Earlier editions: 2026-07
Title 17 — Procedure for Issuance and Sale of Bonds
Palm Desert Municipal Code Ch. 17.06 Bond Records and Payments
Palm Desert Municipal Code · 2026-10 edition · updated 2026-10-04 · Palm Desert
Cite as: Palm Desert Municipal Code Chapter 17.06 · Text as of 2026-10-04
§ 17.06.010. Place of payment.¶
The bonds and interest shall be paid at the office of the city treasurer or of another paying agent designated by the city council.
(Ord. 1175 §1, 2008)
§ 17.06.020. Redemption fund.¶
The treasurer or paying agent designated by the treasurer or the city council shall keep a redemption fund designated by the name of the bonds, in which there shall be placed all sums received from the collection of the contractual assessments. The fund shall be considered a trust fund for the benefit of the holders of the bonds. The redemption fund shall be used for paying principal and interest and redemption premium, if any, payments on the bonds directly, or money in the fund may be forwarded to the paying agent for these purposes. Under no circumstances shall the bonds or the interest thereon be paid out of any other fund. If there is a surplus remaining in the redemption fund after payment of all bonds and the interest thereon, such surplus may be transferred to the city to be used for any lawful purposes.
(Ord. 1175 §1, 2008)
§ 17.06.030. Bond register—Cancellation of paid bonds—Retention.¶
The treasurer or the designated paying agent shall keep a register in his or her office showing the series, number, date, amount, rate of interest, and last known holder of each bond. The treasurer or paying agent shall cancel and file each bond which he or she pays. The register and canceled bonds shall be retained for five years beyond the last maturity of the bonds.
(Ord. 1175 §1, 2008)
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