SECTIONS 5880-5884 - California Statutes

HARBORS AND NAVIGATION CODE

SECTION 5880-5884

5880. The board of supervisors shall pass a resolution providing
for the issuance and sale of bonds to represent the principal of the
indebtedness authorized to pay the cost of the improvement or
development work in the harbor, and shall prescribe the form of the
bonds.

5881. All bonds issued under this part shall be payable
substantially in the following manner:
A part to be determined by the board of supervisors, which shall
be not less than one-fortieth part of the whole indebtedness, shall
be paid each year on a date, and at a place to be fixed by the board
of supervisors, and designated in the bonds, together with interest
on all sums unpaid at that date.

5882. The board of supervisors of the county may determine the
denomination of the bonds, except that no one bond shall be of a
denomination less than one hundred nor more than one thousand
dollars. The bonds shall be payable on the date and at the place
fixed in the bond, with interest payable semiannually at the rate
specified in the bond, which shall not exceed the maximum fixed by
the resolution calling the election.

5883. The bonds shall be signed by the chairman of the board of
supervisors, and the treasurer, and countersigned by the auditor of
the county.
The coupons upon the bonds shall be numbered consecutively and
signed by the county treasurer.
If any officer whose signature or counter-signature appears on the
bonds or coupons ceases to be an officer before the delivery of the
bonds to the purchaser, his signature or counter-signature is as
valid as if he had remained in office.

5884. Bonds may be issued and sold by the board of supervisors of
the county for not less than their par value and accrued interest at
the date of delivery, and the proceeds shall be placed in the
treasury of the county to the credit of the proper improvement fund,
and applied exclusively to the purposes mentioned in the resolution
and for which the bonds were voted.