SECTIONS 53430-53440 - California Statutes

GOVERNMENT CODE

SECTION 53430-53440

53430. As used in this article:
(a) "Bond" includes warrant or other evidence of indebtedness.
(b) "Local agency" means county, city, irrigation district,
reclamation district, school district, or other municipal
corporation.

53431. When a bond of a local agency is mutilated or defaced the
legislative body shall issue a duplicate if all of the following
conditions exist:
(a) It appears by clear and unequivocal proof that the bond is so
mutilated or defaced as to impair its value to the owner.
(b) There is no bad faith on the part of the owner.
(c) The bond is identifiable by number and description.
(d) The regulations, including restrictions as to time and
retention for security or otherwise, prescribed by the legislative
body are met.

53432. The duplicate shall have the same time to run, bear like
interest, and have the same number, as the mutilated or defaced bond.

53433. The owner of the bond desiring a duplicate shall make a
written application to the legislative body, stating the facts
required by this article.

53434. The owner shall accompany his application with a deposit of
money required by the legislative body for the cost of printing,
lithographing or otherwise preparing the duplicate, and all other
expenses connected with the issuance of the duplicate.

53435. If required by the legislative body, the owner shall also
file with his application a bond in the required sum with good and
sufficient sureties, to be approved by the legislative body, and
conditioned to indemnify the local agency for any claim upon the
mutilated or defaced bond.

53436. Upon receipt of the application, the legislative body shall
adopt a resolution:
(a) Stating the receipt of the application.
(b) Stating the compliance with the conditions prescribed in this
article and any other conditions required by the legislative body in
accordance with this article.
(c) Directing the officer in charge of preparing the original bond
to cause a duplicate to be issued.

53437. The duplicate bond shall be signed by the same officers and
as nearly as possible shall be issued in the manner of the original.

53438. The duplicate shall be delivered in exchange for the
original bond.

53439. An exchange shall not be made unless the defaced or
mutilated bond with any coupons attached is identifiable and is first
surrendered by the owner.

53440. When the original is surrendered, the legislative body shall
cause proper record to be made of its cancellation and thereafter
the duplicate has the validity of the original.