SECTIONS 44850-44853 - California Statutes

WATER CODE

SECTION 44850-44853

44850. This article provides an alternative procedure for the
deposit of all, or any part of, proceeds of bond sales, proceeds of
assessments and proceeds of sale of land and of all, or any part of,
other funds of a district.

44851. The board may at any time, by resolution, elect to proceed
under this article with respect to the deposit of funds of the
district, and the board may at any time thereafter terminate its
election to proceed under this article, and thereafter, the
provisions of this article shall no longer apply. No such resolution
shall be effective until a certified copy thereof shall be filed with
the auditor and treasurer of each county within which a district is
located.

44852. Any money belonging to a district may be deposited by the
treasurer pursuant to the general laws governing the deposit of
public money.

44853. 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.