SECTIONS 52170-52179 - California Statutes

WATER CODE

SECTION 52170-52179

52170. The board may provide at any time before the sale of the
bonds that the bonds shall be callable at face value, plus accrued
interest, on any interest payment date, with or without a premium to
be specified by the board, and inserted in the bonds. All other terms
and conditions of the call shall be as provided by the board.

52171. At least 120 days prior to any interest payment date, the
board may, by a two-thirds vote, adopt an order calling any amount of
callable bonds for payment on the interest payment date.

52172. Less than all of the bonds of any maturity may be called in
inverse numerical order or by lot and, if called by lot, the board
shall ascertain by a drawing the bonds to be called in such maturity
by lot.

52173. The order calling bonds shall specify the bonds to be called
by number, maturity or such other designation as may be provided by
the board.

52174. A certified copy of the order shall be delivered to the
county treasurer.

52175. The county treasurer shall add the principal of the bonds so
called for redemption specified in the order, and any premium
provided by those bonds to be paid upon such call, to the amount
which he is required to collect for payment of the next maturing
principal and interest of the outstanding bonds.

52176. The county treasurer, in his notice of call of assessment,
shall specify the amount which is included for payment of principal
of and interest on the bonds to be called and premium thereon.

52177. The county treasurer shall publish, in a newspaper of
general circulation printed and published in the principal county
once a week for four weeks prior to the date on which bonds are
called for payment, a notice of the call of bonds.

52178. The notice of the call of bonds shall contain a reference to
the order of the board calling the bonds and a notification to all
holders of bonds so called to present the bonds for payment on the
date specified in the notice. The notice of call shall further state
that whenever, on or after the call date specified in the notice,
funds are received by the county treasurer for payment of the bonds,
coupons and premium, all interest thereon shall cease.

52179. In the event the bonds are callable at a premium, the board
shall draw a warrant or warrants in favor of the county treasurer
from time to time as bonds are called for redemption in an amount
equal to the amount of the premium required to be paid on the bonds
then called for redemption. Each such warrant shall be drawn against
funds derived from the additional or supplemental assessment required
to be levied pursuant to Section 51301.5. The amounts collected on
such additional or supplemental assessment shall be used by the
county treasurer for the payment of the premium on the bonds then
called for redemption and, to the extent of such payment, such
warrant shall be reduced or canceled by endorsement on the reverse
thereof.