SECTIONS 31440-31446 - California Statutes

WATER CODE

SECTION 31440-31446

31440. The board may, by resolution, do the following:
(a) Submit to the voters a measure to issue new bonds to refund
any or all of the district bonds outstanding.
(b) Submit to the voters of any improvement district of the
district a measure to issue new bonds to refund any improvement
district bonds outstanding.

31441. The measure may be voted on at any district election.

31442. The procedure upon the election shall be in accordance, so
far as applicable, with the procedure upon an original issue of
bonds, except that:
(a) No hearing need be held upon the question whether the bond
issue will benefit the entire district or only a portion thereof.
(b) The vote of a majority of the voters voting upon the measure
is sufficient to authorize the issue of refunding bonds.

31443. The refunding bonds shall not bear a higher rate of interest
than the bonds to be refunded and may be issued and sold in the
manner and form prescribed for an original issue of bonds.

31444. Refunding bonds may, if the holders of bonds of an original
issue and the board so agree, be exchanged for original bonds.

31445. The face value of refunding bonds exchanged for original
bonds shall not exceed the face value of the original bonds.

31446. The board may raise money by water rates or taxes to pay
principal and interest of the refunding bonds in the same manner as
prescribed for payment of bonds of an original issue.