State Codes and Statutes

Statutes > California > Shc > 8750-8756

STREETS AND HIGHWAYS CODE
SECTION 8750-8756 



8750.  By proceeding in accordance with the provisions of this part
the treasurer may advance the maturity of any bond to the second day
of March or September in any year and pay and cancel the same
whenever there is sufficient surplus moneys in the redemption fund
for its retirement.



8751.  Notice of advanced maturity shall be given in writing to the
registered holder or owner of the bond by registered or certified
mail or personal service. Service or mailing of the notice shall be
made at least 30 days before the date fixed for advanced maturity.



8751.5.  In the event the treasurer receives for payment any
interest coupon from a bond for which notice of advanced maturity has
been given without the bond being surrendered to him or her, he or
she shall mail a copy of the notice of advanced maturity to the
address given for payment of the coupon and, if the coupon received
is for interest which has ceased to accrue on the bond by reason of
its advanced maturity, shall also return the interest coupon with the
copy of notice. Failure of the holder or owner of the bond to
receive the additional notice shall not affect the advancing of the
maturity of the bond.


8752.  If notice of advanced maturity is given, the bond shall
mature and become payable on the date fixed for maturity in the
notice. The holder or owner of the bond may, prior to the date of
advanced maturity, with the consent of the treasurer, surrender it
and receive the principal and interest thereon to the date of payment
together with the redemption premium provided for the bond. If the
bond has not been sooner surrendered on the date fixed for advanced
maturity, the treasurer shall set aside to the credit of the owner of
the bond the amount of principal and accrued interest then due on
the bond together with the redemption premium and the bond shall then
be deemed to have matured and interest shall cease to accrue on the
bond. The amount so set aside shall upon demand and upon the
surrender and cancellation of the bond be paid to the holder or owner
of the bond.



8753.  The cost of serving or publishing the notice of advanced
maturity shall be paid from the redemption fund.



8754.  More than one bond may be covered in a single notice of
advanced maturity.



8755.  Prior to the surrender of any bond or the setting aside of
any funds, the treasurer may waive and vacate any notice of advanced
maturity upon being tendered for cancellation some other bond or
bonds of an equivalent amount and of a maturity not earlier than that
noticed, if 10 days' notice of his intention so to do is first given
by mail or otherwise to the holder or owner of the bond noticed for
advanced maturity and such holder or owner has not objected to such
action.



8756.  In selecting bonds for retirement, the treasurer shall follow
the procedure set forth in Section 8768. The decision of the
treasurer in selecting bonds for retirement shall be conclusive in
the absence of fraud. The treasurer shall make provision for
returning to owners releasing unpaid assessments under Part 8 all
interest not accrued less the premium and interest paid on the bonds
retired and the cost of administering retirement of the bonds.

State Codes and Statutes

Statutes > California > Shc > 8750-8756

STREETS AND HIGHWAYS CODE
SECTION 8750-8756 



8750.  By proceeding in accordance with the provisions of this part
the treasurer may advance the maturity of any bond to the second day
of March or September in any year and pay and cancel the same
whenever there is sufficient surplus moneys in the redemption fund
for its retirement.



8751.  Notice of advanced maturity shall be given in writing to the
registered holder or owner of the bond by registered or certified
mail or personal service. Service or mailing of the notice shall be
made at least 30 days before the date fixed for advanced maturity.



8751.5.  In the event the treasurer receives for payment any
interest coupon from a bond for which notice of advanced maturity has
been given without the bond being surrendered to him or her, he or
she shall mail a copy of the notice of advanced maturity to the
address given for payment of the coupon and, if the coupon received
is for interest which has ceased to accrue on the bond by reason of
its advanced maturity, shall also return the interest coupon with the
copy of notice. Failure of the holder or owner of the bond to
receive the additional notice shall not affect the advancing of the
maturity of the bond.


