SECTIONS 24475-24486 - California Statutes

WATER CODE

SECTION 24475-24486

24475. The following funds are created to which district money
properly belonging shall be apportioned:
(a) Bond principal fund.
(b) Bond interest fund.
(c) Construction fund.
(d) General fund.

24476. A district may provide for a reserve fund to be used for the
payment of the interest or principal of any outstanding bonds. If
the estimate referred to in Section 24955 and the order determining
the amount of bonds provided for in Section 24962, provide for a
revenue bond reserve fund in a specified amount to be set aside out
of the proceeds of sale of revenue bonds, then the district may, upon
the sale of any bonds payable solely from revenues, create such
revenue bond reserve fund and set aside in such fund out of the
proceeds of sale of such bonds a sum not exceeding such specified
amount, such fund to be maintained from revenues and used and
withdrawn solely for the purpose of paying the principal of and
interest on such bonds in the event that no other funds are available
therefor.

24477. A district may establish any fund required to comply with
the terms of any plan by which any bonds are to be paid.

24478. To the extent that any fund contains money applicable to a
sinking fund provided for in a refunding plan or modification of it,
the treasurer shall withdraw the sinking fund money from the fund to
the amount and at the times required by the terms of the refunding
plan or modification of it and apply the money pursuant to those
terms.

24479. Surplus funds on hand and available for payment into a
refunding bond sinking fund may on order of the board be paid into
it.

24480. Any money in a refunding bond sinking fund may be invested
in bonds of the United States or of this State.

24481. Federal and State bonds so purchased with the sinking fund
money together with the income from them shall be held as part of the
sinking fund until the board determines that it is for the best
interests of the district that the bonds or any of them be sold.

24482. The proceeds from the sale of any bonds in which any part of
the sinking fund was invested shall be deposited in the sinking
fund.

24483. The proceeds of the annual assessment shall be paid into the
district treasury and be apportioned to the several proper funds.

24484. The proceeds of limited assessments shall be paid into the
district treasury for the purpose for which the assessments were
respectively authorized.

24485. The proceeds from the lease or sale of any property
specifically allocated to the payment of warrants shall be placed in
a separate fund and shall not be diverted to any other purpose until
the warrants are paid in full.

24486. Whenever an object for which money has been specifically
provided by district assessment or by bond issue has been
accomplished and any money provided therefor remains unexpended, it
may be transferred by the board to the general fund and thereafter be
available for any district purposes.