SECTIONS 52280-52285 - California Statutes

WATER CODE

SECTION 52280-52285

52280. The board, by an order entered in its minutes, may cancel
all proceedings taken in connection with bonds remaining unsold one
year after they are delivered to the county treasurer, or which are
not delivered to the county treasurer within one year from the date
of the election authorizing the issuance thereof.

52281. A certified copy of the order shall be filed with the county
treasurer of each county wherein lands affected by the assessment on
which the bonds were based are situated.

52282. Upon receipt of the order, the county treasurer to whom the
unsold bonds have been delivered shall cancel the unsold bonds and
all coupons attached thereto.

52283. Cancellation of unsold or unissued bonds shall not affect
the validity of the assessment upon which the bonds were issued, and
the board may call for the payment of any part of the assessment as
provided in Section 51517 or may cause bonds to be authorized and
issued upon the unpaid portion of such assessment.

52284. When a portion of any bond issue is canceled, the board
shall call the portion of the assessment securing the canceled bonds,
in such installment or installments as the said board shall
determine, and the amount collected shall be deposited in the county
treasury and paid out on warrants of the district in the order of
their registration drawn in payment of costs for the payment of which
the assessment was levied.

52285. Calls of assessments pursuant to Section 52284 shall be
limited to amounts which will leave uncalled a sufficient portion of
the assessment to pay principal and interest on the outstanding
bonds.