State Codes and Statutes

State Codes and Statutes

Statutes > California > Wat > 31425-31429

WATER CODE
SECTION 31425-31429



31425.  If from the bond election returns it appears that more than
two-thirds of the votes cast at the election are in favor of
incurring the indebtedness, the board may, by resolution, at the time
or times it deems proper, provide for the following:
   (a) The form of the bonds.
   (b) The execution of the bonds.
   The board may divide the aggregate principal amount of any issue
of bonds authorized in accordance with a proposal submitted to and
approved by the eligible voters of the district into two or more
series and may fix different dates for the bonds of each series. The
bonds of any one series may be made payable at different times from
those of any other series, provided that the maturity of each series
shall comply with this division.



31426.  The district may dispose of the bonds so issued at the times
or in the manner the board deems to be to the public interest.



31427.  Any bonds issued by any district organized under the
provisions of this act are hereby given the same force, value and use
as bonds issued by any municipality and shall be exempt from all
taxation within the State.


31428.  All premiums and accrued interest received on the sale of
bonds shall be placed in the fund to be used for the payment of
principal and interest on the bonds, and the remainder of the
proceeds of the bonds shall be placed in the treasury to the credit
of the proper improvement fund and applied exclusively to the purpose
and object recited in the resolution provided for in Section 31391.
When the purpose and object has been accomplished any moneys
remaining in such improvement fund shall be transferred to the fund
to be used for payment of principal and interest on the bonds. When
the purpose and object has been accomplished and all principal and
interest on the bonds have been paid, any balance of money then
remaining shall be transferred to the general fund.



31429.  When the board determines by resolution that the expenditure
of money raised by the sale of bonds for the purpose for which the
bonds were voted is impractical or unwise, it may call a special
election to obtain the consent of the electors to use the money for
some other specified district purpose.
   The election procedure shall be the same as when the bond
proposition was originally submitted.