§ 103393 District Bond Sale Proceeds

This rule says the district can sell its bonds, treasury notes, or similar investments at the right time, and must use the money they get for the same purpose the original money was meant for.

Key Takeaways

•The district may sell bonds, treasury notes, or similar items it owns.
•Sales should be timed to get the best value ("in season").
•The money from the sale must go to the same purpose the original funds were set aside for.

Example

The district used money set aside for a new library to buy some government bonds. Later, when the bonds are sold, the cash from the sale is used to finish building the library.

Because the district sold the bonds at a good time, it gets money back and spends it on the library, just like the original funds were intended.

Sales of any bonds, treasury notes, or obligations purchased and held by the district shall, from time to time, be made in season so that the proceeds may be applied to the purposes for which the money with which the bonds, treasury notes, or obligations were originally purchased was placed in the treasury of the district. (Added by Stats. 1974, Ch. 502.)

This rule says the district can sell its bonds, treasury notes, or similar investments at the right time, and must use the money they get for the same purpose the original money was meant for.

Key Takeaways

•The district may sell bonds, treasury notes, or similar items it owns.
•Sales should be timed to get the best value ("in season").
•The money from the sale must go to the same purpose the original funds were set aside for.

Example

The district used money set aside for a new library to buy some government bonds. Later, when the bonds are sold, the cash from the sale is used to finish building the library.

Because the district sold the bonds at a good time, it gets money back and spends it on the library, just like the original funds were intended.

Key Takeaways

Example

Key Terms

References

§ 103393 District Bond Sale Proceeds

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References