SECTIONS 51500-51503 - California Statutes

WATER CODE

SECTION 51500-51503

51500. The interest due on any unpaid unbonded assessment, or any
part or installment thereof, may be called by the board without
calling any installment of the assessment.

51501. All interest paid on any unbonded assessment shall be
deposited with the county treasurer in the "warrant interest fund"
and be used only for the payment of interest on warrants unless the
board requests the county treasurer to transfer all or a part of the
fund to the general fund or maintenance fund of the district.

51502. At least 90 days before any installment of interest is due
on any time warrants the board shall estimate the amount necessary to
pay the interest, after crediting thereon the funds in the "warrant
interest fund" applicable to the payment thereof, and shall add
thereto 15 percent of the aggregate sum to cover possible
delinquencies, and make a call on interest due on any unpaid unbonded
assessment equivalent to the amount so estimated.

51503. All provisions of this division relative to the making of
calls on any unbonded assessment, or installment thereof, and the
sale of property for nonpayment thereof, and redemption thereof, are
applicable to the making of calls for interest.