State Codes and Statutes

State Codes and Statutes

Statutes > California > Wat > 45400-45408

SECTION 45400-45408

45400.  If a majority of the votes cast at the election are in favor
of the issuance of bonds, or if a resolution authorizing the
issuance of bonds has been adopted and approved in accordance with
Section 45102, the board shall cause bonds in the amount stated in
the order calling the election or in such resolution, as the case may
be, to be sold as herein provided and shall deliver the assessment
list segregated as to affected counties to the treasurer.

45401.  The treasurer shall place the proceeds of sale of any bonds
sold to the credit of the district.

45402.  The board may divide the principal amount of any authorized
issue of bonds into two or more series, and may fix different dates
for the bonds of each series. When directed by resolution of the
board, the treasurer shall sell the bonds or any series thereof for
the best price obtainable, but in no event for less than 90 percent
of the face value of the bonds and accrued interest.

45403.  Before making a sale of bonds, notice shall be given by the
treasurer by publication at least once a week for two successive
weeks in the office county that he will sell a specified amount of
bonds, and stating the day, hour, and place of sale, and asking
sealed proposals for the purchase of any or all of the bonds.

45404.  At the time appointed, the treasurer shall open the bids and
award the bonds to the highest responsible bidder.

45405.  The treasurer, upon written request of a majority of the
directors, shall reject any or all bids.

45406.  Sale and delivery of bonds by the treasurer is conclusive
evidence that the sale was made upon due authority and notice.

45407.  Upon a sale of any district bonds, the treasurer may accept
in payment, in whole or in part, outstanding warrants of the district
at face value plus accrued interest.

45408.  The bonds of any series of an authorized issue shall be
equally and ratably secured with the bonds of any other series of
such authorized issue.