Section 100404 Of Article 1. Authorization And Issuance Of General Obligation Bonds From California Public Utilities Code >> Division 10. >> Part 12. >> Chapter 7. >> Article 1.
100404
. The bonds shall bear interest at a rate or rates not
exceeding 7 percent per annum, payable semiannually, except that the
first interest payable on the bonds or any series thereof may be for
any period not exceeding one year as determined by the board. In the
resolution or resolutions providing for the issuance of the bonds,
the board may also provide for call and redemption of the bonds prior
to maturity at such times and prices and upon such other terms as it
may specify, but no bond shall be subject to call or redemption
prior to maturity unless it contains a recital to that effect or
unless a statement to that effect is printed thereon. The
denomination or denominations of the bonds shall be stated in the
resolution providing for their issuance, but shall not be less than
one thousand dollars ($1,000). The principal of and interest on the
bonds shall be payable in lawful money of the United States at the
office of the treasurer of the district or at such other place or
places as may be designated, or at either place or places at the
option of the holders of the bonds. The bonds, or such series
thereof, shall be dated and numbered consecutively and shall be
signed by the chairman of the board and the treasurer, countersigned
by the secretary and the official seal of the district attached. The
interest coupons of such bonds shall be signed by the treasurer. All
such signatures, countersignatures, and seal may be printed,
lithographed, or mechanically reproduced, except that one of such
signatures or countersignatures on the bonds shall be manually
affixed. If any officer whose signature or countersignature appears
on bonds or coupons ceases to be such officer before the delivery of
the bonds, his signature is as effective as if he had remained in
office.