SECTIONS 8935-8946 - California Statutes

WATER CODE

SECTION 8935-8946

8935. The board shall cancel all proceedings taken in connection
with the bond issue of the drainage district based upon and secured
by Sutter-Butte By-pass assessment number six of the district now
authorized but not sold.

8936. The Controller shall request the State Treasurer to transfer
and the Treasurer shall immediately transfer, any and all moneys
deposited in the Bond Fund or Bond Interest Fund of the assessment
from the fund or funds into the Construction Fund of the assessment
to be used for the retirement of warrants pursuant to the provisions
of this part.

8937. Immediately upon the bonds authorized and directed to be
canceled by this article being canceled, the board may order that
assessment number six shall be paid in semiannual installments equal
to not less than 3 1/2 per cent of the principal of the assessment
for each installment.

8938. If a supplementary assessment number six is levied by the
board, immediately upon the supplementary assessment number six
becoming a lien upon the lands, the board shall rescind and cancel
its then existing order and the board may order that thereafter the
assessment number six and the supplementary assessment number six
shall be paid in semiannual installments equal to not less than 3 1/2
per cent of the principal amount of the assessment for each
installment.

8939. Each of the semiannual installments upon each tract shall be
based upon the original principal amount of the assessment on the
tract less any deductions theretofore made by reason of any credits
made upon the tract pursuant to the provisions of Chapter 556 of the
Statutes of 1919, and shall continue to be so based until such time
as the principal and interest of the assessment on the tract are paid
in full.

8940. The board may, by order entered in its minutes, postpone or
discontinue from time to time the calling of the semiannual
installments or any of them for such periods of time as it deems
advisable.

8941. Any owner or holder of lands within the boundaries of the
drainage district whose lands are subject to the lien of assessment
number six or supplemental assessment number six levied in connection
with project number six may present to any officer authorized by law
to collect such assessments, or any part thereof, warrants of the
district now, or hereafter to be, issued in connection with project
number six in payment of his assessment, or any part thereof.

8942. Any officer mentioned in the next preceding section shall
accept such warrants so presented or tendered in payment of the
assessment, or any part thereof, at the face value of the warrant or
warrants so presented, plus accrued interest.

8943. All warrants when received by any officer authorized by law
to receive them shall be by him transmitted to the Controller who
shall give the officer a receipt for the warrants.

8944. The Controller shall, upon demand of the board, cancel the
warrants and credit the face value thereof, plus the accrued interest
thereon to the date of the tender of the warrants in payment of
assessments to the fund upon which the warrants were originally drawn
and charge the fund with the accrued interest. Thereupon the
Controller shall notify the State Treasurer of the cancellation and
the State Treasurer shall make the proper entry in his books.

8945. Partial payments on any tract in excess of any regular
installment amount shall be credited to the payment of the principal
amount of the assessment upon that tract thereby reducing the
interest that would thereafter accrue upon that tract.

8946. Any and all partial payments of principal may, and upon
request of the person making payment shall, be credited to the
amounts charged against the tract by reason of benefits other than
flood control until such charges have been paid in full and
thereafter to the amounts charged against the tract by reason of
flood control benefits.