Added by Stats. 1949, Ch. 81.
As used in this article, “local agency” includes any board or department of the local agency.
Article 3 - Negotiability
California Government Code — §§ 50660-50663
Sections (4)
Added by Stats. 1949, Ch. 81.
As used in this article, “bond” means revenue bond or other evidences of indebtedness but not attached coupons.
Amended by Stats. 1951, Ch. 110.
When a local agency is authorized by charter to issue bonds payable solely from revenues of a municipal utility or a special fund, in negotiable form, the local agency may issue the bonds and any coupons for interest thereon in negotiable form, and they are negotiable instruments for all purposes.
Amended by Stats. 1988, Ch. 1055, Sec. 5.
In issuing the bonds, the local agency may provide:
(a)(1) That the required signatures to the bonds may be by facsimile, except that at least one signature to the bonds shall be by autograph.
(2)Notwithstanding paragraph (1), the local agency may, in its discretion, determine that all of the required signatures shall be by facsimile, provided, however, that the bonds shall not be valid or become obligatory for any purpose until manually signed by an authenticating agent duly appointed by the governing board of the local agency or its authorized designee.
(b)For the registration of the bonds or coupons.
(c)For making the bonds and coupons payable by the treasurer of the local agency or an agency established for the purpose by the local agency at one or more points within or without the state upon presentation and surrender and without demand and approval required by charter for claims against the local agency.
(d)For the deposit with the agency of money from the fund from which the bonds and coupons are payable, for their payment upon presentation and surrender to the agency.