State Codes and Statutes

Statutes > California > Wat > 24650-24675.1

WATER CODE
SECTION 24650-24675.1



24650.  The provisions of this article are applicable only to the
following types of warrants:
   (a) Warrants made payable on demand.
   (b) Warrants issued to evidence the indebtedness allowed to be
incurred prior to the levy of the first district assessment.




24651.  Whenever any warrant of a district is presented to the
treasurer for payment when funds are not available for its payment,
it shall thereafter draw interest at a rate determined by resolution
of the board but not exceeding 8 percent per year until public notice
is given that funds are available for its payment.




24652.  Upon the presentation of any warrants for payment when funds
are not available to pay them, the treasurer shall indorse on them
all of the following:
   (a) "Funds not available for payment."
   (b) Date of presentation.
   (c) Rate of interest that the warrants will thereafter bear.
   (d) His signature.


24653.  A warrant so indorsed is a registered warrant.



24654.  The treasurer shall keep a record showing all of the
following:
   (a) Number and amount of each registered warrant.
   (b) Date of its issuance.
   (c) Person in whose favor it was issued.
   (d) Date of its presentation for payment.




24655.  Whenever there is sufficient money available in the treasury
to pay all outstanding registered warrants or whenever the board
orders all registered warrants presented for payment prior to a
certain date to be paid and there is sufficient money available for
the payments, the treasurer shall give notice to that effect.




24656.  The notice shall state that the treasurer is prepared to pay
all registered warrants or all registered warrants presented for
payment prior to the date fixed by the board.
   No further description of the warrants entitled to payment need be
made in the notice.



24657.  The notice shall be published in a newspaper published in
the district, or if none is published in the district, in a newspaper
published in any affected county, or if none is published in any
affected county, the treasurer shall post the notice conspicuously at
the office of the district.



24658.  All warrants designated in the notice shall cease to draw
interest at the time of the first publication or posting of the
notice.


24659.  Upon the presentation of any warrant designated in the
notice, the treasurer shall pay it together with the interest due on
it from the date of its original presentation for payment to the date
of the first publication or posting of the notice.




24660.  The treasurer shall enter all of the following in the record
of registered warrants he is required to keep:
   (a) Dates of the payment of the warrants.
   (b) Names of the persons to whom payments are made.
   (c) Amount paid to each person.



24661.  No action or proceeding shall be maintained to enforce the
payment of any registered warrant or to require the levy of an
assessment therefor unless the action or proceeding is commenced
within four years from the date of the original presentation of the
warrant to the treasurer for payment.



24662.  A district may enter into agreement either individually or
collectively with the holder or holders of any registered warrants
fixing the time of, method of, and allocation of funds for the
payment of the warrants and may in this agreement or otherwise waive
the time of commencing any action or proceeding thereon.




24675.  In the case of any district described in Section 20560.1,
and for purposes of financing costs of maintenance and operation on a
temporary basis, repair to or replacement of damage caused by, or
costs incurred as a result of, fire, flood, drought, earthquake,
sabotage or acts of God, or preliminary or developmental work except
for preliminary or developmental work on the Tuolumne River or its
tributaries above the New Don Pedro Reservoir, in connection with
works or facilities described in Section 20560.1, the district may
borrow money by the issuance of notes or other evidences of
indebtedness payable either from the revenue of the district or from
the proceeds of sale of any authorized but unissued revenue bonds of
the district, as the board may determine. Authorized but unissued
revenue bonds of the district which have been approved by a vote of
the electorate may only be issued for those purposes authorized by
the electorate. The notes or other evidences of indebtedness shall be
authorized by resolution of the board and may be issued without the
necessity of calling and holding an election in the district. The
notes or other evidences of indebtedness authorized under this
section shall mature in not to exceed seven years from their date,
may be sold either at public or private sale, and shall bear interest
at such rate or rates and shall be sold at such price or prices as
shall result in interest costs not exceeding such limits as may be
determined by the board. The interest rates may be fixed or variable
and shall not exceed 17 percent per annum. All other terms and
conditions of such notes or other evidences of indebtedness shall be
determined in accordance with the authorizing resolution. The notes
or other evidences of indebtedness may be issued as part of a
tax-exempt commercial paper program or other short-term note
financing program. The district may arrange for the use of bank
letters of credit or bank lines of credit for any purpose for which
the notes or other evidences of indebtedness may be issued, as well
as to provide additional sources of repayment for the notes or other
evidences of indebtedness issued under this section. The maximum
principal amount of notes or other evidences of indebtedness
outstanding under this section, including the amounts drawn on
available bank letters of credit or bank lines of credit, shall not
at any one time exceed (1) twenty-five million dollars ($25,000,000)
or 25 percent of the district's annual gross revenues from the
generation, transmission, distribution, and sale of electric power
during its preceding fiscal year, whichever is greater, when payable
from the revenues of the district; or (2) the principal amount of any
authorized but unissued revenue bonds of the district, not to exceed
twenty-five million dollars ($25,000,000), when payable from the
proceeds of sale of such authorized but unissued revenue bonds. The
notes or other evidences of indebtedness shall be legal investments
for all trust funds, for the funds of all insurance companies,
commercial banks, savings banks, trust companies, the state school
funds, and for any funds which may be invested in bonds of cities,
cities and counties, counties, school districts, or municipalities in
the state.


