Section 5752 Of Chapter 9.5. California Savings Bond Program From California Government Code >> Division 6. >> Title 1. >> Chapter 9.5.
5752
. The Treasurer may sell California savings bonds in accordance
with the requirements of this chapter. Notwithstanding any provision
of law, when the Treasurer determines that bonds are to be sold, the
Treasurer may request the governing body to authorize bonds with the
following terms and the governing body shall authorize these terms:
(a) The bonds may be issued in a denomination or denominations of
any amount or amounts requested by the Treasurer and all bonds of the
same issue or same series need not be of the same denomination.
(b) The bonds may bear no interest or may bear interest payable
only at maturity or at the times and in the manner established in the
resolution, indenture, agreement, or other instrument providing for
the issuance of the bonds.
(c) For purposes of determining the principal amount of bonds
outstanding, in the case of any bonds that do not provide for payment
of interest on the bond prior to maturity, the principal amount of
these bonds shall be the cash price paid by the initial purchasers of
the bonds to the state plus the amount of any costs of issuance of
the bonds. Within 30 days of the delivery of any bonds, the Treasurer
shall submit to the governing body a certificate stating the
principal amount of bonds, calculated as stated in this subdivision,
which have been sold, and this certification shall be conclusive for
all purposes.
(d) The bonds may be issued in any form requested by the Treasurer
in order to satisfy the requirements of a book entry system of
depository trust companies or other similar financial institutions.
(e) In addition to the standard designation, the bonds may be
designated "California savings bonds" entitled to the benefits of
this chapter.