California Government Code

§ 15831

GOV § 15831 Effective Jan 1, 2019Div. 3 · Title 2 · Part 10b · Ch. 5

Statute text

(a)All bonds issued under this part shall bear the facsimile signature of the Governor and the facsimile countersignature of the Controller and the Treasurer, and the bonds shall be signed, countersigned, and endorsed by the officers who shall be in office on the date of issuance thereof, and each of the bonds shall bear an impress of the Great Seal of the State of California. The bonds so signed, countersigned, endorsed, and sealed, when sold, are valid although the sale thereof be made at a date or dates upon which the officers having signed, countersigned, and endorsed the bonds, or any or either of the officers, shall have ceased to be the incumbents of the offices held by them at the time of signing, countersigning, or endorsing the bonds. Each bond issued under this part, if subject to call or redemption before maturity, shall contain a recital to that effect.

(b)The rate of interest to be borne by the bonds need not be uniform for all bonds of the same issue or series or maturity and a “not to exceed” interest rate may be determined and fixed by the board by resolution adopted before or after the sale of the bonds. The Treasurer, when authorized by resolution of the board, may sell bonds above, below, or at their par or face value.

Legislative history

Amended by Stats. 2018, Ch. 92, Sec. 102. (SB 1289) Effective January 1, 2019.