Palm Desert Municipal Code Ch. 17.04 Form and Content of Bonds

The bonds shall be in such denominations and payable at such time or times, in lawful money of the United States of America, and at such interest rate or rates, either fixed or variable, as the city council shall determine by resolution.

Except as otherwise provided in the trust indenture, the bonds shall bear interest from the date of the bonds on all sums unpaid, until the whole of the principal sum and interest are paid.

(Ord. 1175 §1, 2008)

The city council shall prescribe the form of the bonds and shall fix the date of the bonds. The city council may divide the principal amount of any issue into two or more divisions and fix different dates for the payment of bonds of each division. The bonds of one division may be made payable at different times than bonds of any other division.

(Ord. 1175 §1, 2008)

The final series of installment of the bonds shall mature and be payable on a date which shall not exceed thirty-nine years from the first principal payment date on such bonds.

(Ord. 1175 §1, 2008)

Except as otherwise provided in the resolution of intention or the trust indenture, each bond, or any portion of the bond in a fixed amount or any integral multiple of the fixed amount, shall be subject to redemption in advance of its maturity on any interest payment date upon payment to the registered owner of the principal and accrued interest to the date of redemption together with a redemption premium equal to not more than five percent of the principal.

(Ord. 1175 §1, 2008)

The bonds shall be signed by the city manager or treasurer and attested by the city clerk. The city council may by order authorize the use upon the bonds of an engraved, printed, or lithographed signature of the city manager, treasurer and the city clerk in place of a signature by hand. It may also authorize the seal to be placed in like manner on the bonds.

(Ord. 1175 §1, 2008)

The bonds, by their issuance, shall be conclusive evidence of the regularity of all proceedings had prior thereto under this title and under the Act.

(Ord. 1175 §1, 2008)