SECTIONS 24950-24963 - California Statutes

WATER CODE

SECTION 24950-24963

24950. Construction bonds may be authorized for the purposes of
acquiring necessary irrigation, drainage, and power development and
distribution works, acquiring the necessary property for these works,
acquiring any property necessary for the purposes of the district,
and otherwise carrying out the provisions of this division.

24951. The board shall at any of the following times estimate the
amount of money it is necessary to raise for the purposes for which
construction bonds may be issued:
(a) As soon after the district has been formed as may be
practicable.
(b) Whenever the board finds that the construction fund raised by
the next preceding bond issue is insufficient or has been exhausted
by expenditures therefrom and it is necessary to raise additional
money for the purposes for which construction bonds may be
authorized.

24952. The board shall cause any surveys, examinations, and
drawings, to be made which will furnish the proper basis for making
an estimate of the amount of money necessary to be raised.

24953. The surveys, examinations, and drawings shall be made under
the direction of a competent engineer and shall be certified by him.

24954. The surveys, examinations, drawings, and estimate may
provide that the works necessary for a completed project shall be
constructed progressively during a period of years.

24955. The estimate may include a sum sufficient to pay the
interest on the proposed construction bonds for four years or less
and, if the bonds are to be payable solely from revenues, the
estimate may also include a sum for a revenue bond reserve fund to be
set aside out of the proceeds of sale of revenue bonds to be
maintained by revenues and used and withdrawn solely for the purpose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.

24955.1. In the case of any district described in Section 20560.2
with respect to construction bonds issued for purposes of financing
the works described in that section, the estimate may also include a
sum sufficient to pay the interest on the proposed construction bonds
for 10 years or less.

24956. The estimate shall include the estimated cost of inspection
required by law of works in course of construction.

24963. The board, if it declares by resolution that the proposed
plan of the project is satisfactory and that the plan is feasible,
shall adopt an order determining the amount of bonds that should be
issued to raise the money necessary to complete the proposed project.
Construction bonds in an amount fixed in the order determining the
amount in which they should be issued shall not be issued unless
their issuance is authorized at a bond election, and the bonds in the
amount fixed shall be issued when their issuance is authorized at a
bond election.