SECTIONS 29280-29282 - California Statutes

PUBLIC UTILITIES CODE

SECTION 29280-29282

29280. When a bond, note, interest coupon, or other evidence of
indebtedness payable from funds in the custody of the treasurer of
the district is presented to him for payment and is not paid for want
of funds, he shall endorse upon it "Not paid for want of funds," the
date of presentation, and a serial number indicating the order of
presentation, and shall sign or stamp his name thereon.

29281. Upon receipt of the first money in the treasury applicable
to their payment, the treasurer shall set apart the amount necessary
to pay the past due bonds, notes, coupons or other evidence of
indebtedness that have been registered for want of funds. He shall
give notice by registered mail to the owner or holder of the
registered bonds, notes, coupons, and other evidences of
indebtedness, at the address last filed, stating that he is ready to
pay for them. The bonds, notes, coupons and other evidences of
indebtedness shall be paid from such money, in the order of their
registration.

29282. If the registered bonds, notes, coupons, and other evidences
of indebtedness are not presented for payment within 30 days from
mailing of the notice, the treasurer shall apply the fund set aside
to the payment of the unpaid registered bonds, notes, coupons, and
other evidences of indebtedness next in order, until all registered
bonds, notes, coupons, and other evidences of indebtedness have been
called.