a
recital to that effect.

18535. The bonds shall be sold in the manner prescribed by the
board of supervisors, but for not less than 95 percent of par.

18536. The proceeds of the sale of the bonds shall be deposited in
the county treasury to the credit of the building fund of the library
district, and shall be drawn out for the purposes for which the
bonds were issued as other library money is drawn out.