SECTIONS 53460-53466 - California Statutes

GOVERNMENT CODE

SECTION 53460-53466

53460. As used in this article:
(a) "Local agency" means county, city, irrigation district,
reclamation district, school district, sanitary district, or other
municipal or public corporation.
(b) "Bond" includes warrant or other evidence of indebtedness.

53461. The legislative body of a local agency may issue a new bond
similar to the original to replace it if:
(a) By competent proof it is made to appear to the legislative
body that a bond issued by the local agency is lost or destroyed.
(b) The owner gives an undertaking approved by the legislative
body to indemnify the local agency against any loss incurred on
account of the bond.
(c) The owner pays all cost of the issuance of the new bond.

53462. If the legislative body refuses to issue a new bond, the
owner of any lost or destroyed bond may apply to the superior court
of the county in which the local agency is situated for an order
requiring the legislative body to show cause why it should not be
required to issue a new bond or cause it to be issued.

53463. The application shall be by petition a copy of which shall
be served upon the legislative body not later than ten days prior to
the time set for the hearing.

53464. The court shall inquire into the truth of the facts stated
in the petition and hear the proofs and allegations of the petition.
If satisfied that the petitioner is the lawful owner of the bond
described in the petition, that it has been lost or destroyed and can
not after due diligence be found, and that no sufficient cause has
been shown why a new bond to replace it should not be issued, the
court shall make an order requiring the legislative body to issue and
deliver, or cause to be issued and delivered, to the petitioner a
new bond in place of the lost or destroyed bond, upon the petitioner
giving such an undertaking to the legislative body as the court
directs.

53465. Each bond and attached coupon so issued shall state upon its
face:
(a) The number and denomination of the bond for which it is
issued.
(b) That it is issued in the place of the bond claimed to have
been lost or destroyed.
(c) That it is issued as a duplicate.
(d) That only one is to be paid.

53466. The undertaking required by this article, duly indorsed as
approved, shall be filed in the office of the clerk or the treasurer
of the issuing local agency as the legislative body directs.