SECTIONS 24500-24507 - California Statutes

WATER CODE

SECTION 24500-24507

24500. Upon presentation of any matured bond of the district, the
treasurer shall pay it from the bond principal fund.

24501. Upon presentation of any matured interest coupon of any bond
of the district, the treasurer shall pay it from the bond interest
fund.

24503. If the principal or interest of any bonds is payable from
any special or sinking fund, it shall be payable from that fund.

24504. If money is not available in the fund designated for the
payment of any matured bond or interest coupon, it shall draw
interest at the annual adjusted rate established by the Franchise Tax
Board, as provided in Section 19269 of the Revenue and Taxation
Code, from the date of its presentation for payment until notice is
given that funds are available for its payment.

24504.1. In the case of any district described in Section 20560.1
with respect to construction bonds issued for purposes of financing
the works described in that section, if money is not available in the
fund designated for the payment of any matured bond or interest
coupon of the district payable solely from revenues, it shall draw
interest at the rate borne by the bond or interest coupon from the
date of its presentation for payment until notice is given that funds
are available for its payment.

24505. A bond presented but not paid shall be stamped and provision
made for its payment as in the case of a warrant payable on demand
for the payment of which funds are not available on its presentation.

24506. Whenever there is in any fund of the district money in
excess of that required for the purposes of the fund up to the time
when any part of the next annual assessment levied or to be levied in
the district will become delinquent, the district may purchase with
this surplus money or any part of it any of its outstanding bonds not
yet due.

24507. Bonds so purchased may be canceled or held as a part of the
district assets until the board determines that it is for the best
interests of the district that the bonds or any of them be sold.
Bonds not resold prior to the date of their maturity shall be
canceled.