SECTIONS 9450-9456 - California Statutes

STREETS AND HIGHWAYS CODE

SECTION 9450-9456

9450. Whenever there is in the redemption fund two thousand dollars
($2,000) or more available for the payment of principal of bonds,
and not collected for the purpose of paying the principal of bonds
maturing on the next second day of July, the city shall purchase or
call bonds as provided in this chapter.

9451. The treasurer shall, by notice published once not less than
30 days prior to the date designated in some financial journal having
a national circulation, invite sealed proposals for the sale of any
of the refunding bonds to the city. The notice shall state the amount
available for the purchase of such bonds and shall specify the time
and place when proposals will be opened. The treasurer shall also, at
least 10 days prior to the date so designated, mail a copy of the
invitation for sealed proposals to any bondholder who has theretofore
in writing requested such notice.

9452. The proposals for the sale of bonds shall be opened in public
at the time and place specified in the notice. The legislative body
in its discretion may reject any or all of the proposals.

9453. If no proposals are received at a price of less than par and
accrued interest, or if an insufficient amount of bonds are tendered
at less than par and accrued interest to exhaust, as nearly as
possible, the money available for purchase of bonds, the treasurer
shall set aside a sum sufficient to pay the principal and accrued
interest to the next interest payment date of the bonds to be called
for redemption and shall proceed to call for redemption, in numerical
order, at par and accrued interest to the next interest payment
date, such outstanding bonds as can be retired from said funds.

9454. Notice of the calling of bonds for redemption shall be given
by publication once in a financial journal having a national
circulation, unless the holders of the bonds to be called, in
writing, waive such notice. The date of publication of notice shall
be not less than 30 days prior to the date so fixed for redemption.
Interest on the bonds so called shall cease upon the redemption date.

9455. All refunding bonds so purchased or redeemed pursuant to call
shall be canceled by the treasurer.

9456. All costs of publication provided for in this chapter shall
be payable from the redemption fund.