SECTIONS 52580-52584 - California Statutes

WATER CODE

SECTION 52580-52584

52580. The board, in lieu of drawing a warrant pursuant to Section
52560 may raise the amounts indicated in that section by a
supplemental assessment levied as provided in Part 7, Chapter 2,
Article 6 of this division, in which event the warrant shall be drawn
against the fund created by the supplemental assessment.

52581. If the landowners in a district voluntarily pay to the
county treasurer, on the call of the board the amount required to be
made available by reason of the sale of the refunding bonds at less
than par, no supplemental assessment shall be levied.

52582. If a sale of the refunding bonds is consummated by payment
of the purchase price and the delivery of the bonds, the board shall
enforce payment of delinquencies in the supplemental assessment in
the manner set forth as provided in Chapters 3 and 4 of Part 7 of
this division.

52583. The county treasurer shall use the proceeds of the
supplemental assessment or of the warrant delivered to him pursuant
to Section 52559, as the case may be, for the following purposes:
(a) The payment of any amount by which the total amount necessary
to pay the principal and accrued interest on the bonds next maturing
exceeds the proceeds from the sale of the refunding bonds, exclusive
of accrued interest.
(b) The payment to the purchaser of the refunding bonds at the
time he takes delivery thereof, of interest at the rate provided in
the refunding bonds from the date the sale is completed by the
payment of the purchase price until the date when, pursuant to the
terms of the refunding bonds and the coupons thereto attached,
interest thereon shall begin to accrue.

52584. Any surplus in the supplemental assessment fund after the
principal and interest on the bonds next maturing are paid in full
shall be refunded by the county treasurer to the persons who have
paid the supplemental assessment, in proportion to the amounts they
paid.