SECTIONS 31480-31482 - California Statutes

WATER CODE

SECTION 31480-31482

31480. Subject to the provisions of this article, a district may
borrow money to provide funds to pay all costs of any public
improvement authorized by this part and may issue revenue bonds to
evidence the indebtedness created by such borrowing.
Such revenue bonds shall constitute special obligations and
evidence a special indebtedness of the district which shall be a
charge upon, and payable, as to the principal thereof, interest
thereon, and any premiums upon the redemption of any thereof, solely
from, such revenues and funds as are specified therein and in the
proceeding for their issuance. They shall not constitute general
obligations of the district and they shall neither constitute
obligations nor evidence any indebtedness of any other public agency
of which the district may be a part, or of the State.
All such bonds shall recite upon their face the substance of the
preceding portions of this section and shall also recite upon their
face that they are issued under this article.

31481. Revenue bonds under this article shall be authorized, issued
and sold in the same manner as are revenue bonds of irrigation
districts under Division 11 of this code and shall in all respects
conform to the provisions of that part as near as such provisions can
be made applicable.

31482. The Contra Costa Water District may provide for bonds of the
district to bear a variable interest rate, which rate shall not at
any time exceed the maximum rate permitted by Section 53531 of the
Government Code or any other applicable provision. If the rate of
interest is variable, the resolution adopted pursuant to Section
31391 shall state the manner and intervals at which the rate shall
vary, and all bonds shall recite on their face the manner and the
intervals at which the rate may vary.