24675.1.  Any district described in Section 20560.1 may issue notes
or other evidences of indebtedness pursuant to Section 24675 to
finance any works or facilities for the generation, transmission,
distribution, or sale of electric power, except for preliminary or
development work on the Tuolumne River or its tributaries above the
New Don Pedro Reservoir, if bonds have already been approved prior to
the issuance of the notes or evidences of indebtedness by a vote of
the electorate pursuant to Section 21933 to finance the works or
facilities. In no event shall the proceeds of any notes or other
evidences of indebtedness issued pursuant to this section be issued
for any purpose other than those authorized by the vote of the
electorate, and in no event shall notes or other evidences of
indebtedness issued for any purpose under this section, including
bonds issued for the same purpose, exceed the amounts of bonds and
notes or other evidences of indebtedness authorized by vote of the
electorate for that purpose.
   The limitation on outstanding notes or other evidences of
indebtedness contained in Section 24675 shall not apply to notes or
other evidences of indebtedness issued under this section.


State Codes and Statutes

Statutes > California > Wat > 24650-24675.1

WATER CODE
SECTION 24650-24675.1



24650.  The provisions of this article are applicable only to the
following types of warrants:
   (a) Warrants made payable on demand.
   (b) Warrants issued to evidence the indebtedness allowed to be
incurred prior to the levy of the first district assessment.




24651.  Whenever any warrant of a district is presented to the
treasurer for payment when funds are not available for its payment,
it shall thereafter draw interest at a rate determined by resolution
of the board but not exceeding 8 percent per year until public notice
is given that funds are available for its payment.




24652.  Upon the presentation of any warrants for payment when funds
are not available to pay them, the treasurer shall indorse on them
all of the following:
   (a) "Funds not available for payment."
   (b) Date of presentation.
   (c) Rate of interest that the warrants will thereafter bear.
   (d) His signature.


24653.  A warrant so indorsed is a registered warrant.



24654.  The treasurer shall keep a record showing all of the
following:
   (a) Number and amount of each registered warrant.
   (b) Date of its issuance.
   (c) Person in whose favor it was issued.
   (d) Date of its presentation for payment.




24655.  Whenever there is sufficient money available in the treasury
to pay all outstanding registered warrants or whenever the board
orders all registered warrants presented for payment prior to a
certain date to be paid and there is sufficient money available for
the payments, the treasurer shall give notice to that effect.




24656.  The notice shall state that the treasurer is prepared to pay
all registered warrants or all registered warrants presented for
payment prior to the date fixed by the board.
   No further description of the warrants entitled to payment need be
made in the notice.



24657.  The notice shall be published in a newspaper published in
the district, or if none is published in the district, in a newspaper
published in any affected county, or if none is published in any
affected county, the treasurer shall post the notice conspicuously at
the office of the district.



24658.  All warrants designated in the notice shall cease to draw
interest at the time of the first publication or posting of the
notice.


24659.  Upon the presentation of any warrant designated in the
notice, the treasurer shall pay it together with the interest due on
it from the date of its original presentation for payment to the date
of the first publication or posting of the notice.




24660.  The treasurer shall enter all of the following in the record
of registered warrants he is required to keep:
   (a) Dates of the payment of the warrants.
   (b) Names of the persons to whom payments are made.
   (c) Amount paid to each person.



24661.  No action or proceeding shall be maintained to enforce the
payment of any registered warrant or to require the levy of an
assessment therefor unless the action or proceeding is commenced
within four years from the date of the original presentation of the
warrant to the treasurer for payment.



24662.  A district may enter into agreement either individually or
collectively with the holder or holders of any registered warrants
fixing the time of, method of, and allocation of funds for the
payment of the warrants and may in this agreement or otherwise waive
the time of commencing any action or proceeding thereon.




