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HomeGovernment CodeDiv. 3Ch. 6Art. 1§ 29923 Bond Interest And Redemption Tax

§ 29923 Bond Interest And Redemption Tax

Government Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 29923 Bond Interest And Redemption Tax

Key Takeaways

  • •This law is about taxes to pay back money borrowed by the government (called bonds).
  • •The tax must be enough to pay the interest on the bonds and part of the borrowed money every year.
  • •The tax also helps save money to pay back the full borrowed amount when it's due.
  • •The people in charge must decide on this tax before or when they borrow the money.

Example

Imagine a city borrows $1,000,000 to build a new park.

The city must collect extra taxes every year to pay the interest on the $1,000,000 and save up to pay back the full amount when it's due. They have to plan this tax before or when they borrow the money.

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

Official Source
View on CA.gov

§ 29923 Bond Interest And Redemption Tax

The tax for interest and redemption of bonds shall be in addition to all other taxes, and shall not be less than sufficient to pay the interest on the bonds and such portion of the principal, if any, as is to become due before the time for making the next general tax levy. It shall also be sufficient to constitute a sinking fund for the payment of the principal of the bonds on or before maturity. The board shall provide for the levy of an annual tax sufficient to effect the objects of this section either in the resolution providing for the issuance of the bonds or in an ordinance adopted before or at the time of issuing the bonds. (Amended by Stats. 1957, Ch. 141.)

Last verified: January 22, 2026

Key Terms

resolutionordinanceportcollectionredemptionadditionmaturityissuance

Related Statutes

  • § 29911 Bond Call And Redemption
  • § 29910 Bond Issuance Authorization Resolution
  • § 29912 Bond Redemption Notice Requirements
  • § 54307.4 Wind Energy Bond Authorization
  • § 29924.5 County Bond Payment Guarantee

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 29923.
View Official Source