SECTIONS 52750-52760 - California Statutes

WATER CODE

SECTION 52750-52760

52750. When the sinking fund contains at least ten thousand dollars
($10,000), the county treasurer shall, upon request of the board, by
notice published once a week for two successive weeks in some
newspaper published in the county where the office of the district is
located and, in its discretion, in any other newspaper, invite
sealed proposals for the sale to the district of any of its
outstanding bonds or refunding bonds secured by the assessment out of
which the sinking fund was created.

52751. The notice shall state the amount available for the
redemption of bonds or refunding bonds and shall specify when and
where the proposals will be opened.

52752. All proposals shall be opened at the office of the county
treasurer at an open meeting of the board convened at the time
specified in the notice or at some subsequent time to which the
meeting is adjourned.

52753. Any or all proposals may be rejected by the county
treasurer, and shall be rejected by him if requested to do so in
writing by a majority of the board.

52754. If no bids are received, or if the bids accepted are not
sufficient to exhaust the money available for the purchase of
outstanding bonds or refunding bonds, the county treasurer may, with
the written assent of at least two members of the board, purchase at
private sale with available money in the sinking fund, any of the
refunding bonds for the payment of which the sinking fund was
created.

52755. No proposal to sell bonds to the district at a price in
excess of the par value thereof shall be accepted.

52756. All bonds purchased with sinking fund moneys shall forthwith
be canceled.

52757. The board may, by resolution adopted prior to the time of
issuing any refunding bonds, provide for the call and redemption
thereof, in numerical order, or by lot, as prescribed in the
resolution, on any interest payment date prior to their fixed
maturity, at not exceeding the par value thereof and accrued
interest, in which event a statement to that effect shall appear on
the face of the refunding bond.

52758. Notice of redemption of callable refunding bonds shall be
published once a week for three successive weeks in a newspaper of
general circulation printed and published in the principal county.

52759. The first publication of the notice shall be not less than
30 days nor more than 90 days prior to the date fixed in the
refunding bonds for the redemption.

52760. Interest on refunding bonds declared to be callable shall
cease after the date fixed for redemption if the district has
provided funds for the payment of the principal and interest thereof.