SECTIONS 52730-52737 - California Statutes

WATER CODE

SECTION 52730-52737

52730. The board, prior to, or at the time of, issuance of the
refunding bonds under this chapter, shall provide for the creation of
an annual sinking fund for the payment of the refunding bonds in
amounts determined by the board.

52731. The county treasurer, at least 90 days before the first day
of January in each year during which the refunding bonds are
outstanding, shall levy and collect a call against the assessment
securing the payment of the principal and interest of the refunding
bonds, in addition to all other calls required by law to be made,
sufficient to provide the amounts of such sinking fund payments for
the then current year.

52732. Ninety days, or more, before the first day of January in any
year, the board may modify the amount of the sinking fund payment.
The board shall forthwith mail the county treasurer a copy of the
board's order approving the modification of the sinking fund payment.
The order shall state specifically the amount to be called by the
county treasurer if the amount is less than that stated in the
sinking fund schedule.

52735. In any year in which the district has surplus funds from
other sources available for the sinking fund payment and has
deposited such funds in the sinking fund the call of assessment for
sinking fund purposes for that year shall be limited to any amount by
which the amount of the sinking fund payment exceeds the amount of
surplus funds so deposited.

52736. The board may invest the money in the sinking fund in bonds
of the United States or of the State of California, and hold the
bonds so purchased, and the income therefrom, as part of the sinking
fund until such time as the board determines that it is for the best
interests of the district that all or part of such bonds be sold.

52737. The proceeds of sale of any bonds in which any part of the
sinking fund is invested shall be deposited in the sinking fund.