SECTIONS 52500-52510 - California Statutes

WATER CODE

SECTION 52500-52510

52500. A district may refund the whole or any part of any
installment of the principal of an outstanding bond issue.

52501. All proceedings for the issuance of refunding bonds
commenced prior to August 14, 1929 shall be completed in accordance
with the provisions of this part.

52502. When the board determines that it would be for the best
interest of the district or the landowners therein to refund any
installment, or portion thereof, of the principal of any outstanding
bonds of the district, the board may, by order entered upon its
records, order a special election to be held at some place in the
district to be designated by the board.

52503. At the election the board shall submit to the landowners the
question of whether any installment of the principal of the
outstanding bonds of the district, or any part of such installment
shall be refunded.

52504. The order for the election shall state the maturities and
rate of interest of the refunding bonds, and the total amount of the
principal thereof, and shall designate the bonds which are to be
refunded.

52505. If a majority of the votes cast at the election approve the
issuance of refunding bonds, the board shall prescribe the date and
rate of interest of the refunding bonds authorized at the election
and shall cause them to be executed and delivered, with a certified
copy of the order of election, to the county treasurer.

52506. The principal of the refunding bonds shall not exceed 110
percent of the principal amount of the bonds to be refunded.

52507. The principal and interest of refunding bonds shall be based
on and payable out of the assessment upon which the bonds to be
refunded are payable.

52508. Refunding bonds shall be payable serially within at least 50
years from their date.

52509. Refunding bonds may be in substantially the following form:

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

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 ____ County, in the State of
California, on the ____ day of ____, 19__, the sum of $____ in
lawful money of the United States of America, with interest thereon
in like lawful money from the date hereof until paid at the rate of
____ percent per year, payable at the office of said treasurer on the
first day of January, and the first day of July in each year on
presentation and surrender of the interest coupons hereto attached.
This bond is one of a series of refunding bonds of like tenor and
effect, except as to denomination and maturity, numbered from ____ to
____ inclusive, amounting in the aggregate to the sum of ____
dollars ($____), 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 their
issuance, and are issued for the purpose of refunding ____ $____ of
the principal amount of the bonds of this district dated the ____ day
of ____, 19__, and outstanding on the ____ day of ____, 19__, and
this bond 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 ____, 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.
This bond is one of the bonds issued to refund $____ principal
amount of bonds of this district numbered ____ dated the said ____
day of ____, 19__, and maturing ____, 19__.
In 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.

52510. 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 the County of ____
the sum of $____ in lawful money of the United
States out of the funds of Reclamation District
No. ____ for interest on refunding bond of
said district, No. ___.
____________________________
County Auditor