SECTIONS 52500-52510

52500.  A district may refund the whole or any part of anyinstallment of the principal of an outstanding bond issue.52501.  All proceedings for the issuance of refunding bondscommenced prior to August 14, 1929 shall be completed in accordancewith the provisions of this part.52502.  When the board determines that it would be for the bestinterest of the district or the landowners therein to refund anyinstallment, or portion thereof, of the principal of any outstandingbonds of the district, the board may, by order entered upon itsrecords, order a special election to be held at some place in thedistrict to be designated by the board.52503.  At the election the board shall submit to the landowners thequestion of whether any installment of the principal of theoutstanding bonds of the district, or any part of such installmentshall be refunded.52504.  The order for the election shall state the maturities andrate of interest of the refunding bonds, and the total amount of theprincipal thereof, and shall designate the bonds which are to berefunded.52505.  If a majority of the votes cast at the election approve theissuance of refunding bonds, the board shall prescribe the date andrate of interest of the refunding bonds authorized at the electionand shall cause them to be executed and delivered, with a certifiedcopy of the order of election, to the county treasurer.52506.  The principal of the refunding bonds shall not exceed 110percent of the principal amount of the bonds to be refunded.52507.  The principal and interest of refunding bonds shall be basedon and payable out of the assessment upon which the bonds to berefunded are payable.52508.  Refunding bonds shall be payable serially within at least 50years from their date.52509.  Refunding bonds may be in substantially the following form: United States of America State of California County of ______  No. _____ $___________ Reclamation District No. ______ Reclamation District No. ____ for value received, herebyacknowledges itself indebted to and promises to pay to the holderhereof at the office of the treasurer of ____ County, in the State ofCalifornia, on the ____ day of ____, 19__, the sum of $____ inlawful money of the United States of America, with interest thereonin like lawful money from the date hereof until paid at the rate of____ percent per year, payable at the office of said treasurer on thefirst day of January, and the first day of July in each year onpresentation and surrender of the interest coupons hereto attached.This bond is one of a series of refunding bonds of like tenor andeffect, except as to denomination and maturity, numbered from ____ to____ inclusive, amounting in the aggregate to the sum of ____dollars ($____), issued in accordance with Division 15 of the WaterCode of the State of California pursuant to an election held in saidreclamation district on the ____ day of ____, 19__, authorizing theirissuance, and are issued for the purpose of refunding ____ $____ ofthe principal amount of the bonds of this district dated the ____ dayof ____, 19__, and outstanding on the ____ day of ____, 19__, andthis bond is based upon and secured by an assessment levied on thelands in said district, and filed in the office of the countytreasurer of said County of ____ on the ____ day of ____, and thesaid reclamation district does hereby certify and declare that saidelection was duly called and held upon due notice, and the resultthereof was duly canvassed and ascertained, in pursuance of and instrict conformity with the laws of the State of California applicablethereto, and that all of the acts and conditions and things requiredby law to be done, precedent to and in the issue of said bonds havebeen done and have been performed in regular and in due form and instrict accordance with the provisions of the law authorizing theissuance of reclamation bonds. This bond is one of the bonds issued to refund $____ principalamount of bonds of this district numbered ____ dated the said ____day of ____, 19__, and maturing ____, 19__. In testimony whereof, the said district, by its board of trustees,has caused this bond to be signed by the president of said board andattested by the auditor of said County of ____ with his seal ofoffice affixed this ____ day of ____, 19__. _____________________________ President of said board  Attest: _________________________________________  Auditor of the County of __, State of California.52510.  The interest coupons may be substantially in the followingform:  No. ________ $ _______  The county treasurer of ____ County, California,  will pay to the holder hereof on the ____ day of  ____, 19___, at his office in the County of ____  the sum of $____ in lawful money of the United  States out of the funds of Reclamation District  No. ____ for interest on refunding bond of  said district, No. ___. ____________________________ County Auditor