SECTIONS 53220-53226 - California Statutes

WATER CODE

SECTION 53220-53226

53220. The board shall, on demand of the holder of any demand
warrant outstanding one year or more, or any time warrant overdue one
year of more, cancel the same and issue a new demand warrant for the
face value of the old warrant, and a separate warrant for any
interest then due thereon, or the board may allow a claim for the
amount of any interest due on such warrant and may draw a warrant
therefor.

53221. Warrants issued for interest pursuant to this article shall
not bear interest.

53222. Upon drawing an interest warrant the board shall endorse on
the reverse of the old warrant the fact that interest has been paid
to the date of drawing the interest warrant.

53223. An interest warrant shall state that it is drawn for
interest on warrant No. ____ to ____ (date).

53224. The board shall notify the county treasurer upon drawing an
interest warrant, and he shall note on his register of warrants the
fact that interest has been paid on the warrant for which the
interest warrant was issued.

53225. A demand warrant not paid or presented for reissuance within
four years after its date, or a time warrant not paid within four
years after its maturity may, upon the demand of the holder, be
extended one or more times until repayment or reissuance, for a like
period of four years from the date of each extension, upon
presentation to the board, such extension being endorsed thereon by
the board.

53226. The board and the county treasurer may cancel all warrants
which have not been paid or reissued, or which have not been extended
one or more times, within four years after the date of demand
warrants, or within four years after the date of maturity of time
warrants.