32300. Bonds may be issued by a district for the purpose of
acquiring, maintaining, constructing, or altering work, or for the
purpose of funding the district's portion of the funding of a
coinsurance plan between a hospital and the member of its attending
medical staff, when, in either case, in the opinion of the directors,
a special assessment would be inadvisable, and the expenses of such
operations will be in excess of an amount which can reasonably be
raised by the regular annual assessment for the running expenses of
the district.
32300.1. In determining the amount of bonds to be issued, the
legislative body may include:
(a) All costs and estimated costs incidental to or connected with
the acquisition, construction, improving or financing of the project.
(b) All engineering, inspection, legal and fiscal agent's fees,
costs of the bond election and of the issuance of such bonds, and
bond interest estimated to accrue during the construction period and
for a period of not to exceed 12 months after completion of
construction.
32300.2. Bonds may be issued by a district for the purpose of
refunding any or all of the outstanding bonds or other indebtedness
of the district.
32301. An election shall be held to authorize the issuance of any
bonds of a district. The board of directors of a district may call
such election at its discretion, and it shall call such election upon
presentation to it of a petition requesting the issuance of bonds,
specifying the purpose to which the proceeds are to be applied, and
signed by electors of the district entitled to cast votes equal in
number to at least 15 per cent of the total number of votes of all
the electors of the district.
32302. The resolution of the board of directors calling a bond
election, in addition to all of the matters required by this division
for a resolution calling an election, shall state the amount of the
proposed bond issue, the rate of interest thereon, and the maximum
date of maturity of bonds. If two-thirds of the votes cast at the
bond election are in favor of the issuance of the bonds, the board of
directors shall cause bonds to be issued.
32303. The board of directors by resolution entered on its minutes
shall prescribe the form of the bonds and of the interest coupons
attached thereto, shall fix the time when the whole or any part of
the principal of said bonds shall be payable, which shall not be more
than 30 years after their date of issuance, the denomination or
denominations of the bonds, the date or dates of issuance of such
bonds, the number or numbers of the bonds maturing at each date of
maturity and the place or places of payment of such bonds. Said bonds
may be payable at the office of the district or at the office of the
county treasurer of the organizing county, or at any place or places
designated therein at holder's option.
32304. Bonds first to mature in each issue shall mature not later
than five years from the date of issuance thereof; and those last to
mature of each issue shall mature not later than 30 years from the
date of issuance thereof.
32305. The rate of interest to be borne by bonds issued under the
authority of this chapter shall be fixed by the board of directors.
The rate shall not exceed 8 percent per annum, payable annually or
semiannually.
32306. Bonds issued under the authority of this chapter shall be of
such denomination or denominations as the board of directors may
prescribe.
32307. All bonds issued pursuant to this chapter shall be signed by
the presiding officer and attested by the secretary of the board of
directors of the district, and shall be valid as to future sale
thereafter, regardless of whether at the time of sale the officer so
signing is still the incumbent of such office.
32308. No hospital district shall incur a bonded indebtedness
exceeding 10 percent of the assessed value of all the taxable
property in the district as shown by the last equalized county
assessment roll or rolls of the county or counties in which the
district lies. Any bonds of local hospital districts which shall be
issued under the provisions of this chapter shall be legal
investments for all trust funds and for the funds of insurance
companies, banks, both commercial and savings, and trust companies,
and whenever any moneys or funds may by any law now or hereafter
enacted be invested in bonds of cities, cities and counties, counties
or school districts within the State of California, such moneys or
funds may be invested in said bonds of local hospital districts
issued under this chapter, and whenever bonds of cities, cities and
counties, counties or school districts within the State may by any
law now or hereafter enacted be used as security for the performance
of any act or the deposit of any public moneys, said bonds of local
hospital districts issued under this chapter and in pursuance of its
provisions may be so used.
32309. The board of directors may, from time to time, sell bonds in
such quantities as may be necessary and most advantageous to raise
money for the purposes for which they were issued.
32310. Bonds shall be sold for at least par value. Before making
any sales, the board of directors of the district shall, by
resolution entered on its minutes, declare its intention to sell a
specified amount of bonds, and the day, hour, and place at which bids
will be received for such bonds. Notice of the sale shall be given
by publication, once, not less than 10 days prior to the date of
sale, in a newspaper of general circulation in the district and shall
state that sealed proposals for the purchase of bonds will be
received at the place designated for the receipt of bids until the
day and hour named in the resolution.
