SECTIONS 74870-74872 - California Statutes

WATER CODE

SECTION 74870-74872

74870. The bonds as issued may be sold at such times and in such
amounts as the board deems expedient, after a notice inviting bids
therefor has been published in the district pursuant to Section 6062
of the Government Code. A certified check payable to the district for
at least 2 percent of the amount of the bonds offered shall
accompany each bid, conditioned that the bidder will accept and pay
for the bonds bid for if awarded to him, otherwise such check shall
be forfeited to the district and the amount thereof paid into the
treasury. If no bids are received the bonds offered may be sold at
private sale.

74871. The proceeds from the sale of bonds shall be paid into the
treasury of the district, placed to the credit of a special fund, and
expended only for the purpose for which the indebtedness was
created.

74872. If the board determines by resolution that (1) the
expenditure of money raised by the sale of bonds for the purpose for
which the bonds were voted is impracticable or unwise, or (2) that
all of the purposes for which money raised by the sale of bonds have
been fulfilled but that there is a surplus of such money remaining,
the board may call a special election to obtain the consent of the
voters to use the money for some other purpose for which the district
may issue bonds.
The procedure shall be the same as when the bond proposition was
originally submitted and the election may be consolidated with any
other election, in which case one ballot may be used in the
discretion of the board.