California Government Code

§ 16731

GOV § 16731 Effective Jan 1, 2012Div. 4 · Title 2 · Part 3 · Ch. 4 · Art. 2

Statute text

Whenever the committee determines that the sale of all or any part of the bonds authorized to be issued is necessary or desirable, it shall adopt a resolution to that effect. The resolution shall specify all of the following as to the bonds then to be sold:

(a)The aggregate number, aggregate par value, denominations, and the date of the bonds to be then sold. The denominations shall be in the sum of twenty-five dollars ($25) or multiples of that sum. The date appearing on the bonds shall be deemed to be the date of issuance for all purposes of this chapter, irrespective of the actual date of delivery of the bonds and the payment of the purchase price of the bonds.

(b)The dates of maturity and the amount of the bonds maturing at each date of maturity, which amounts need not be equal. The last dates of maturity shall be not more than 45 years after the date of the bonds.

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Legislative history

Amended by Stats. 2011, Ch. 282, Sec. 1. (AB 1408) Effective January 1, 2012.