§ 9527 Drainage District Bond Security

Key Takeaways

•This law lets cities, counties, and school districts use special money promises (bonds) to guarantee they'll do something or to keep public money safe in banks.
•If a place like a city or school district needs to promise they'll do something important, they can use these bonds to show they're serious.
•These bonds can also be used to keep public money safe when it's stored in a bank.
•This rule also applies to special bonds used for fixing drainage problems in certain areas.

Example

A city wants to build a new park but needs to show they have the money to finish it.

The city can use special money promises (bonds) to guarantee they'll build the park. This makes sure the park gets built and the money is safe.

Whenever bonds of cities, cities and counties, counties or school districts may by law be issued as security for the performance of any act or as security for the deposit of public funds of the State or of any county, city and county, municipality or other public corporation or political subdivision in any State or National bank or banks, refunding bonds of the drainage district may be so used. (Added by Stats. 1943, Ch. 369.)

Key Takeaways

•This law lets cities, counties, and school districts use special money promises (bonds) to guarantee they'll do something or to keep public money safe in banks.
•If a place like a city or school district needs to promise they'll do something important, they can use these bonds to show they're serious.
•These bonds can also be used to keep public money safe when it's stored in a bank.
•This rule also applies to special bonds used for fixing drainage problems in certain areas.

Example

A city wants to build a new park but needs to show they have the money to finish it.

The city can use special money promises (bonds) to guarantee they'll build the park. This makes sure the park gets built and the money is safe.

Key Takeaways

Example

Key Terms

References

§ 9527 Drainage District Bond Security

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References