 |
California Law (Last Updated: March 4, 2014) |
 |
Education Code - EDC |
|
Title 1. GENERAL EDUCATION CODE PROVISIONS |
|
Division 1. GENERAL EDUCATION CODE PROVISIONS |
|
Part 10. SCHOOL BONDS |
|
Chapter 1. Bonds of School Districts and Community College Districts |
|
ARTICLE 8. Method of Bond Payment |
Section 15233.
-
(a) The principal and interest on the bonds shall be paid by the county treasurer of the county, the superintendent of schools of which has jurisdiction of the district in behalf of which the bonds were issued, at the place required by the terms of the bonds, upon presentation and surrender of warrants drawn by the county auditor in payment thereof, after he or she has canceled the bonds and coupons, or upon the receipt of the registered owner, if the bonds are registered, after a proper warrant has been drawn by the auditor, out of the fund provided for their payment.
(b) Notwithstanding subdivision (a), if the board of supervisors has designated the office of a trustee or paying agent as the place for payment of the principal and interest of the bonds, then upon receipt of moneys representing the principal and interest on those bonds, the trustee or paying agent shall be responsible for the actual payment to the bondholders and cancellation of any bonds or coupons.