SECTIONS 25325-25336 - California Statutes

WATER CODE

SECTION 25325-25336

25325. A district may sell any bonds from time to time in such
quantities as may be necessary and most advantageous to raise money
for the purposes for which they were authorized.

25326. Before any sale the board shall by resolution entered on its
minutes set forth all of the following:
(a) Its intention to sell a specified amount of the bonds.
(b) The day, hour, and place of sale.

25327. The board shall give notice of the sale by publication for
at least three weeks in some newspaper published in the office county
and in any other newspaper at its discretion.

25328. The notice shall state that sealed proposals will be
received by the board at the district office for the purchase of
bonds until the day and hour specified in the resolution.

25329. At the time specified the board shall open the proposals and
award the purchase of the bonds or any portion of them to the
highest responsible bidder or bidders.

25330. No proposal shall be accepted which is not accompanied by a
certified check for a reasonable percentage of the amount of the bid
as determined by the board, but in no event less than two per cent,
to apply on the purchase price of the bonds. The amount of the check
shall be forfeited if after the acceptance of his proposal the bidder
refuses to complete his purchase on the terms stated in his
proposal.

25330.1. 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, notwithstanding Section 25327,
the board shall give notice of sale of any bonds payable solely from
revenue which are to be sold at public sale by publication in a
newspaper of general circulation in the county not less than five
days prior to the date of sale in the manner as the board may
prescribe. Notwithstanding Section 25328, the notice shall state that
sealed bids for the purchase of the bonds will be received at the
place specified for that receipt, which need not be at the district
office, until the day and hour specified by the board.
Notwithstanding Section 25329, at the time specified, the bids for
the bonds shall be opened by the board or, if so determined by the
board, shall be opened by an authorized member or officer of the
board and referred to the board.
Notwithstanding Section 25330, a bid for the bonds need not be
accompanied by a certified check for at least 2 percent of the amount
of the bid if so determined by the board of the district, but no bid
shall be accepted which is not accompanied by a certified or cashier'
s check for at least 1 percent of the amount of the bid as determined
by the board.

25331. The board may reject any or all bids.

25332. In case no award is made, the board thereafter may either
readvertise the bonds or any part of them for sale or sell them at
private sale.

25333.5. 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 or bonds issued to refund those
bonds, notwithstanding any other provision of this division, the
board may determine by resolution entered upon the minutes that a
negotiated sale of any bonds of the district payable solely from
revenue will be in the best interest of the district, in which case
the bonds may be sold at a negotiated sale on terms as may be
approved by the board.

25334. A district may exchange its construction bonds for any
property or interest in property which the district might acquire
with the proceeds of the bonds, if sold, or for the capital stock of
any corporation owning the property, upon terms the board deems best.

25335. Any refunding bonds may be either:
(a) Sold from time to time in the same manner as other bonds of
the district.
(b) Exchanged for other bonds or warrants of the district upon
terms approved by the commission.

25336. Any outstanding bonds refunded or exchanged shall be
immediately canceled by the treasurer.