SECTIONS 25430-25450

25430.  As a separate and cumulative method of financing, the boardof directors of the district may issue funding bonds to cover thecosts and expenses of the whole or any part of any acquisitions ofproperty and improvements undertaken by the district.25431.  The provisions of this chapter relating to the issuance offunding bonds shall be cumulative and shall not affect any of theother provisions or sections of this part relative to other bonds orlevies. Any number of series of funding bonds may be issued for anyportion or portions of a single or different projects of thedistrict.25432.  If the board of directors propose to issue funding bonds,they shall first adopt a resolution setting forth their intention soto do, and the resolution shall also contain the following: (a) A general description of the boundaries of the fundingdistrict to be charged with the payment of any funding bonds whichare proposed to be issued. The funding district may embrace the wholeor any portion of the joint highway district, and the fundingdistrict shall be divided into zones composed of the counties, orportions thereof, composing the joint highway district. It shall be asufficient description of the boundaries of the funding district andthe zones therein, if the same are clearly shown upon a map or platattached to the resolution. (b) A description in general terms of the location, character andcost of the acquisition of property or improvement for which it isproposed to issue the funding bonds. (c) A statement of the proposed amount for which funding bonds areto be issued, together with a statement of the maximum time forwhich such bonds are proposed to be issued (which shall not exceedfive years from the date of the order providing for their issuance),and the rate of interest which such bonds shall bear, not to exceed 6per cent per annum. (d) A statement of the percentage of the total amount of theannual sums to be levied upon the lands, exclusive of improvements,within each zone in the funding district for the purpose of retiringthe principal and interest of the funding bonds. The amount to bethus levied shall not exceed the proportionate amounts chargeableagainst the several counties within the district as set forth in thereport of the board of directors adopted pursuant to Section 25154. (e) A statement of the time and place fixed for the hearing uponthe matter of the proposed issuance of funding bonds, in the mannerprovided for in this resolution.25433.  Upon the adoption of the resolution of intention to issuefunding bonds, the secretary shall cause a notice of the time andplace of hearing to be published twice in a newspaper of generalcirculation published at the county seat of each county embracedwithin the boundaries of the proposed funding district. Thenewspapers in which such publication shall be made may be designatedby the board of directors or, if the board does not make thedesignation, the secretary may do so.25434.  The time fixed for the hearing shall not be less than 15days after the completion of the required publication. Not less than30 days prior to the time fixed for the hearing, a copy of the noticeof the hearing shall be transmitted by the secretary of the board ofdirectors to the several boards of supervisors of the countiescomprising the district. No county or portion of a county shall beassessed within any funding district for the payment of any amountwhich has previously been paid by such county into the districttreasury upon any amount previously levied within and upon suchcounty.25435.  All persons interested may appear at the hearing and theymay set forth in writing any objections they may have to the issuanceof the funding bonds or to the boundaries of the proposed fundingdistrict or the zones therein, or to the amount of benefits to bederived by any parcel of land within the proposed funding district.25436.  The board of directors shall hear and determine allobjections presented at the hearing. The board may alter theboundaries of the proposed funding district or change the amount forwhich funding bonds are proposed to be issued, but it may not enlargethe boundaries of the funding district or increase the amount ofbonds proposed to be issued. At the conclusion of the hearing, theboard of directors shall finally determine the boundaries of thefunding district and the zones therein and shall determine the amountof funding bonds to be issued, and the proportions of the bonds tobe charged against each zone, which amounts shall not exceed thebenefits to be derived by the lands within the funding district fromthe project for which the funding bonds are to be issued.25437.  All decisions, findings and determinations of the board ofdirectors made upon notice and hearing shall, in the absence ofactual fraud, be final and conclusive upon all persons entitled topresent objections at such hearing.25438.  If at the hearing, the owners of more than 25 per cent inarea of the property within any proposed funding district object inwriting to the issuance of funding bonds, the board of directorsshall have no power to cause such funding bonds to issue.25439.  Following the hearing the board of directors shall, if itdetermines to issue funding bonds, cause its findings in relationthereto to be transmitted to the boards of supervisors of the severalcounties within the district. If any board of supervisors makesobjection to the issuance of the funding bonds within 35 days afterreceiving notice thereof, the board of directors shall have no powerto cause the same to be issued, but may take new proceedings in thesame manner as provided in the first instance covering an amendedproposition for the issuance of funding bonds for the same or anydifferent project or any portions thereof. If no objections are madeby any board of supervisors as in this section provided, the board ofdirectors may proceed to issue the funding bonds.25440.  