8752.  If notice of advanced maturity is given, the bond shall
mature and become payable on the date fixed for maturity in the
notice. The holder or owner of the bond may, prior to the date of
advanced maturity, with the consent of the treasurer, surrender it
and receive the principal and interest thereon to the date of payment
together with the redemption premium provided for the bond. If the
bond has not been sooner surrendered on the date fixed for advanced
maturity, the treasurer shall set aside to the credit of the owner of
the bond the amount of principal and accrued interest then due on
the bond together with the redemption premium and the bond shall then
be deemed to have matured and interest shall cease to accrue on the
bond. The amount so set aside shall upon demand and upon the
surrender and cancellation of the bond be paid to the holder or owner
of the bond.



8753.  The cost of serving or publishing the notice of advanced
maturity shall be paid from the redemption fund.



8754.  More than one bond may be covered in a single notice of
advanced maturity.



8755.  Prior to the surrender of any bond or the setting aside of
any funds, the treasurer may waive and vacate any notice of advanced
maturity upon being tendered for cancellation some other bond or
bonds of an equivalent amount and of a maturity not earlier than that
noticed, if 10 days' notice of his intention so to do is first given
by mail or otherwise to the holder or owner of the bond noticed for
advanced maturity and such holder or owner has not objected to such
action.



8756.  In selecting bonds for retirement, the treasurer shall follow
the procedure set forth in Section 8768. The decision of the
treasurer in selecting bonds for retirement shall be conclusive in
the absence of fraud. The treasurer shall make provision for
returning to owners releasing unpaid assessments under Part 8 all
interest not accrued less the premium and interest paid on the bonds
retired and the cost of administering retirement of the bonds.


State Codes and Statutes


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State Codes and Statutes

Statutes > California > Shc > 8750-8756

STREETS AND HIGHWAYS CODE
SECTION 8750-8756 



8750.  By proceeding in accordance with the provisions of this part
the treasurer may advance the maturity of any bond to the second day
of March or September in any year and pay and cancel the same
whenever there is sufficient surplus moneys in the redemption fund
for its retirement.



8751.  Notice of advanced maturity shall be given in writing to the
registered holder or owner of the bond by registered or certified
mail or personal service. Service or mailing of the notice shall be
made at least 30 days before the date fixed for advanced maturity.



8751.5.  In the event the treasurer receives for payment any
interest coupon from a bond for which notice of advanced maturity has
been given without the bond being surrendered to him or her, he or
she shall mail a copy of the notice of advanced maturity to the
address given for payment of the coupon and, if the coupon received
is for interest which has ceased to accrue on the bond by reason of
its advanced maturity, shall also return the interest coupon with the
copy of notice. Failure of the holder or owner of the bond to
receive the additional notice shall not affect the advancing of the
maturity of the bond.


8752.  If notice of advanced maturity is given, the bond shall
mature and become payable on the date fixed for maturity in the
notice. The holder or owner of the bond may, prior to the date of
advanced maturity, with the consent of the treasurer, surrender it
and receive the principal and interest thereon to the date of payment
together with the redemption premium provided for the bond. If the
bond has not been sooner surrendered on the date fixed for advanced
maturity, the treasurer shall set aside to the credit of the owner of
the bond the amount of principal and accrued interest then due on
the bond together with the redemption premium and the bond shall then
be deemed to have matured and interest shall cease to accrue on the
bond. The amount so set aside shall upon demand and upon the
surrender and cancellation of the bond be paid to the holder or owner
of the bond.



8753.  The cost of serving or publishing the notice of advanced
maturity shall be paid from the redemption fund.



8754.  More than one bond may be covered in a single notice of
advanced maturity.



8755.  Prior to the surrender of any bond or the setting aside of
any funds, the treasurer may waive and vacate any notice of advanced
maturity upon being tendered for cancellation some other bond or
bonds of an equivalent amount and of a maturity not earlier than that
noticed, if 10 days' notice of his intention so to do is first given
by mail or otherwise to the holder or owner of the bond noticed for
advanced maturity and such holder or owner has not objected to such
action.



8756.  In selecting bonds for retirement, the treasurer shall follow
the procedure set forth in Section 8768. The decision of the
treasurer in selecting bonds for retirement shall be conclusive in
the absence of fraud. The treasurer shall make provision for
returning to owners releasing unpaid assessments under Part 8 all
interest not accrued less the premium and interest paid on the bonds
retired and the cost of administering retirement of the bonds.


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