SECTIONS 9881-9890 - California Statutes

PUBLIC RESOURCES CODE

SECTION 9881-9890

9881. A district may issue improvement district warrants signed by
its president and secretary in face amount not exceeding in the
aggregate the cost of the improvements exclusive of interest and
amounts paid prior to the issuance of these warrants on the
assessment levied to pay for the improvement.

9882. Improvement district warrants shall be made payable in
amounts and at the times corresponding substantially to the amounts
and times of payment of the installments of the improvement district
assessment.

9883. Improvement district warrants shall bear interest at the rate
fixed at the time of the levy of the improvement district
assessment, and the interest may be made payable semiannually.

9884. Coupons for the interest on these warrants may be attached to
them.

9885. Improvement district warrants may be made payable to any of
the following:
(a) Bearer.
(b) Persons furnishing work, labor, or material.
(c) The contractor if the work of improvement is to be done under
contract.

9886. Improvement district warrants may be sold by the district for
not less than par at either public or private sale.

9887. Any surplus funds and any money held by a district in a
sinking or depreciation fund may in the discretion of its directors
be invested in the warrants of any improvement district within the
district.

9888. Except as otherwise provided by law, the cost of
constructing, acquiring, or improving works of an improvement
district shall be paid only out of the proceeds of an improvement
district assessment levied upon and collected from the real property
in the improvement district for such purposes.

9889. Improvement district warrants shall be paid only out of the
proceeds of an improvement district assessment levied upon and
collected from the real property within the improvement district for
improvement purposes.

9890. Improvement district warrants or their proceeds shall be used
solely for making the improvements for which the improvement
district was formed and the necessary incidental expenses.