State Codes and Statutes
Statutes > California > Prc > 9881-9890PUBLIC RESOURCES CODE
SECTION 9881-9890
9881. A district may issue improvement district warrants signed by its president and secretary in face amount not exceeding in the aggregate the cost of the improvements exclusive of interest and amounts paid prior to the issuance of these warrants on the assessment levied to pay for the improvement. 9882. Improvement district warrants shall be made payable in amounts and at the times corresponding substantially to the amounts and times of payment of the installments of the improvement district assessment. 9883. Improvement district warrants shall bear interest at the rate fixed at the time of the levy of the improvement district assessment, and the interest may be made payable semiannually. 9884. Coupons for the interest on these warrants may be attached to them. 9885. Improvement district warrants may be made payable to any of the following: (a) Bearer. (b) Persons furnishing work, labor, or material. (c) The contractor if the work of improvement is to be done under contract. 9886. Improvement district warrants may be sold by the district for not less than par at either public or private sale. 9887. Any surplus funds and any money held by a district in a sinking or depreciation fund may in the discretion of its directors be invested in the warrants of any improvement district within the district. 9888. Except as otherwise provided by law, the cost of constructing, acquiring, or improving works of an improvement district shall be paid only out of the proceeds of an improvement district assessment levied upon and collected from the real property in the improvement district for such purposes. 9889. Improvement district warrants shall be paid only out of the proceeds of an improvement district assessment levied upon and collected from the real property within the improvement district for improvement purposes. 9890. Improvement district warrants or their proceeds shall be used solely for making the improvements for which the improvement district was formed and the necessary incidental expenses.