24675.  In the case of any district described in Section 20560.1,
and for purposes of financing costs of maintenance and operation on a
temporary basis, repair to or replacement of damage caused by, or
costs incurred as a result of, fire, flood, drought, earthquake,
sabotage or acts of God, or preliminary or developmental work except
for preliminary or developmental work on the Tuolumne River or its
tributaries above the New Don Pedro Reservoir, in connection with
works or facilities described in Section 20560.1, the district may
borrow money by the issuance of notes or other evidences of
indebtedness payable either from the revenue of the district or from
the proceeds of sale of any authorized but unissued revenue bonds of
the district, as the board may determine. Authorized but unissued
revenue bonds of the district which have been approved by a vote of
the electorate may only be issued for those purposes authorized by
the electorate. The notes or other evidences of indebtedness shall be
authorized by resolution of the board and may be issued without the
necessity of calling and holding an election in the district. The
notes or other evidences of indebtedness authorized under this
section shall mature in not to exceed seven years from their date,
may be sold either at public or private sale, and shall bear interest
at such rate or rates and shall be sold at such price or prices as
shall result in interest costs not exceeding such limits as may be
determined by the board. The interest rates may be fixed or variable
and shall not exceed 17 percent per annum. All other terms and
conditions of such notes or other evidences of indebtedness shall be
determined in accordance with the authorizing resolution. The notes
or other evidences of indebtedness may be issued as part of a
tax-exempt commercial paper program or other short-term note
financing program. The district may arrange for the use of bank
letters of credit or bank lines of credit for any purpose for which
the notes or other evidences of indebtedness may be issued, as well
as to provide additional sources of repayment for the notes or other
evidences of indebtedness issued under this section. The maximum
principal amount of notes or other evidences of indebtedness
outstanding under this section, including the amounts drawn on
available bank letters of credit or bank lines of credit, shall not
at any one time exceed (1) twenty-five million dollars ($25,000,000)
or 25 percent of the district's annual gross revenues from the
generation, transmission, distribution, and sale of electric power
during its preceding fiscal year, whichever is greater, when payable
from the revenues of the district; or (2) the principal amount of any
authorized but unissued revenue bonds of the district, not to exceed
twenty-five million dollars ($25,000,000), when payable from the
proceeds of sale of such authorized but unissued revenue bonds. The
notes or other evidences of indebtedness shall be legal investments
for all trust funds, for the funds of all insurance companies,
commercial banks, savings banks, trust companies, the state school
funds, and for any funds which may be invested in bonds of cities,
cities and counties, counties, school districts, or municipalities in
the state.


24675.1.  Any district described in Section 20560.1 may issue notes
or other evidences of indebtedness pursuant to Section 24675 to
finance any works or facilities for the generation, transmission,
distribution, or sale of electric power, except for preliminary or
development work on the Tuolumne River or its tributaries above the
New Don Pedro Reservoir, if bonds have already been approved prior to
the issuance of the notes or evidences of indebtedness by a vote of
the electorate pursuant to Section 21933 to finance the works or
facilities. In no event shall the proceeds of any notes or other
evidences of indebtedness issued pursuant to this section be issued
for any purpose other than those authorized by the vote of the
electorate, and in no event shall notes or other evidences of
indebtedness issued for any purpose under this section, including
bonds issued for the same purpose, exceed the amounts of bonds and
notes or other evidences of indebtedness authorized by vote of the
electorate for that purpose.
   The limitation on outstanding notes or other evidences of
indebtedness contained in Section 24675 shall not apply to notes or
other evidences of indebtedness issued under this section.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Wat > 24650-24675.1

WATER CODE
SECTION 24650-24675.1



24650.  The provisions of this article are applicable only to the
following types of warrants:
   (a) Warrants made payable on demand.
   (b) Warrants issued to evidence the indebtedness allowed to be
incurred prior to the levy of the first district assessment.




24651.  Whenever any warrant of a district is presented to the
treasurer for payment when funds are not available for its payment,
it shall thereafter draw interest at a rate determined by resolution
of the board but not exceeding 8 percent per year until public notice
is given that funds are available for its payment.




24652.  Upon the presentation of any warrants for payment when funds
are not available to pay them, the treasurer shall indorse on them
all of the following:
   (a) "Funds not available for payment."
   (b) Date of presentation.
   (c) Rate of interest that the warrants will thereafter bear.
   (d) His signature.


24653.  A warrant so indorsed is a registered warrant.



24654.  The treasurer shall keep a record showing all of the
following:
   (a) Number and amount of each registered warrant.
   (b) Date of its issuance.
   (c) Person in whose favor it was issued.
   (d) Date of its presentation for payment.




24655.  Whenever there is sufficient money available in the treasury
to pay all outstanding registered warrants or whenever the board
orders all registered warrants presented for payment prior to a
certain date to be paid and there is sufficient money available for
the payments, the treasurer shall give notice to that effect.




24656.  The notice shall state that the treasurer is prepared to pay
all registered warrants or all registered warrants presented for
payment prior to the date fixed by the board.
   No further description of the warrants entitled to payment need be
made in the notice.



