WATER CODE
SECTION 45550-45560
45550.  The bonds shall be in such denominations as the board mayprescribe.45551.  The bonds shall be signed by the president and attested bythe treasurer.45552.  The bonds shall be numbered consecutively in order of theirmaturity. If the bonds are issued in two or more series, each seriesshall be lettered in alphabetical order, and the bonds of each seriesshall be numbered consecutively in order of their maturity withinsuch series.45553.  The bonds or any series thereof shall bear interest at arate not to exceed 8 percent per year payable annually orsemiannually as may be prescribed by the board at the time of theissuance of the bonds at the office of the treasurer and at any otherplace within the United States which may be designated by the board,upon the presentation of the proper coupons.45554.  Coupons for each installment of interest shall be attachedto the bonds and shall bear the facsimile signature of the treasurer.45555.  The principal of the bonds or any series thereof shall bemade payable on such dates, in such years and at such places as theboard may prescribe.45556.  The bonds or any series thereof shall be payable within 40years from their date, and not less than 10 percent of the aggregateface value of the bonds or any series thereof issued shall be payablewithin 15 years from their date.45557.  The bonds shall be in such form as may be prescribed by theboard.45558.  The interest coupons shall be in such form as may beprescribed by the board.45559.  When bonds are made callable, a statement to that effectshall be set forth on the face of the bond.45560.  The board may determine to establish a bond reserve fund forthe payment of the principal of or interest on the bonds. Such abond reserve fund may be established from the premium, if any,received upon the sale of the bonds or from tolls or charges leviedpursuant to Section 43006, or from both such sources. Except asotherwise provided by the board in the resolution determining toestablish a bond reserve fund, any moneys deposited in such a fundshall be used solely for the payment of the principal of and intereston the bonds in the event that other available moneys of thedistrict are insufficient therefor. When all of the principal of andinterest on the bonds have been paid, the balance of the moneyremaining in the bond reserve fund may be applied to any lawfulpurpose of the district.