SECTIONS 25060-25068 - California Statutes

WATER CODE

SECTION 25060-25068

25060. If any issue of refunding bonds are made to mature at one
time, the board prior to or at the time of their issuance shall
provide for the creation of and payments into a sinking fund for the
payment of the bonds in amounts determined by the board.

25061. The amount of sinking fund payments may be modified from
time to time by the board.

25062. Whenever the sinking fund contains at least ten thousand
dollars ($10,000), the board may publish notice of redemption at
least once a week for three successive weeks in some newspaper
published in the office county and may publish it in any other
newspaper.

25063. The notice shall set forth all of the following:
(a) The amount available for the redemption of the bonds.
(b) An invitation for sealed proposals for the sale to the
district of any of its outstanding refunding bonds for the payment of
which the sinking fund was created.
(c) The time and place when the proposals will be opened.

25064. All proposals received in response to the notice shall be
opened by the board in open meeting at the time specified in the
notice or at a time to which the meeting is adjourned.

25065. Any or all of the proposals may, in the discretion of the
board, be rejected.

25066. If no bids are received or if the bids received and accepted
are not sufficient to exhaust the money on hand and available for
the purpose, the district through its board may purchase at private
sale with any available money in the sinking fund any bonds for the
payment of which the sinking fund was created.

25067. No proposal to sell bonds to the district pursuant to this
article at a price in excess of their par value shall be accepted.

25068. All bonds purchased from sinking fund money shall be
forthwith canceled.