SECTIONS 44775-44778 - California Statutes

WATER CODE

SECTION 44775-44778

44775. The county treasurer shall deposit in the county treasury to
the credit of the bond fund of the district all money collected upon
any assessment upon which bonds have been issued, including all the
following:
(a) Money derived from sale of land for delinquent installments.
(b) Money derived from redemption of land.
(c) Money derived from sale of land bought by the treasurer at a
sale for delinquent installments as trustee of the district bond
fund.
(d) Money derived from interest and penalties.
(e) The amount of purchase money paid in bonds or coupons on sales
made under any assessment.

44776. Money collected upon any assessment upon which bonds have
been issued shall be used exclusively for the payment of principal
and interest of the bonds issued on the assessment.

44777. The county treasurer shall transmit to the treasurer of the
district all canceled bonds and coupons received in payment on any
delinquent sale and a memorandum of all sums endorsed as paid upon
account of purchase money on any specified bonds or coupons. All
money collected by any county treasurer upon account of an assessment
on which bonds shall not have been issued shall be similarly
accounted for to the treasurer of the district, and shall be credited
to the general fund of the district.

44778. Any balance remaining in the bond fund after payment in full
of the principal and interest of all outstanding bonds of the
district shall be transferred by the county treasurer to the general
fund of the district.