SECTIONS 101310-101312 - California Statutes

PUBLIC UTILITIES CODE

SECTION 101310-101312

101310. The bonds may be issued and sold for not less than their
par value, but otherwise as the board determines. Before selling any
bonds, or any part thereof, the board shall give notice inviting
sealed bids in such manner as the board may prescribe. Such notice
shall be published at least twice pursuant to a provision of Article
4 (commencing with Section 6060), Chapter 1, Division 7, Title 1 of
the Government Code. If satisfactory bids are received, the bonds
offered for sale shall be awarded to the highest responsible bidder.
If no bids are received, or if the board determines that the bids
received are not satisfactory as to price or responsibility of the
bidders, the board may reject all bids received, if any, and either
again give notice inviting bids or sell the bonds at private sale.

101311. 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 of and interest on the bonds. The remainder of the proceeds
of the bonds shall be placed in the district treasury, or in the
county treasury, as the case may be, to the credit of the proper
fund, and shall be used exclusively for the objects or purposes for
which the bonds were voted; provided that, when such objects and
purposes have been accomplished, any moneys remaining shall be
transferred to the fund to be used for the payment of principal of
and interest on the bonds, and that, when all principal of and
interest on the bonds shall have been paid, any balance of money then
remaining shall be transferred to the general fund of the district.

101312. In lieu of the immediate levy of a tax to pay the interest,
or any part thereof, on any bonded indebtedness incurred in
accordance with this chapter, the board may, in the estimate of the
amount of money necessary to be raised by the bonds, include a sum
sufficient to pay interest on all of the bonds, or part thereof,
during the period of acquisition, construction, or completion, but
for no period in excess of five years.