State Codes and Statutes
Statutes > California > Wat > 8030-8039WATER CODE
SECTION 8030-8039
8030. All bonds issued under this chapter shall be serial bonds and of such denominations as the city council determines. 8031. No bond shall be for less than one hundred dollars ($100) nor for more than one thousand dollars ($1,000). 8032. Not less than one-fortieth part of the whole indebtedness evidenced by the whole of the issue of bonds shall be, by the terms of the bonds, made payable each and every year. 8033. Each bond shall be made payable in lawful money of the United States on a day and at a place designated in the bond, with interest at the rate specified in the bond. 8034. The interest rate shall not exceed 8 percent per annum, and shall be fixed by the city council. 8035. The place of payment shall be either at the office of the treasurer of the city, or at some designated bank in San Francisco, Chicago, or New York. 8036. The bonds shall be executed on the part of the city by the mayor or other executive, and the treasurer, and countersigned by the clerk of the city. 8037. The interest coupons shall be numbered consecutively and signed by the treasurer. 8038. Any of the bonds may be issued and sold by the city council at not less than its face value. 8039. The proceeds of the sale of the bonds shall be deposited in the city treasury to the credit of a designated fund and shall be applied exclusively to the purposes and objects for which the electors have voted to incur indebtedness or liability until the purposes and objects are accomplished, after which the surplus, if any, may be transferred to the general fund of the city.
