SECTIONS 8670-8672 - California Statutes

STREETS AND HIGHWAYS CODE

SECTION 8670-8672

8670. The bonds and interest shall be paid at the office of the
treasurer or of another paying agent designated by the legislative
body.

8671. The treasurer or designated paying agent shall keep a
redemption fund designated by the name of the bonds, in which there
shall be placed all sums received from the collection of the
assessments made. The fund shall be considered a trust fund for the
benefit of the bondholders. The redemption fund shall be used for
paying principal and interest and redemption premium, if any,
payments on the bonds directly, or money in the fund may be forwarded
to the paying agent for these purposes. Under no circumstances shall
the bonds or the interest thereon be paid out of any other fund.

8672. The treasurer or the designated paying agent shall keep a
register in his or her office showing the series, number, date,
amount, rate of interest, and last known holder of each bond, and the
number and amount of each interest coupon paid. The treasurer or
agent shall cancel and file each bond and coupon which he or she
pays. The register, canceled bonds, and coupons shall be retained for
five years beyond the last maturity of the bond issue.