SECTIONS 35900-35912 - California Statutes

WATER CODE

SECTION 35900-35912

35900. The treasurer shall receive to the credit of the district
and in trust for its use and benefit all the money belonging to the
district.

35901. All money belonging to the district, or to which the
district is entitled, shall, when received, be paid by the person
receiving it to the treasurer.

35902. The treasurer shall establish for the district a general
obligation bond fund and a general fund and shall apportion the
district money to the funds as follows:
(a) To the general obligation bond fund, that portion of the money
received from the collection of assessments or from the sale of
property for delinquent assessments which bears the same proportion
to the total amount received from the collection of assessments or
from the sale of property for delinquent assessments as that portion
of the estimate of the board on which the assessment was based which
is required for the payment of general obligation bonds and the
interest thereon bears to the whole amount of the estimate.
(b) To the general fund, the balance of all money received.

35903. The money placed in the general obligation bond fund shall
be used for the payment of bonds and of the interest thereon and
until the total bonded indebtedness of the district is discharged
shall not be used for any other purpose.

35903.5. (a) Notwithstanding the provisions of Section 35903, any
amount in the general obligation bond fund in excess of the amount
needed to pay principal and interest on bonds during the then current
fiscal year and the succeeding fiscal year may be transferred by the
treasurer to the general fund.
(b) This section shall apply only to the Fern Valley Water
District.

35904. Any money belonging to a district may be deposited by the
treasurer pursuant to the general laws governing the deposit of
public money.

35905. Where the deposit of money is insured by the Federal Deposit
Insurance Corporation no additional security need be required from
the bank for the portion of the district's deposits so insured.

35906. Except for the payment of bonds and the interest thereon
district money shall not be paid out by the treasurer unless a
warrant therefor has been drawn and executed by the board.

35907. Warrants are contracts in writing for the payment of money
and an action based on warrants payable on demand shall be commenced
within four years from the date of their issuance.

35908. In any proceeding for a writ of mandate to compel the board
to issue a warrant, the court shall proceed as in other civil actions
and shall cause a writ to issue for any sum found to be due.

35909. The board of directors may provide for a bond reserve fund
for the purpose of payment of the principal of or interest on bonds
of the district as the same shall become due. Except as otherwise
provided in the resolution providing for the issuance of said bonds
and so long as any of said bonds are outstanding, any moneys set
aside in said bond reserve fund shall be used solely to pay the
principal of or interest on said bonds as the same shall become due,
in the event and to the extent that other available moneys of the
district are insufficient therefor. When all of the principal of or
interest on said bonds has been paid, the balance of the money
remaining in the bond reserve fund shall be transferred to the
general fund.

35910. All or any portion of a bond reserve fund may be established
out of the proceeds of the sale of said bonds. In such case the
estimate referred to in Section 35950 shall include or make provision
for such bond reserve fund and the ballot cast at the bond election
shall contain a statement to the effect that all or part of said bond
reserve fund is to be established from the proceeds of said bonds.
Upon the delivery of and payment for said bonds, the portion of the
proceeds provided for said bond reserve fund shall be set aside
therein.

35911. The resolution providing for the issuance of bonds may
provide for a bond reserve fund to be established, in whole or in
part, from water charges or annual assessments, or both. In such
event said water charges or annual assessments, in addition to the
other amounts required or authorized to be included therein, shall
include such amount or amounts as shall be provided by said
resolution for said bond reserve fund, and upon collection thereof
said amount or amounts shall be set aside in said bond reserve fund.

35912. Notwithstanding any other provision of law, the Irvine Ranch
Water District may invest or reinvest its capital facilities
replacement funds in real estate and interests therein and
improvements thereon, located within the County of Orange, as an
investment for the production of income. The total aggregate amount
of those investments shall not exceed 30 percent of the district's
total capital facilities replacement funds.