32311. At the time appointed, the board of directors shall open the
proposals, and may sell the bonds or any portion thereof to the
highest responsible bidder or bidders. Any and all bids may be
rejected and no proposal shall be accepted unless accompanied by a
certified or cashier's check for such reasonable percentage of the
amount of the bid as shall be determined by the board of directors,
to apply to the purchase price of the bonds. The amount of such check
shall be forfeited if, after the acceptance of the proposal the
bidder refuses to accept the bonds and to complete his purchase
thereof on conditions stated in his bid. In case no award is made the
board of directors thereafter may again advertise the bonds or any
part thereof for sale.
32312. The board or boards of supervisors of the county or counties
in which the district lies shall, at the time of fixing the general
tax levy, sometimes called the annual assessment or regular annual
assessment, for such district, and in the manner for such general tax
levy provided, levy and collect annually each year until said bonds
are paid or until there shall be a sum in the treasury set apart for
that purpose sufficient to meet all sums coming due for the principal
and interest on such bonds, a tax sufficient to pay the interest on
such bonds as the same becomes due and also, to constitute a sinking
fund for the payment of the principal thereof at maturity. The sum
for the sinking fund shall in any event be sufficient to provide for
the payment of the principal of all of the bonds as such bonds become
due. Said tax shall be in addition to all other taxes levied for
district purposes and shall be placed in the bond interest and
sinking fund of the district and, until all of the principal and
interest of the bonds of said district is paid, the moneys in said
fund shall be used for no other purpose than the payment of said
bonds and accruing interest thereon.
32314. The board may provide that any bond issued by the district
may be subject to call and retirement prior to maturity at such times
and prices and upon such other terms as the board may specify. If a
bond is subject to call and retirement prior to maturity that fact
shall be stated in the bond.
32300. Bonds may be issued by a district for the purpose of
acquiring, maintaining, constructing, or altering work, or for the
purpose of funding the district's portion of the funding of a
coinsurance plan between a hospital and the member of its attending
medical staff, when, in either case, in the opinion of the directors,
a special assessment would be inadvisable, and the expenses of such
operations will be in excess of an amount which can reasonably be
raised by the regular annual assessment for the running expenses of
the district.
32300.1. In determining the amount of bonds to be issued, the
legislative body may include:
(a) All costs and estimated costs incidental to or connected with
the acquisition, construction, improving or financing of the project.
(b) All engineering, inspection, legal and fiscal agent's fees,
costs of the bond election and of the issuance of such bonds, and
bond interest estimated to accrue during the construction period and
for a period of not to exceed 12 months after completion of
construction.
32300.2. Bonds may be issued by a district for the purpose of
refunding any or all of the outstanding bonds or other indebtedness
of the district.
32301. An election shall be held to authorize the issuance of any
bonds of a district. The board of directors of a district may call
such election at its discretion, and it shall call such election upon
presentation to it of a petition requesting the issuance of bonds,
specifying the purpose to which the proceeds are to be applied, and
signed by electors of the district entitled to cast votes equal in
number to at least 15 per cent of the total number of votes of all
the electors of the district.
32302. The resolution of the board of directors calling a bond
election, in addition to all of the matters required by this division
for a resolution calling an election, shall state the amount of the
proposed bond issue, the rate of interest thereon, and the maximum
date of maturity of bonds. If two-thirds of the votes cast at the
bond election are in favor of the issuance of the bonds, the board of
directors shall cause bonds to be issued.
32303. The board of directors by resolution entered on its minutes
shall prescribe the form of the bonds and of the interest coupons
attached thereto, shall fix the time when the whole or any part of
the principal of said bonds shall be payable, which shall not be more
than 30 years after their date of issuance, the denomination or
denominations of the bonds, the date or dates of issuance of such
bonds, the number or numbers of the bonds maturing at each date of
maturity and the place or places of payment of such bonds. Said bonds
may be payable at the office of the district or at the office of the
county treasurer of the organizing county, or at any place or places
designated therein at holder's option.
32304. Bonds first to mature in each issue shall mature not later
than five years from the date of issuance thereof; and those last to
mature of each issue shall mature not later than 30 years from the
date of issuance thereof.
32305. The rate of interest to be borne by bonds issued under the
authority of this chapter shall be fixed by the board of directors.
The rate shall not exceed 8 percent per annum, payable annually or
semiannually.
32306. Bonds issued under the authority of this chapter shall be of
such denomination or denominations as the board of directors may
prescribe.
32307. All bonds issued pursuant to this chapter shall be signed by
the presiding officer and attested by the secretary of the board of
directors of the district, and shall be valid as to future sale
thereafter, regardless of whether at the time of sale the officer so
signing is still the incumbent of such office.
