Section 6939.9 Of Article 4. Additional Sacramento-yolo Port District Bonds From California Harbors And Navigation Code >> Division 8. >> Part 6. >> Chapter 4. >> Article 4.
6939.9
. If any officer whose signature or countersignature appears
on the bonds or coupons ceases to be an officer before the delivery
of the bonds to the purchaser, his signature or countersignature is
nevertheless as valid and sufficient for all purposes as if he had
remained in office.
Bonds may be issued and sold by the board for not less than their
par value and accrued interest to date of delivery, at such times and
under such conditions as may be designated by the board.
The proceeds shall be placed in the treasury of the district to
the credit of the proper improvement fund and applied exclusively to
the objects and purposes mentioned in the ordinance. Said purposes
may include bond interest during construction and for a period not to
exceed one year after completion of construction, and creation of a
reserve fund to secure payment of bond interest and principal.