§ 19262 Bond Sale Authorization Rules

Elections Code·California

AI SummaryVerified

This law lets the committee sell bonds (like borrowing money) for less than their full price, but not more than 3% off.

Key Takeaways

•The committee can sell bonds to borrow money.
•They can sell bonds for less than their full price, but not more than 3% off.
•This helps make sure the government doesn't lose too much money when selling bonds.

Example

The government needs money to build a new school.

They can sell bonds to get the money, but if they sell them for less than the full price, they can't discount them by more than 3%.

How to Calculate

Discount = Par Value * 0.03

Find the par value (full price) of the bond.
Multiply the par value by 0.03 to find the maximum discount allowed.
Subtract the discount from the par value to find the minimum selling price.

The government wants to sell a bond with a par value of $1000.

Result: The maximum discount is $30, so the bond can be sold for no less than $970.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 19262 Bond Sale Authorization Rules

(a) The committee may authorize the Treasurer to sell all or any part of the bonds authorized by this article at the time or times established by the Treasurer. (b) Whenever the committee deems it necessary for an effective sale of the bonds, the committee may authorize the Treasurer to sell any issue of bonds at less than their par value, notwithstanding Section 16754 of the Government Code. However, the discount on the bonds shall not exceed 3 percent of the par value thereof. (Added by renumbering Section 19241 by Stats. 2013, Ch. 602, Sec. 60. (SB 360) Effective January 1, 2014. Note: This section (as originally numbered) was added by Stats. 2001, Ch. 902, and approved in Prop. 41 on March 5, 2002.)

Last verified: January 10, 2026

Key Terms

committee Treasurer bonds par value discount Section 16754 of the Government Code

References

Official text at leginfo.legislature.ca.gov
California Legislature. Elections Code. Section 19262.

§ 19262 Bond Sale Authorization Rules

Elections Code·California

AI SummaryVerified

§ 19262 Bond Sale Authorization Rules

This law lets the committee sell bonds (like borrowing money) for less than their full price, but not more than 3% off.

Key Takeaways

•The committee can sell bonds to borrow money.
•They can sell bonds for less than their full price, but not more than 3% off.
•This helps make sure the government doesn't lose too much money when selling bonds.

Example

The government needs money to build a new school.

They can sell bonds to get the money, but if they sell them for less than the full price, they can't discount them by more than 3%.

How to Calculate

Discount = Par Value * 0.03

Find the par value (full price) of the bond.
Multiply the par value by 0.03 to find the maximum discount allowed.
Subtract the discount from the par value to find the minimum selling price.

The government wants to sell a bond with a par value of $1000.

Result: The maximum discount is $30, so the bond can be sold for no less than $970.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 19262 Bond Sale Authorization Rules

Last verified: January 10, 2026

Key Terms

committee Treasurer bonds par value discount Section 16754 of the Government Code

References

Official text at leginfo.legislature.ca.gov
California Legislature. Elections Code. Section 19262.

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References