32308. No hospital district shall incur a bonded indebtedness
exceeding 10 percent of the assessed value of all the taxable
property in the district as shown by the last equalized county
assessment roll or rolls of the county or counties in which the
district lies. Any bonds of local hospital districts which shall be
issued under the provisions of this chapter shall be legal
investments for all trust funds and for the funds of insurance
companies, banks, both commercial and savings, and trust companies,
and whenever any moneys or funds may by any law now or hereafter
enacted be invested in bonds of cities, cities and counties, counties
or school districts within the State of California, such moneys or
funds may be invested in said bonds of local hospital districts
issued under this chapter, and whenever bonds of cities, cities and
counties, counties or school districts within the State may by any
law now or hereafter enacted be used as security for the performance
of any act or the deposit of any public moneys, said bonds of local
hospital districts issued under this chapter and in pursuance of its
provisions may be so used.
32309. The board of directors may, from time to time, sell bonds in
such quantities as may be necessary and most advantageous to raise
money for the purposes for which they were issued.
32310. Bonds shall be sold for at least par value. Before making
any sales, the board of directors of the district shall, by
resolution entered on its minutes, declare its intention to sell a
specified amount of bonds, and the day, hour, and place at which bids
will be received for such bonds. Notice of the sale shall be given
by publication, once, not less than 10 days prior to the date of
sale, in a newspaper of general circulation in the district and shall
state that sealed proposals for the purchase of bonds will be
received at the place designated for the receipt of bids until the
day and hour named in the resolution.
32311. At the time appointed, the board of directors shall open the
proposals, and may sell the bonds or any portion thereof to the
highest responsible bidder or bidders. Any and all bids may be
rejected and no proposal shall be accepted unless accompanied by a
certified or cashier's check for such reasonable percentage of the
amount of the bid as shall be determined by the board of directors,
to apply to the purchase price of the bonds. The amount of such check
shall be forfeited if, after the acceptance of the proposal the
bidder refuses to accept the bonds and to complete his purchase
thereof on conditions stated in his bid. In case no award is made the
board of directors thereafter may again advertise the bonds or any
part thereof for sale.
32312. The board or boards of supervisors of the county or counties
in which the district lies shall, at the time of fixing the general
tax levy, sometimes called the annual assessment or regular annual
assessment, for such district, and in the manner for such general tax
levy provided, levy and collect annually each year until said bonds
are paid or until there shall be a sum in the treasury set apart for
that purpose sufficient to meet all sums coming due for the principal
and interest on such bonds, a tax sufficient to pay the interest on
such bonds as the same becomes due and also, to constitute a sinking
fund for the payment of the principal thereof at maturity. The sum
for the sinking fund shall in any event be sufficient to provide for
the payment of the principal of all of the bonds as such bonds become
due. Said tax shall be in addition to all other taxes levied for
district purposes and shall be placed in the bond interest and
sinking fund of the district and, until all of the principal and
interest of the bonds of said district is paid, the moneys in said
fund shall be used for no other purpose than the payment of said
bonds and accruing interest thereon.
32314. The board may provide that any bond issued by the district
may be subject to call and retirement prior to maturity at such times
and prices and upon such other terms as the board may specify. If a
bond is subject to call and retirement prior to maturity that fact
shall be stated in the bond.
32300. Bonds may be issued by a district for the purpose of
acquiring, maintaining, constructing, or altering work, or for the
purpose of funding the district's portion of the funding of a
coinsurance plan between a hospital and the member of its attending
medical staff, when, in either case, in the opinion of the directors,
a special assessment would be inadvisable, and the expenses of such
operations will be in excess of an amount which can reasonably be
raised by the regular annual assessment for the running expenses of
the district.
32300.1. In determining the amount of bonds to be issued, the
legislative body may include:
(a) All costs and estimated costs incidental to or connected with
the acquisition, construction, improving or financing of the project.
(b) All engineering, inspection, legal and fiscal agent's fees,
costs of the bond election and of the issuance of such bonds, and
bond interest estimated to accrue during the construction period and
for a period of not to exceed 12 months after completion of
construction.
32300.2. Bonds may be issued by a district for the purpose of
refunding any or all of the outstanding bonds or other indebtedness
of the district.
32301. An election shall be held to authorize the issuance of any
bonds of a district. The board of directors of a district may call
such election at its discretion, and it shall call such election upon
presentation to it of a petition requesting the issuance of bonds,
specifying the purpose to which the proceeds are to be applied, and
signed by electors of the district entitled to cast votes equal in
number to at least 15 per cent of the total number of votes of all
the electors of the district.
32302. The resolution of the board of directors calling a bond
election, in addition to all of the matters required by this division
for a resolution calling an election, shall state the amount of the
proposed bond issue, the rate of interest thereon, and the maximum
date of maturity of bonds. If two-thirds of the votes cast at the
bond election are in favor of the issuance of the bonds, the board of
directors shall cause bonds to be issued.
