SECTIONS 50630-50633 - California Statutes

GOVERNMENT CODE

SECTION 50630-50633

50630. When a bond or interest coupon payable from funds in the
custody of the treasurer of a local agency is presented to him for
payment and is not paid for want of funds, he shall endorse upon it
"Not paid for want of funds," the date of presentation, and a serial
number indicating the order of presentation, and shall sign or stamp
his name thereon.

50631. Upon receipt of the first money in the treasury applicable
to their payment, the treasurer shall set apart the amount necessary
to pay the registered bonds and coupons. He shall give notice by
registered mail to the owner or holder of the registered bonds and
coupons, at the address last filed, stating that he is ready to pay
them. The bonds and coupons shall be paid from such money in the
order of their registration.

50632. If the registered bonds and coupons are not presented for
payment within thirty days from mailing of the notice the treasurer
shall apply the fund set aside to the payment of the unpaid
registered bonds and coupons next in order, until all registered
bonds and coupons have been called.

50633. Upon the direction of the legislative body, the treasurer,
having the duty of paying the interest on an issue of ad valorem
special assessment district improvement bonds, shall keep a register.
Upon presentation of an interest coupon of such bond, he shall enter
in the register the name and address of the owner or holder and the
number and amount of the bond.