24657.  The notice shall be published in a newspaper published in
the district, or if none is published in the district, in a newspaper
published in any affected county, or if none is published in any
affected county, the treasurer shall post the notice conspicuously at
the office of the district.



24658.  All warrants designated in the notice shall cease to draw
interest at the time of the first publication or posting of the
notice.


24659.  Upon the presentation of any warrant designated in the
notice, the treasurer shall pay it together with the interest due on
it from the date of its original presentation for payment to the date
of the first publication or posting of the notice.




24660.  The treasurer shall enter all of the following in the record
of registered warrants he is required to keep:
   (a) Dates of the payment of the warrants.
   (b) Names of the persons to whom payments are made.
   (c) Amount paid to each person.



24661.  No action or proceeding shall be maintained to enforce the
payment of any registered warrant or to require the levy of an
assessment therefor unless the action or proceeding is commenced
within four years from the date of the original presentation of the
warrant to the treasurer for payment.



24662.  A district may enter into agreement either individually or
collectively with the holder or holders of any registered warrants
fixing the time of, method of, and allocation of funds for the
payment of the warrants and may in this agreement or otherwise waive
the time of commencing any action or proceeding thereon.




24675.  In the case of any district described in Section 20560.1,
and for purposes of financing costs of maintenance and operation on a
temporary basis, repair to or replacement of damage caused by, or
costs incurred as a result of, fire, flood, drought, earthquake,
sabotage or acts of God, or preliminary or developmental work except
for preliminary or developmental work on the Tuolumne River or its
tributaries above the New Don Pedro Reservoir, in connection with
works or facilities described in Section 20560.1, the district may
borrow money by the issuance of notes or other evidences of
indebtedness payable either from the revenue of the district or from
the proceeds of sale of any authorized but unissued revenue bonds of
the district, as the board may determine. Authorized but unissued
revenue bonds of the district which have been approved by a vote of
the electorate may only be issued for those purposes authorized by
the electorate. The notes or other evidences of indebtedness shall be
authorized by resolution of the board and may be issued without the
necessity of calling and holding an election in the district. The
notes or other evidences of indebtedness authorized under this
section shall mature in not to exceed seven years from their date,
may be sold either at public or private sale, and shall bear interest
at such rate or rates and shall be sold at such price or prices as
shall result in interest costs not exceeding such limits as may be
determined by the board. The interest rates may be fixed or variable
and shall not exceed 17 percent per annum. All other terms and
conditions of such notes or other evidences of indebtedness shall be
determined in accordance with the authorizing resolution. The notes
or other evidences of indebtedness may be issued as part of a
tax-exempt commercial paper program or other short-term note
financing program. The district may arrange for the use of bank
letters of credit or bank lines of credit for any purpose for which
the notes or other evidences of indebtedness may be issued, as well
as to provide additional sources of repayment for the notes or other
evidences of indebtedness issued under this section. The maximum
principal amount of notes or other evidences of indebtedness
outstanding under this section, including the amounts drawn on
available bank letters of credit or bank lines of credit, shall not
at any one time exceed (1) twenty-five million dollars ($25,000,000)
or 25 percent of the district's annual gross revenues from the
generation, transmission, distribution, and sale of electric power
during its preceding fiscal year, whichever is greater, when payable
from the revenues of the district; or (2) the principal amount of any
authorized but unissued revenue bonds of the district, not to exceed
twenty-five million dollars ($25,000,000), when payable from the
proceeds of sale of such authorized but unissued revenue bonds. The
notes or other evidences of indebtedness shall be legal investments
for all trust funds, for the funds of all insurance companies,
commercial banks, savings banks, trust companies, the state school
funds, and for any funds which may be invested in bonds of cities,
cities and counties, counties, school districts, or municipalities in
the state.


24675.1.  Any district described in Section 20560.1 may issue notes
or other evidences of indebtedness pursuant to Section 24675 to
finance any works or facilities for the generation, transmission,
distribution, or sale of electric power, except for preliminary or
development work on the Tuolumne River or its tributaries above the
New Don Pedro Reservoir, if bonds have already been approved prior to
the issuance of the notes or evidences of indebtedness by a vote of
the electorate pursuant to Section 21933 to finance the works or
facilities. In no event shall the proceeds of any notes or other
evidences of indebtedness issued pursuant to this section be issued
for any purpose other than those authorized by the vote of the
electorate, and in no event shall notes or other evidences of
indebtedness issued for any purpose under this section, including
bonds issued for the same purpose, exceed the amounts of bonds and
notes or other evidences of indebtedness authorized by vote of the
electorate for that purpose.
   The limitation on outstanding notes or other evidences of
indebtedness contained in Section 24675 shall not apply to notes or
other evidences of indebtedness issued under this section.