Funding bonds issued pursuant to the provisions of thischapter shall be in substantially the following form (filling inblanks as appropriate): FUNDING BOND Joint Highway District No. ___ of the State ofCalifornia$____  Bond No. ___  Serial ___. Under and by virtue of Part 1 (commencing with Section 25000) ofDivision 16 of the Streets and Highways Code, the treasurer of JointHighway District No. ____ of the State of California will pay to thebearer, out of the fund hereinafter designated, at the office of thetreasurer of said district, on the ____ day of ____, 20__, the sum of____ dollars, in lawful money of the United States of America, withinterest thereon in like lawful money at the rate of ____ per centper annum, payable semiannually on the second day of January and thesecond day of July in each year from the date hereof (except the lastinstallment thereof, which shall be payable at the maturity of thisbond), upon presentation and surrender, as they respectively becomedue, of the proper interest coupons hereto attached, the first ofwhich is for interest from date hereof to the next date of interestpayment, and the last for interest to maturity hereof from the lastpreceding date of interest payment. This bond is issued under and inconformity with the provisions of Part 1 (commencing with Section25000) of Division 16 of the Streets and Highways Code, and is one ofa series of bonds of like date and effect numbered from one to ____consecutively. It is hereby certified, recited, and declared that allproceedings, acts, and things required by law precedent to or in theissuance of this bond have been regularly had, done, and performed,and this bond is by law made conclusive evidence thereof. This bond is payable out of the "Joint Highway District No. ____of the State of California Funding Bond Redemption Fund,"exclusively, as the same appears upon the books of the treasurer ofthat district, and in accordance with the provisions of Part 1(commencing with Section 25000) of Division 16 of the Streets andHighways Code special assessment taxes will be levied and collectedupon the lands within Funding District No. ____ in that joint highwaydistrict in an amount clearly sufficient to pay the principal andinterest of the bonds as the bonds become due and payable. In witness whereof the board of directors of the district hascaused this bond to be signed by the treasurer of the districtattested by the secretary of the board and the official seal of thedistrict to be affixed hereto this ____ day of ____, 20__. ____________________________  (SEAL) Treasurer of Joint Highway District No. ___ of the State of California.  Attest:  _________________________________________________  Secretary of the Board of Directors.25441.  Funding bonds shall be dated as of the date of theresolution or order of the board of directors authorizing theirissuance.25442.  The board of directors may use any available moneys of thedistrict, not already allocated to some other purpose, for thepayment of any interest or principal due or past due upon any fundingbonds of the district, and may advance moneys of the district forthat purpose. If an advancement is made the district shall beentitled to reimbursement out of any levies thereafter made or anymoneys thereafter collected and applicable to the payment of thefunding bonds.25443.  All funding bonds shall be signed by the treasurer of thedistrict, attested by the secretary, and shall have the official sealof the district affixed thereto. The form of the interest couponsattached to the funding bonds shall be determined by the treasurersubject to the approval of the board of directors. The signature onthe interest coupons shall be that of the treasurer and may be eitherwritten, or an engraved or printed facsimile. The principal andinterest of the funding bonds shall be payable in lawful money of theUnited States of America at the office of the treasurer of thedistrict issuing the same.25445.  All funding bonds shall be serial in character andapproximately an even proportion of the total amount of each issueshall be payable annually. The amount of the principal due in eachannual payment need not be exactly the same but with respect to eachinstallment excepting the last may be made to differ not more thanfive hundred dollars ($500) from the amount obtained by dividing thetotal of the principal amount due under the bonds, by the number ofinstallments. The last installment shall be for the balance of thetotal principal amount not provided to be paid in the previousinstallments.25446.  The funding bonds shall be issued by the board of directorsat such time and manner and in such amounts as may be required tomeet the demands of the district, as may be determined by the boardof directors. The form, denomination, rate of interest, time, placeand manner of payment and all matters relating to such issuance shallbe determined by the board of directors, but the rate of interestshall not exceed 6 per cent per annum. The funding bonds so issued may be sold in such amounts and atsuch times and in such manner as the board of directors maydetermine, or they may be delivered to any contractor performing anywork for the district, at par, in satisfaction of any sum due uponhis contract.25447.  In each district in which funding bonds have been issuedthere is hereby created a special fund to be designated "JointHighway District No. ____ of the State of California Funding BondRedemption Fund No. ____" (each such fund to be consecutivelynumbered within each district as created) for the discharge andpayment of principal and interest on such bonds.25448.  The treasurer of the district shall annually before thefifteenth day of August transmit to the several boards of supervisorswithin the funding district, a statement showing the amount to beraised in such year by the levy and collection of special assessmenttaxes upon the lands only, exclusive of improvements, within eachcounty which is within the funding district and subject to be taxedfor the payment of principal, interest and delinquencies upon anyfunding bonds of the district. The statement shall show thepercentages of the total amount to be levied upon the lands in eachcounty in accordance with the zones established for each such fundingdistrict. The engineer of the district shall cause to be preparedand filed in the office of the clerk of the board of supervisors ofeach county within the district, a map or plat showing the boundariesof the lands in each county which are within any funding districtshowing the boundaries of the zones therein and the percentage of thetotal assessment to be paid by each zone.25449.  The special assessment taxes levied for the payment offunding bonds shall be independent of and distinct from any otherlevies authorized by this part and shall be levied, collected andenforced by the proper officers of the several counties within thedistrict, in behalf of the joint highway district and in the samemanner and by the same persons and at the same time and with the samepenalties and interest as are taxes for county purposes, and alllaws applicable to the levy, collection and enforcement of taxes forcounty purposes are hereby made applicable to these specialassessment taxes where such laws are not in conflict with theprovisions of this part except that such special assessment taxesshall be levied and collected upon land only, exclusive of theimprovements thereon.25450.  It shall be the duty of the board of supervisors of eachcounty within the district to annually cause to be levied upon thelands only, exclusive of improvements, within the county liabletherefor the amounts reported to it by the treasurer of suchdistrict, which amounts shall be clearly sufficient to pay theprincipal and interest coming due or past due in such year upon anyfunding bonds of the district together with a sufficient amount tocover delinquencies.