Bond fund - payment and redemption.

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(1) Such taxes shall be collected in the same manner as district taxes and when collected shall be placed by the county treasurer in the bond redemption fund of said district. The moneys in said fund shall be used only for payment of interest upon and for the redemption of such bonds, upon orders signed and countersigned in the manner provided by law for the execution of other district orders; but the board of trustees of said district may withdraw any or all of such moneys credited to said fund which are temporarily not needed to satisfy the obligations of bonded indebtedness, for the purpose of depositing or investing such moneys in the manner prescribed by law.

  1. Redemption of said bonds prior to the respective maturities thereof may be made ineither direct or inverse numerical order as determined by the board of trustees in the resolution authorizing the issuance of said bonds and set forth on the face of said bonds. Notice of the redemption of said bonds, prior to maturity, shall be made in the manner prescribed in said bond resolution. In the absence of such prescribed manner in the bond resolution, a redemption prior to maturity shall be made in the following manner: When authorized by the board of trustees, the treasurer of said board shall advertise in some newspaper published in the district once a week for two consecutive weeks that on a certain day, named in said advertisement, not less than four weeks after the time of the first publication thereof, he will redeem certain of said bonds therein described by number, amount, and date of issue thereof and that the principal, interest to redemption date, and redemption premium, if any, of said bonds will be paid in accordance with the bond resolution authorizing such bonds. The notice shall indicate also that, after the day so fixed for redemption, the interest on the bonds shall cease. After the day of redemption so fixed in said notice the bonds so advertised and called to be redeemed shall cease to draw interest.

  2. If the bonds are made payable at the office of the county treasurer, any redemption ofsuch bonds shall also be made at the office of the county treasurer of the county, who shall make a notation of such payment or redemption upon his books.

  3. If the bonds are made payable at some place other than the office of the countytreasurer, such bonds shall be redeemable at the place where payable, and the treasurer of the board of trustees shall, immediately after the payment or redemption, inform the county treasurer that certain bonds, describing them by number, amount, and date of issue, have been paid or redeemed and cancelled, and said county treasurer shall make a record of such payment or redemption upon his books.

  4. In all cases bonds when paid or redeemed shall be cancelled by the treasurer of theboard of trustees and preserved by him and his successors for a period of one year after the date of their payment or redemption.

Source: L. 75: Entire article added, p. 773, § 1, effective July 1. L. 86: (1), (2), (4), and (5) amended, p. 865, § 56, effective July 1.


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