SECTIONS 22776-22786 - California Statutes

PUBLIC UTILITIES CODE

SECTION 22776-22786

22776. If two-thirds of the votes cast at the election were for the
issuance of bonds, the board shall enter that fact in its minutes.
The board shall certify all of the board proceedings to the board of
supervisors.

22777. The board of supervisors shall issue the district bonds in
the number and amount specified in the bond proceedings. The board of
supervisors shall provide that the bonds are payable out of the
interest and sinking fund of the district, naming the fund, and that
the money for redemption of the bonds and payment of the interest
shall be raised by taxation upon the taxable property in the
district.

22778. By an order entered in its minutes, the board of supervisors
shall:
(a) Prescribe the form of the bonds and of the interest coupons.
(b) The manner in which the bonds shall be executed.
(c) Fix the time when all or any part of the principal of the
bonds is payable.

22779. The total amount of bonds issued shall not exceed 15 percent
of the taxable property of the district as shown by the last
equalized assessment books of the affected counties.

22780. The term of the bonds shall not exceed 40 years.

22781. The bonds shall be payable in lawful money of the United
States as to principal and interest.

22782. The board of supervisors may make the principal and interest
of the bonds payable at the office of the treasurer of the principal
county, at such other place within the United States as the board
may designate, or at the county treasurer's office or such other
designated place at the option of the bondholders. The place of
payment shall be specified in the bonds. The expense of paying the
principal and interest other than at the office of the county is a
charge against the district funds, to be paid out of the tax for the
payment of the bonds.

22783. The bonds shall be sold at the times and in the amounts
prescribed by the board of supervisors, but for not less than par.

22784. Before selling all or any part of the bonds, the board of
supervisors shall advertise for bids pursuant to Section 6066 of the
Government Code in a newspaper of general circulation published in
the principal county, or if no such newspaper is published in the
county, in some newspaper published in another county.

22785. If satisfactory bids are received the bonds offered for sale
shall be awarded to the highest bidder. If no bids are received or
the board of supervisors determines that the bids received are not
satisfactory as to price or responsibility of the bidders, the board
of supervisors may reject all bids received and either re-advertise
or sell the bonds at private sale.

22786. The proceeds of the sale of the bonds shall be deposited in
the treasury of the principal county to the credit of the improvement
fund of the district, and may be withdrawn for the purposes for
which the bonds were voted as other district money is withdrawn.