SECTIONS 52700-52714 - California Statutes

WATER CODE

SECTION 52700-52714

52700. The board may cause refunding bonds to be issued as provided
in this chapter for the purpose of refunding any outstanding bonds,
including original issues and refunding issues.

52701. Refunding bonds issued pursuant to this chapter shall be
issued in substantially the manner prescribed by Chapter 3 of this
part for the issuance of refunding bonds, except as otherwise
provided herein, and the provisions thereof concerning the
authorization, issuance, exchange and sale of refunding bonds issued
pursuant thereto shall be applicable to refunding bonds issued
pursuant to this chapter.

52703. The board shall call and conduct an election of the
landowners in the manner provided in Chapter 3 (commencing with
Section 50800) of Part 4 of this division for the purpose of
authorizing the issuance of the refunding bonds.

52704. Prior to the issuance of any refunding bonds pursuant to
this chapter the board shall file with the county treasurer a copy of
the refunding plan and a certified copy of the order of the board
providing for the issuance of the refunding bonds.

52705. The refunding bonds may be in substantially the following
form:
(Form of Bond)
UNITED STATES OF AMERICA
State of California
County of _____
Refunding Bond of
Reclamation District No. ____
Reclamation District No. ____, in the County of ____, in the State
of California, a reclamation district duly organized and existing
under and pursuant to the laws of said State, is indebted to and
promises to pay to the bearer hereof, for value received, the sum of
____ dollars ($____), on the ____ day of ____, 19__, (unless before
that date this bond is called for redemption, and payment hereof
provided for, in the manner set forth in the refunding plan
hereinafter mentioned) with interest thereon at the rate of ____
percent (____%) per year from ____, 19__, to and including the date
of maturity of this bond. Said interest shall be payable on the first
day of January and the first day of July of each year. Said
principal and interest are payable in lawful money of the United
States of America at the Office of the Treasurer of the County of
____, State of California, and are payable only on presentation and
surrender of the proper interest coupons hereto attached as the same
mature.
This refunding bond is one of an authorized issue of refunding
bonds of said district in the aggregate principal amount of ____
dollars ($____), known as the ____ Refunding Issue, all of like date
and tenor, and all issued under and subject to the provisions of a
refunding plan dated ____, to which refunding plan reference is
hereby made for the statement of the nature and extent of the
security, the rights of the holders of the refunding bonds and of the
interest coupons in respect thereto and the terms and conditions
upon which the refunding bonds are issued and secured, to all of the
provisions of which refunding plan, the bearer or registered owner of
this refunding bond, by his acceptance hereof, assents. This
refunding bond is issued by authority of the provisions of Division
15, Part 8, Chapter 4, of the Water Code of the State of California,
and pursuant to a vote of the landowners of said district at an
election duly called, held and canvassed in conformity with the
requirements of said chapter, and the bonds of this issue are issued
for the purpose of refunding ____ dollars ($____) of the principal
amount of the bonds of this district, and outstanding on the ____ day
of ____, 19__, and this bond is secured by an assessment or
assessments levied on the lands of said district and filed in the
Office of the County Treasurer of said County of ____ on the ____ day
of ____, 19__.
It is hereby recited, certified and declared that this refunding
bond is issued in strict conformity with the Constitution and laws of
the State of California, and with proceedings of said reclamation
district authorizing the same, and that all acts, conditions and
things required to exist, happen and to be performed precedent to and
in the issuance of this refunding bond, have existed, happened and
been performed in regular and due time, form and manner as required
by law, and that this refunding bond together with all other
indebtedness and obligations of said reclamation district does not
exceed any limit prescribed by the Constitution or Statutes of the
State of California.
It is further certified, recited and declared that the
indebtedness which this bond is issued to refund, is a valid,
subsisting, outstanding and legally binding indebtedness, evidenced
by bonds and coupons of said district, and that this refunding bond
shall be applied only to the refunding of the indebtedness for which
it is issued, and for no other purpose.
This bond is subject to call and redemption on any interest
payment date at not exceeding the par value thereof and accrued
interest as provided in said refunding plan.
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.

52706. The interest coupons to be attached to the refunding bonds
may be in substantially the following form:

No. _____________ $ ____________

The County Treasurer of ____ County, California, will pay to the
holder hereof on the ____ day of ____, 19_, (unless before that date
the within bond is called for redemption, and payment hereof provided
for, in the manner set forth in the refunding plan referred to in
said bond), at his office in the County of ____, the sum of $____ in
lawful money of the United States out of funds of Reclamation
District No. ____, for interest due on said date on refunding bond of
said district, No. ____.

______________________________
County Auditor.

52707. An action to determine the validity of refunding bonds may
be brought pursuant to Chapter 9 (commencing with Section 860) of
Title 10 of Part 2 of the Code of Civil Procedure.

52709. Refunding bonds issued pursuant to this chapter may be sold
from time to time in the same manner as other bonds of the district,
or may be exchanged for other bonds of the district.

52710. The outstanding bonds refunded or exchanged shall be
immediately canceled by the county treasurer.

52711. The maturity of the refunding bonds issued pursuant to this
chapter and the rate of interest thereon shall be fixed by the board,
but in no case shall the maturity of any of the refunding bonds
exceed 50 years nor the rate of interest exceed 8 percent per year,
payable semiannually.

52712. An issue of refunding bonds issued pursuant to this chapter
shall be based upon and payable out of the assessment from which the
bonds to be refunded were payable, and shall mature at one time.

52713. The board may make expenditures, or incur indebtedness, and
issue warrants therefor to pay the cost and expenses incident to any
refunding plan or in connection with the refunding of its bonds.

52714. The authority to issue refunding bonds pursuant to this
chapter is in addition to the authority granted by Chapter 3 of this
part, and nothing in this chapter shall be deemed to amend or modify
Chapter 3 of this part or be applicable to refunding bonds issued
under the provisions thereof, except that the procedure specified in
that chapter, insofar as it is adopted herein, is a part hereof, it
being the intent of the Legislature to provide an alternative method
of issuing refunding bonds.