SECTIONS 52220-52228 - California Statutes

WATER CODE

SECTION 52220-52228

52220. When directed by resolution of the board, the county
treasurer may sell all or any designated number of the bonds for the
best price obtainable, but in no event for less than 90 percent of
the face value of the bonds and the accrued interest thereon.

52221. The bonds shall be sold in the manner provided in Article 3
of Chapter 1 of this part.

52222. The county treasurer may accept in full or partial payment
for bonds, outstanding warrants of the district at face value plus
the accrued interest thereon.

52223. When bonds have been authorized prior to payment of an
assessment during the 30-day period allowed by Section 51510, the
amount of bonds to be sold shall be reduced and canceled in an amount
equal to the assessment paid during that period.

52224. The reduction and cancellation of bonds not to be sold shall
be only in the latest maturities and the minute order directing such
reduction and cancellation shall be entered by the board and a copy
thereof, certified by the president, filed with the county treasurer.

52225. The proceeds from the sale of the bonds shall be placed in
the county treasury to the credit of the district.

52226. A sale and delivery of the bonds by the county treasurer is
conclusive evidence in favor of the purchaser and all subsequent
holders of the bonds that the sale was made upon due authority and
notice.

52227. The board may draw demand warrants upon the county treasurer
against the funds provided by sale of bonds.

52228. Bonds issued pursuant to this chapter which have been
investigated and certified by any officer of this state authorized to
make such investigation and certification, and declared to be legal
for investments by savings banks of the state, may be purchased, or
received in pledge for loans by savings banks, trust companies,
insurance companies, guardians, conservators, executors,
administrators and special administrators, or by any public officer
or officers of this state or of any county, city, or other municipal
or corporate body within this state having or holding funds which
they are authorized to invest or loan.