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Article 3. Miscellaneous Provisions of California Water Code >> Division 13. >> Part 6. >> Chapter 3. >> Article 3.
General obligation bonds shall be in such form as may be
prescribed by the board.
General obligation bonds shall be payable in lawful money of
the United States.
Each issue or series of an issue of general obligation bonds
shall be numbered consecutively, and the bonds of each issue or
series of an issue shall be numbered consecutively from lower to
higher as they mature and bear such date as may be prescribed by the
board.
General obligation bonds shall be signed by the president
and attested by the secretary.
General obligation bonds shall be of such denomination or
denominations as the board may prescribe.
General obligation bonds shall be payable at such time or
times and place or places 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.
Each general obligation bond shall be made payable at a
given time for its full face value and not for a percentage thereof.
A general obligation bond shall be payable when due upon
presentation and surrender thereof to the treasurer by the holder.
General obligation 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.
The interest on general obligation bonds shall be payable at
such place or places as may be prescribed by the board upon the
presentation and surrender of the proper coupons.
The interest coupons shall be in such form as may be
prescribed by the board.
Coupons for each installment of interest shall be attached
to the bonds, numbered the same as the bonds, and signed by the
secretary.
All the signatures on the bond or coupons may be printed,
lithographed or otherwise mechanically reproduced, except that one of
the signatures on the bond shall be manually affixed.
