The said board of trustees shall, subject to the provisions of this act, prescribe
by resolution the form of said bonds, and of the interest coupons attached thereto.
The trustees may divide any authorized issue into one or more series or divisions
and fix different dates for the bonds of each such series or division. The bonds of
each such series or division shall mature and become payable in not to exceed 40 years
from the date of each such series or division in such amounts as the trustees may
determine; provided, that the earliest maturity of the bonds of any series shall not
be more than five years from the date of such series.
The bonds shall be issued in such denominations as the said board of trustees may
determine, except that no bonds shall be of a less denomination than one hundred dollars
($100), nor of a greater denomination than one thousand dollars ($1,000), and shall
be payable on the day and at the place fixed in said bonds (which may be within or
without the State of California) and with interest specified in such bonds, which
rate shall not be in excess of 6 percent per annum, and shall be payable semiannually
(except that interest for the first year may be paid in one installment), and said
bonds shall be signed by the president of the board of trustees (or such other member
of the board of trustees as the board of trustees shall by resolution designate) and
counter-signed by the treasurer of the district, and the seal of said district shall
be affixed thereto. The interest coupons on said bonds shall be numbered consecutively
and signed by the treasurer of said district. The signature on all coupons and one
signature on the bonds may be by engraved or lithographed signature. In case any officer
whose signature or countersignature appears on the bonds or coupons shall cease to
be such officer before the delivery of such bonds to the purchaser, such signature
or countersignature shall nevertheless be valid and sufficient for all purposes the
same as if such officer had remained in office until the delivery of the bonds.
(Stats.1952, 1st Ex.Sess., c. 17, p. 360, § 9.)
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