SECTIONS 52200-52208 - California Statutes

WATER CODE

SECTION 52200-52208

52200. All provisions of Chapter 1 of this part are applicable to
bonds issued pursuant to this article.

52201. When any assessment, except an operation and maintenance
assessment, levied and assessed upon district lands remains unpaid in
whole or in part and, in the judgment of the board it would be for
the best interest of the district or the landowners therein to issue
bonds to obtain money to pay the cost of reclamation, the
indebtedness of the district, or any other legal charge, or when a
petition signed by the owners of more than one-half of the land in
the district is filed with the secretary, the board, by order entered
upon its records, shall order a special election to be held at some
place in the district to be designated by the board.

52202. At the special election the board shall submit to the
landowners the question of whether bonds shall be issued in an amount
equal to the amount of such assessment, or the part of such
assessment remaining unpaid, which amount shall be entered by the
board in its records and stated by it in the order for the special
election.

52203. If a majority of the votes cast at the election are in favor
of the issuance of bonds, the board shall cause the amount of bonds
stated in the order for the election to be executed and delivered,
with the assessment list, to the county treasurer.

52204. If the board deems it advisable, it may order a special
election to be held prior to making any assessment, to determine
whether bonds shall be issued for an amount to be stated in the order
for the election, but no bonds shall, in such instance, be issued
until an assessment for the amount of the bonds authorized at the
election has been made and filed with the county treasurer.

52205. The county treasurer shall place the bonds to the credit of
the district.

52206. The bonds shall be payable serially within 20 years from
their date, as follows:
(a) Not less than 10 percent of the aggregate face value of bonds
issued shall be payable within 10 years from their date.
(b) Not less than 10 percent of the aggregate face value of bonds
remaining unpaid at the end of 10 years shall be payable each year
beginning with the eleventh (11th) year from their date, until the
whole amount of the bonds is paid.

52207. The bonds shall be substantially in the following form:

Form of
Bonds
United States of
America
State of California
County of ______
No. _____ $ ______
Reclamation District ______

Reclamation District No. ____, for value received hereby
acknowledges itself indebted to and promises to pay to the holder
hereof at the office of the treasurer of said county, in the State of
California, on the first day of ____, 19_, the sum of ____ dollars
($____), in lawful money of the United States of America, with
interest thereon in lawful money from date hereof until paid, at the
rate of ____ percent, per year, payable at the office of said
treasurer on the first day of January, and the first day of July in
each year on presentation and surrender of the interest coupons
hereto attached.
This bond is one of a series of ____ bonds of like tenor and
effect, except as to denomination and maturity, numbered from ____ to
____ inclusive, amounting in the aggregate to ____ dollars ($____),
issued in accordance with Division 15 of the Water Code of the State
of California pursuant to an election held in said reclamation
district on the ____ day of ____, 19_, authorizing its issuance, and
is based upon and secured by an assessment levied on the lands in
said district, and filed in the Office of the County Treasurer of
said County of ____, on the ____ day of ____, 19_, and the said
reclamation district does hereby certify and declare that said
election was duly called and held upon due notice, and the result
thereof was duly canvassed and ascertained, in pursuance of and in
strict conformity with the laws of the State of California applicable
thereto, and that all of the acts and conditions and things required
by law to be done, precedent to and in the issue of said bonds have
been done and have been performed in regular and in due form and in
strict accordance with the provisions of the law authorizing the
issuance of reclamation bonds.
In the testimony whereof, the said district, by its board of
trustees, has caused this bond to be signed by the president of said
board and attested by the Auditor of said County of ____ with his
seal of office affixed this ____ day of ____, 19_.

________________________________
President of said board
Attest ______________________
Auditor of the County of ____ , State of
California

52208. The interest coupons may be substantially in the following
form:

No. ________ $ _______

The County Treasurer of ____ County, California, will pay to the
holder hereof on the ____ day of ____, 19_, at his office in said
County of ____, the sum of ____ dollars ($____) in lawful money of
the United States out of the funds of Reclamation District No. ____
for interest on bonds of said district numbered ____.

_______________________________
County Auditor