SECTIONS 26180-26184 - California Statutes

STREETS AND HIGHWAYS CODE

SECTION 26180-26184

26180. All bonds shall be issued in such denominations as the
commission may determine, except that they shall not be less than one
hundred dollars ($100) nor more than one thousand dollars ($1,000).

26181. All bonds shall be payable in lawful money of the United
States at the office of the county treasurer of the county in which
the district is situated, and shall bear interest at a rate not to
exceed 8 percent per annum which shall be payable semiannually. Not
less than one-thirtieth part of the total issue of bonds shall be
payable each year, commencing not more than five years after the date
of the bond issue.

26182. The bonds shall be signed by the president and countersigned
by the secretary of the commission. They shall be numbered
consecutively, in the order of their maturity, and shall have coupons
for interest attached, attested by the facsimile signature of the
secretary of the commission.

26183. The bonds may be sold by the commission in such manner and
in such quantities as it may determine. However no bond may be sold
for less than its face value.

26184. The proceeds of the sale of bonds shall be deposited with
the county treasurer and shall be placed by him in a fund in the
county treasury to be called the boulevard fund of ____ boulevard
district (naming it). The money in the fund shall be used for the
purposes indicated in the order calling the election at which the
issuance of the bonds was authorized.