SECTIONS 11750-11755 - California Statutes

WATER CODE

SECTION 11750-11755

11750. Bonds may be issued and sold from time to time and in such
amounts as may be deemed necessary in the judgment of the department
to provide sufficient funds for the purposes authorized by this
chapter.

11751. Bonds may be sold below the par or face value thereof, but
the sale price shall not be less than 94 percent of the par or face
value of the bonds, and the sale price shall include the interest
which has accrued thereon up to the date of delivery of the bonds.

11752. Successive issues of bonds shall have equal preference with
respect to the redemption thereof and the payment of interest
thereon, but the department may fix different maturity dates serially
or otherwise for successive issues.

11753. All bonds issued are negotiable instruments.

11754. All bonds authorized for issuance by the department shall be
sold by the Treasurer at public sale by bid or at private sale by
negotiation, as directed by the department after consultation with
the Treasurer. If the bonds are to be sold by a negotiated sale, the
Treasurer shall select the underwriter or underwriters after
consultation with the department.

11755. The department may borrow money in anticipation of the sale
of bonds duly authorized to be issued, but which have not yet been
sold and delivered, and for that purpose may issue negotiable bond
anticipation bonds and may renew such bond anticipation bonds from
time to time, but the maximum maturity of any such bond anticipation
bonds, including the renewals thereof, shall not exceed five years
from the date of the original bond anticipation bonds. Such bond
anticipation bonds may be issued at public or private sale. The
department may provide, by resolution, for issuance at such
maturities, interest rates, in such form, and under such other terms
and conditions as the department, in its discretion, may determine.
The proceeds from the sale of such bond anticipation bonds shall
be used only for the purposes for which may be used the proceeds of
the sale of bonds in anticipation whereof they were issued. Such bond
anticipation bonds shall not be issued in an amount in excess of the
aggregate amount of bonds authorized to be issued, less the amount
of any of such authorized bonds previously sold, and also less the
amount of other bond anticipation bonds issued in anticipation
thereof and then outstanding.
The principal of such bond anticipation bonds may be paid from any
moneys available therefor and not otherwise pledged. If such bond
anticipation bonds, or any portion thereof, have not been previously
paid, they shall be paid from the proceeds of the next sale of bonds
in anticipation whereof they were issued.
Interest on such bond anticipation bonds shall be payable from the
same funds from which the interest on the bonds in anticipation
whereof they were issued is payable. Interest on the bond
anticipation bonds may be paid out of proceeds thereof.