SECTIONS 74850-74857 - California Statutes

WATER CODE

SECTION 74850-74857

74850. If two-thirds of the votes cast upon the proposition at the
bond election are marked and counted "Bonds--Yes" or appear to favor
the proposition submitted, the proposition shall be deemed to have
been accepted by the voters and to authorize the incurring of a
bonded debt and the issuance of bonds in the amount of and for the
purpose stated in the proposition.

74851. The board may issue the bonds of the district for the whole
or any part of the amount of the indebtedness authorized, and may,
from time to time, provide for the issuance of such amounts as are
necessary, until the full amount of the bonds authorized have been
issued. Each separate issue shall be given a serial number or letter.

74852. The board shall, by a resolution adopted by a majority of
its members, prescribe the form of the bonds and of the coupons
attached thereto and fix the time when the whole or any part of the
principal shall become due and payable. The payment of the first
installment may be deferred for a period not longer than five years
from the date of the bond.

74853. The bonds shall bear interest at a rate not exceeding 8
percent per year, payable annually or semiannually as may be
prescribed by the board at the time of the issuance of the bonds.

74854. The board may provide for redemption of bonds before
maturity at prices determined by it. A bond shall not be subject to
call or redemption prior to maturity unless it contains a recital to
that effect.

74855. The bonds shall be in such denominations as the board may
prescribe.

74856. The principal and interest shall be payable in lawful money
of the United States at the office of the treasurer or such other
place as may be designated or at either place at the option of the
holder of the bond.

74857. The bonds shall be dated, numbered consecutively, signed by
the president, and attested by the secretary with the official seal
of the district. The interest coupons shall bear the actual or
facsimile signature of the president.