32303. The board of directors by resolution entered on its minutes
shall prescribe the form of the bonds and of the interest coupons
attached thereto, shall fix the time when the whole or any part of
the principal of said bonds shall be payable, which shall not be more
than 30 years after their date of issuance, the denomination or
denominations of the bonds, the date or dates of issuance of such
bonds, the number or numbers of the bonds maturing at each date of
maturity and the place or places of payment of such bonds. Said bonds
may be payable at the office of the district or at the office of the
county treasurer of the organizing county, or at any place or places
designated therein at holder's option.
32304. Bonds first to mature in each issue shall mature not later
than five years from the date of issuance thereof; and those last to
mature of each issue shall mature not later than 30 years from the
date of issuance thereof.
32305. The rate of interest to be borne by bonds issued under the
authority of this chapter shall be fixed by the board of directors.
The rate shall not exceed 8 percent per annum, payable annually or
semiannually.
32306. Bonds issued under the authority of this chapter shall be of
such denomination or denominations as the board of directors may
prescribe.
32307. All bonds issued pursuant to this chapter shall be signed by
the presiding officer and attested by the secretary of the board of
directors of the district, and shall be valid as to future sale
thereafter, regardless of whether at the time of sale the officer so
signing is still the incumbent of such office.
32308. No hospital district shall incur a bonded indebtedness
exceeding 10 percent of the assessed value of all the taxable
property in the district as shown by the last equalized county
assessment roll or rolls of the county or counties in which the
district lies. Any bonds of local hospital districts which shall be
issued under the provisions of this chapter shall be legal
investments for all trust funds and for the funds of insurance
companies, banks, both commercial and savings, and trust companies,
and whenever any moneys or funds may by any law now or hereafter
enacted be invested in bonds of cities, cities and counties, counties
or school districts within the State of California, such moneys or
funds may be invested in said bonds of local hospital districts
issued under this chapter, and whenever bonds of cities, cities and
counties, counties or school districts within the State may by any
law now or hereafter enacted be used as security for the performance
of any act or the deposit of any public moneys, said bonds of local
hospital districts issued under this chapter and in pursuance of its
provisions may be so used.
32309. The board of directors may, from time to time, sell bonds in
such quantities as may be necessary and most advantageous to raise
money for the purposes for which they were issued.
32310. Bonds shall be sold for at least par value. Before making
any sales, the board of directors of the district shall, by
resolution entered on its minutes, declare its intention to sell a
specified amount of bonds, and the day, hour, and place at which bids
will be received for such bonds. Notice of the sale shall be given
by publication, once, not less than 10 days prior to the date of
sale, in a newspaper of general circulation in the district and shall
state that sealed proposals for the purchase of bonds will be
received at the place designated for the receipt of bids until the
day and hour named in the resolution.
32311. At the time appointed, the board of directors shall open the
proposals, and may sell the bonds or any portion thereof to the
highest responsible bidder or bidders. Any and all bids may be
rejected and no proposal shall be accepted unless accompanied by a
certified or cashier's check for such reasonable percentage of the
amount of the bid as shall be determined by the board of directors,
to apply to the purchase price of the bonds. The amount of such check
shall be forfeited if, after the acceptance of the proposal the
bidder refuses to accept the bonds and to complete his purchase
thereof on conditions stated in his bid. In case no award is made the
board of directors thereafter may again advertise the bonds or any
part thereof for sale.
32312. The board or boards of supervisors of the county or counties
in which the district lies shall, at the time of fixing the general
tax levy, sometimes called the annual assessment or regular annual
assessment, for such district, and in the manner for such general tax
levy provided, levy and collect annually each year until said bonds
are paid or until there shall be a sum in the treasury set apart for
that purpose sufficient to meet all sums coming due for the principal
and interest on such bonds, a tax sufficient to pay the interest on
such bonds as the same becomes due and also, to constitute a sinking
fund for the payment of the principal thereof at maturity. The sum
for the sinking fund shall in any event be sufficient to provide for
the payment of the principal of all of the bonds as such bonds become
due. Said tax shall be in addition to all other taxes levied for
district purposes and shall be placed in the bond interest and
sinking fund of the district and, until all of the principal and
interest of the bonds of said district is paid, the moneys in said
fund shall be used for no other purpose than the payment of said
bonds and accruing interest thereon.
32314. The board may provide that any bond issued by the district
may be subject to call and retirement prior to maturity at such times
and prices and upon such other terms as the board may specify. If a
bond is subject to call and retirement prior to maturity that fact
shall be stated in the bond.
