SECTIONS 23280-23289 - California Statutes

WATER CODE

SECTION 23280-23289

23280. In addition to other powers conferred by this chapter
districts may pursuant to this article borrow or procure money from
the United States for any of the following purposes:
(a) Financing any operations or purposes of the district.
(b) Financing or refinancing any or all of the obligations of the
district.
(c) Refunding or purchasing bonds of the district.

23281. When the United States has appraised the security underlying
the indebtedness of any district or loans any district money to
refund any of its indebtedness or to finance any of its operations,
the district may in contracting for the loan agree that it will not
during the life of the loan levy any assessment for an amount less
than required by the contract.

23282. Any district, upon being authorized so to do as provided by
Article 3 of this chapter as modified in this article, may as
evidence of the loan execute a contract with the United States.

23283. A district may issue bonds if required by the contract or
without a contract.

23284. The bonds shall contain any terms and be payable in any
manner and from any source of revenue that may be agreed upon between
the district and the United States and may bind the district for the
payment of the bonds according to the terms thereof.

23285. The bonds may be serial or sinking fund bonds, may be made
callable either by number or by lot, and may be made payable to
bearer or to the United States. They shall be in the form and
authorized and issued in the manner substantially as provided for
refunding bonds of districts.

23287. A majority vote at an election shall be sufficient to
authorize the execution of the contract.

23288. The notice of election and ballot need contain only the
information required in the case of ordinary bond elections.

23289. Proposals both to enter into a contract and to issue bonds
may be voted upon as a single proposition.