SECTIONS 13241-13244 - California Statutes

PUBLIC UTILITIES CODE

SECTION 13241-13244

13241. Bonds authorized pursuant to this chapter shall mature
serially in amounts to be fixed by the board; provided, that payment
shall begin not more than 10 years from the date of issuance thereof
and be completed in not more than 50 years from that date; provided,
further, that the board may divide any issue of bonds authorized
pursuant to this chapter into two or more series, and may fix
different dates of issuance and different maturity dates for the
bonds of each series. The bonds of each series shall mature serially
in amounts to be fixed by the board, and the board shall fix a date
not more than 10 years from the date of issuance of each series for
the earliest maturity of such series, and shall fix a date not more
than 50 years from the date of issuance of each series for the final
maturity of such series.

13242. The bonds shall be issued in such denomination or
denominations as the board determines, and shall be payable on the
day and at the place or places fixed in the bonds, and with interest
at the rate specified therein, payable semiannually.

13243. The board may at any time prior to the issuance and sale of
any bonds provide for the call and redemption of any or all of the
bonds on any interest payment date prior to their fixed maturity at
not exceeding the par value and accrued interest plus a premium of
not exceeding 5 percent upon the principal amount of the bonds, in
which event the call price fixed by the board shall be set forth on
the face of the bond. Notice of such redemption shall be published
once a week for three successive weeks in a newspaper of general
circulation printed and published within the district or if there is
no such newspaper printed and published within the district then the
publication shall be made in a newspaper of general circulation
printed and published within the county in which the district or any
part thereof is situated, the first publication of which shall be at
least 30 days prior to the date fixed for the redemption. After the
date fixed for such redemption interest on the bonds thereafter shall
cease.

13244. The bonds shall be signed by the president of the board or
by such officer of the district as the board shall by resolution
authorize and designate for that purpose. They shall also be signed
by the treasurer, and be countersigned by the secretary. The coupons
of the bonds shall be numbered consecutively and be signed by the
treasurer. All signatures and countersignatures, except that of the
treasurer on the bonds, may be printed, lithographed, or engraved. If
any officer whose signature or countersignature appears on the bonds
or coupons ceases to be such officer before the delivery of the
bonds to the purchaser, the signature or countersignature is
nevertheless valid and sufficient for all purposes as if he had
remained in office until the delivery of the bonds.