State Codes and Statutes
Statutes > California > Wat > 24475-24486WATER CODE
SECTION 24475-24486
24475. The following funds are created to which district money properly belonging shall be apportioned: (a) Bond principal fund. (b) Bond interest fund. (c) Construction fund. (d) General fund. 24476. A district may provide for a reserve fund to be used for the payment of the interest or principal of any outstanding bonds. If the estimate referred to in Section 24955 and the order determining the amount of bonds provided for in Section 24962, provide for a revenue bond reserve fund in a specified amount to be set aside out of the proceeds of sale of revenue bonds, then the district may, upon the sale of any bonds payable solely from revenues, create such revenue bond reserve fund and set aside in such fund out of the proceeds of sale of such bonds a sum not exceeding such specified amount, such fund to be maintained from revenues and used and withdrawn solely for the purpose of paying the principal of and interest on such bonds in the event that no other funds are available therefor. 24477. A district may establish any fund required to comply with the terms of any plan by which any bonds are to be paid. 24478. To the extent that any fund contains money applicable to a sinking fund provided for in a refunding plan or modification of it, the treasurer shall withdraw the sinking fund money from the fund to the amount and at the times required by the terms of the refunding plan or modification of it and apply the money pursuant to those terms. 24479. Surplus funds on hand and available for payment into a refunding bond sinking fund may on order of the board be paid into it. 24480. Any money in a refunding bond sinking fund may be invested in bonds of the United States or of this State. 24481. Federal and State bonds so purchased with the sinking fund money together with the income from them shall be held as part of the sinking fund until the board determines that it is for the best interests of the district that the bonds or any of them be sold. 24482. The proceeds from the sale of any bonds in which any part of the sinking fund was invested shall be deposited in the sinking fund. 24483. The proceeds of the annual assessment shall be paid into the district treasury and be apportioned to the several proper funds. 24484. The proceeds of limited assessments shall be paid into the district treasury for the purpose for which the assessments were respectively authorized. 24485. The proceeds from the lease or sale of any property specifically allocated to the payment of warrants shall be placed in a separate fund and shall not be diverted to any other purpose until the warrants are paid in full. 24486. Whenever an object for which money has been specifically provided by district assessment or by bond issue has been accomplished and any money provided therefor remains unexpended, it may be transferred by the board to the general fund and thereafter be available for any district purposes.
