SECTIONS 25110-25119 - California Statutes

WATER CODE

SECTION 25110-25119

25110. The provisions of this article are applicable only to
refunding plans which both:
(a) Were adopted prior to January 31, 1939.
(b) Then contained no provisions for modification.

25111. The terms of any refunding plan and of the refunding bonds
outstanding thereunder may be modified from time to time if the
modification is approved in the manner provided in this article by
all of the following:
(a) The district.
(b) The holders of all of the outstanding refunding bonds
affected.

25112. The approval of the modification by the district shall be
given by a resolution of its board and by its voters at an election
called by the board.

25113. Notice of the election shall be given and it shall be held
in substantially the same manner as a bond election, except that a
majority vote only is required for approval of the modification.

25115. The approval of the holders of outstanding refunding bonds
affected by the modification shall be evidenced by either of the
following:
(a) The written consent of all of the owners and holders of the
bonds.
(b) An order under federal bankruptcy law that is binding upon the
holders and owners of all of the outstanding refunding bonds
affected.

25116. If the modification is approved in the manner provided in
this article, the district need not issue new refunding bonds and
coupons in exchange for outstanding bonds and coupons the terms of
which have been modified, but in lieu thereof the district may
provide for the indorsement on the outstanding refunding bonds and
coupons affected of the terms of the modification or a reference to
its terms if contained in an instrument of modification or modified
refunding plan, all as provided in the modification.

25117. If the modification or modified refunding plan provides for
the extension of the time of maturity of all or any of the refunding
bonds, the district in lieu of issuing new refunding bonds may
indorse upon the face of the refunding bonds extended the new date of
their maturity and attach to them new interest coupons to evidence
interest payments to become due to the extended date of maturity of
the refunding bonds.

25118. All refunding bonds the terms of which have been modified
shall continue to be binding outstanding bonds of the district and
negotiable instruments irrespective of any indorsement of the terms
of the modification or of the extension of the time of payment and
shall be payable in accordance with their terms and the provisions of
the modification.

25119. Any modification of any refunding plan adopted pursuant to
the provisions of this article may provide for its subsequent
modification with the consent of the holders of any specified
percentage of the refunding bonds affected by the modification in the
manner provided in it.