By: Libi Uremovic| Original Article at Patch.com
Below are a list of California State laws regarding the keeping of Agency Bonds. There is supposed to be a book recording the bond transactions and it is the duties of the Treasurer, not the City Manager, to record, monitor, and pay the bond principal and interest payments.
A ‘Special Tax Consultant’ isn’t needed at all. Imagine that.
California Government Code 1453: Official bonds shall be recorded in a book kept for that purpose entitled “Record of Official Bonds.”
California Government Code 5000: The owner of any coupon bond, or of any bond payable to bearer, issued by the State, or any county, municipal corporation, or other public corporation in the State may present the bond to the treasurer or other officer who by law performs the duties of treasurer and request the conversion of the bond into a registered bond.
California Government Code 5001: The treasurer, or officer performing the duties of treasurer, shall cut off and cancel the coupons of a coupon bond so presented, and shall stamp, print, or write upon the back or the face of a coupon or bearer bond so presented a statement to the effect that the bond is registered in the name of the owner, and that thereafter the interest and principal of the bond are payable to the registered owner.
California Government Code 5004: The treasurer, or other officer performing the duties of treasurer, shall keep in his office a book which shall at all times show what bonds are registered and in whose names respectively.