Section 15141 Of Article 3. Issuance And Sale Of Bonds From California Education Code >> Division 1. >> Title 1. >> Part 10. >> Chapter 1. >> Article 3.
15141
. When authorized by the governing board of a school district
or a community college district, bonds of a school district or a
community college district may be offered for sale as a group by the
board of supervisors of the county, the county superintendent of
schools, or the governing board of a community college district,
which has jurisdiction over the district, at a time determined by the
board of supervisors following receipt of a resolution duly adopted
by the governing board of the school district or community college
district. The resolution shall prescribe the total amount of bonds to
be sold. The resolution may also prescribe the maximum acceptable
interest rate, not to exceed 8 percent, and the time or times when
the whole or any part of the principal of the bonds shall be payable,
which shall not be more than 25 years from the date of the bonds.
Bidders shall be required to bid a lump-sum bid on all bonds as a
group. If bids satisfactory to the governing board of each school
district included in the group are received, the bonds offered for
sale shall be awarded to the bidder whose bid will result in the
lowest net interest cost for the group or for the bonds of any
district included within the group. Bonds shall be issued and sold in
the name of each school district or a community college district in
the same manner as provided in this chapter.