§ 9516 Refunding Bond Denominations

Water Code·California

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Key Takeaways

•Refunding bonds must be at least $100 and no more than $1,000.
•The board decides the exact amount of each bond.
•Bonds must be paid back on a set day with interest.
•Interest is paid twice a year.

Example

A city wants to issue bonds to pay off old debt.

The city can sell bonds worth $100, $500, or $1,000, but not $50 or $2,000. They must pay back the money on a set date and give interest twice a year.

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

Official Source

View on CA.gov

§ 9516 Refunding Bond Denominations

Refunding bonds shall be issued in such denominations as the board may determine except that no bonds shall be of a denomination of less than one hundred dollars ($100) nor of a greater denomination than one thousand dollars ($1,000), and shall be payable on the day fixed in the bonds with interest at the rate specified therein which interest shall be payable semiannually. (Added by Stats. 1943, Ch. 369.)

Last verified: January 23, 2026

Key Terms

refunding bonds denomination

References

Official text at leginfo.legislature.ca.gov
California Legislature. Water Code. Section 9516.

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Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References