SECTIONS 36340-36352 - California Statutes

WATER CODE

SECTION 36340-36352

36340. Revenue bonds and interest coupons attached thereto shall be
in such form as may be prescribed by the board.

36341. The face of each revenue bond shall state:
(a) That the payment or redemption of the bond and the payment of
the interest thereon is secured solely by a first and direct charge
and lien upon all or the portion, as prescribed by the district by
order or by contract, of the revenues pledged therefor.
(b) That neither the payment of all or any part of the principal
or interest thereon is a general debt, liability, or obligation of
the district.
(c) That the bond is subject to call and redemption prior to
maturity, if the board has so provided.

36342. Revenue bonds shall be payable in lawful money of the United
States.

36343. Each issue of revenue bonds shall be numbered consecutively
and the bonds of each issue shall be numbered consecutively from
lower to higher as they mature and shall bear such date as may be
prescribed by the board.

36344. The date appearing upon the face of a revenue bond shall be
deemed to be the date of issuance irrespective of the subsequent
delivery of the bond.

36345. Revenue bonds shall be signed by the president and attested
by the secretary, and interest coupons appertaining thereto shall be
signed by the secretary.

36346. All the signatures on the bond or coupons may be printed,
lithographed, engraved, or otherwise mechanically reproduced, except
that one of the signatures shall be manually affixed.

36347. The seal of the district may be affixed to the revenue bonds
by mechanical reproduction thereof.

36348. If any officer whose signature appears on any revenue bond
or coupon ceases to be such officer of the district before the
delivery of the bonds to the purchaser, his signature on the bond or
coupon is valid and sufficient for all purposes with like force and
effect as though he had remained in office until the actual delivery
of the bonds and payment of the purchase price thereof.

36349. Revenue bonds shall be of such denomination or denominations
as the board may prescribe.

36350. Revenue bonds shall be payable at such time and place as may
be designated by the board, but in no case shall the maturity of any
bond be more than 40 years from its date.

36351. Every revenue bond shall be payable at a given time for its
entire amount and not for a percentage thereof.

36352. Revenue bonds shall bear interest at a rate not in excess of
8 percent per annum, payable annually or semiannually as may be
prescribed by the board.