SECTIONS 74790-74792 - California Statutes

WATER CODE

SECTION 74790-74792

74790. A district may incur a bonded indebtedness for any purpose
for which the board is authorized to expend the funds of the
district, including any works, property, or rights, contract or
otherwise, acquired under or pursuant to the provisions of Chapter 5
(commencing with Section 74570) of Part 5 of this division, or the
refunding of any obligations incurred pursuant to that chapter.

74791. Bonds issued by a district, and bonds issued for any
improvement district therein, shall be payable, both principal and
interest, from assessments upon the lands in the district or
improvement district, as the case may be, unless proceedings have
been taken substantially as provided in this division for such bonds
to be payable from assessments levied upon all real property in the
district or in the improvement district, as the case may be.

74792. Bonds of the district may be issued in the manner provided
in this chapter payable, both principal and interest, from
assessments levied upon all real property in the district in the
manner provided in this division for the levy of assessments upon
land only.
If the board determines that the bonds shall be payable from
assessments upon all such real property, or if the proceedings for
the formation of the district require that the bonds be so payable,
the board shall so state in the resolution calling the bond election,
and the notice of the election shall contain a statement to that
effect. If the bonds receive the necessary two-thirds vote at the
bond election, then they shall be payable from assessments upon all
real property in the district, and such real property shall be
subject to taxation for the payment of principal and interest of such
bonds.