SECTIONS 29169-29184 - California Statutes

PUBLIC UTILITIES CODE

SECTION 29169-29184

29169. Whenever three-fifths of the votes cast at any special bond
election or on any proposition submitted thereat are in favor of
incurring the indebtedness set forth in such proposition, the board
may by resolution at any time it deems proper, or from time to time,
provide for the authorization and issuance of the bonds not exceeding
the amount authorized at such election.

29170. Bonds may be issued in form payable to bearer, with coupons
attached for payment of interest and, if so issued, may be made
subject to registration. Bonds issued in bearer form shall constitute
negotiable instruments for all purposes under the laws of the State
of California. The district may appoint a registration agent which
may be a bank or trust company and authorize such registration agent
to maintain books of registry and to register, authenticate and
exchange bonds on such terms and conditions and pursuant to such
rules and regulations as the district may provide. The district may
provide for the interchange of coupon bonds for registered bonds and
registered bonds for coupon bonds, and may provide that the bonds
shall be registered as to principal only, or as to both principal and
interest, or otherwise, as the district may determine.

29171. Coupon bonds may be issued in denominations of one thousand
dollars ($1,000), or multiples thereof, as the district may
determine. Coupon bonds of different denominations shall be
exchangeable for coupon bonds of other denominations or for
registered bonds on terms and conditions as the district may
determine, including provisions for the authentication of any bonds
issued upon the exchange by the registration agent or other agents
appointed by the district for that purpose.

29172. Registered bonds may be issued without limitation as to
principal amount, as may be determined by the district, except that
registered bonds shall be in denominations of one thousand dollars
($1,000) or multiples thereof. Registered bonds of any denomination
shall be exchangeable with bonds, either in registered or coupon
form, of other denominations on such terms and conditions as the
district shall determine, including provisions for authentication of
bonds issued upon such exchange by the registration agent or other
agents appointed by the district for that purpose, and upon the
payment of such reasonable charges as may be prescribed by the
district.

29173. Bonds shall bear interest at a rate of not to exceed 8
percent per annum, payable semiannually, except that interest for the
first year or any fraction thereof may be paid in one installment.

29174. The district may provide for redemption of bonds prior to
maturity, on such notice and at such time or times and with such
redemption provisions, including premiums, as the district may
determine, provided that no redemption premium shall be in excess of
6 percent of the principal amount of the bonds to be redeemed. No
bond is subject to call or redemption prior to its fixed maturity
date, unless the right to exercise such call and the redemption price
are expressly stated on the face of the bond. When bonds have been
validly called for redemption and payment of the principal thereof,
and the interest thereon accrued to the date of redemption, together
with the redemption premium, if any, shall have been made or provided
for, interest thereon shall cease.

29175. The district may provide for the payment of the principal
and interest of bonds at any place within the State of California, or
at any other place within the United States, which the district may
designate. The place of payment shall be specified in the bonds and
payment shall be made in any coin or currency of the United States of
America which at the time of payment is legal tender for public and
private debts.

29176. Bonds shall bear dates prescribed by the district.

29177. Bonds may be serial or sinking fund bonds, or in part
serially and in part sinking fund bonds, with such maturities and in
such amounts annually, semiannually or otherwise, as the district may
determine at the time of authorizing the issuance thereof.

29178. No bond by its terms shall mature in more than fifty (50)
years from its own date, and in the event any authorized issue is
divided into two or more series or divisions, the maximum maturity
herein authorized shall be calculated from the date on the face of
each bond, separately, irrespective of the fact that different dates
may be prescribed for the bonds of each separate series or division
of any authorized issue.

29179. The district may divide any authorized issue into one or
more series or division and fix different dates and different
maturity dates for the bonds of each series or division.

29180. The district may prescribe the form of such bonds, and of
the interest coupons attached thereto. Bonds shall be signed by the
president of the board (or such other member of the board as the
board shall by resolution designate) and countersigned by the
secretary of the district and the seal of the district shall be
affixed thereto. The interest coupons on said bonds shall be numbered
consecutively and signed by the treasurer of said district. The
signature on all coupons and one signature on the bonds may be
engraved, lithographed, or printed facsimile signature. The seal of
the district may be affixed to any bond by mechanical reproduction of
a facsimile thereof. In case any officer whose signature or
countersignature appearing on the bonds or coupons shall cease to be
such officer before the delivery of such bonds to the purchaser, such
signature or countersignature shall nevertheless be valid and
sufficient for all purposes, the same as if such officer had remained
in office until the delivery of the bonds. If the district appoints
a registration agent, fiscal agent, or other agent to authenticate
bonds, any bond of the district, whether in coupon or registered
form, may be signed by the facsimile signatures of the officers of
the district with a facsimile seal of the district affixed
mechanically or otherwise reproduced thereon, provided that such
bonds shall be authenticated by the fiscal agent, registration agent,
or other agent appointed by the district for that purpose. Any agent
appointed by the district to authenticate registered bonds or
exchange bonds of different denominations, or coupon bonds for
registered bonds, or vice versa, shall be a bank or trust company
authorized to transact, and transacting, business in the State of
California or the State of New York.

29181. Pending the actual issuance or delivery of bonds, the
district may issue temporary or interim bonds, certificates, or
receipts, of any denomination whatsoever, with or without coupon, and
in such form as may be prescribed by the board, to be exchanged for
definitive bonds when ready for delivery.

29182. The district may provide that interest on bonds may be paid
out of the proceeds of the sale of the bonds during the actual
construction of any project, for the acquisition, construction, or
completion of which bonds have been issued, and for a period of not
to exceed three years thereafter, as determined by the district.

29183. The district shall provide for the payment of the principal
of and interest on the bonds by the levy and collection of taxes upon
all property in the district subject to taxation by the district
without limitation of rate or amount as provided in Sections 29121
and 29122 of this part, except that such taxes need not be levied to
the extent that the district deposits in the treasury set apart for
that purpose moneys derived from surplus revenues or any
appropriations which may be made to it for that purpose or from any
other funds howsoever derived.

29184. Any general obligation bonds which shall be issued under the
provisions of this part shall be legal investment for all trust
funds; for the funds of insurance companies, banks--both commercial
and savings--and trust companies; and for state school funds; and
whenever any money or funds may, by any law now or hereafter enacted,
be invested in bonds of cities, cities and counties, counties,
school districts, or irrigation districts within the State of
California, such money or funds may be invested in the general
obligation bonds issued under this part, and whenever bonds of
cities, cities and counties, counties, school districts, or
irrigation districts within this State may, by any law now or
hereafter enacted, be used as security for the performance of any act
or the deposit of any public moneys, the said bonds issued under
this part may be so used. The provisions of this part shall be in
addition to all other laws relating to legal investments and shall be
controlling as the latest expression of the Legislature with respect
thereto.