SECTIONS 9395-9405 - California Statutes

WATER CODE

SECTION 9395-9405

9395. If a majority of the votes cast at the bond election are in
favor of the issuance of bonds, the board shall cause bonds of the
drainage district, in the amount stated in the order calling the
election, to be prepared and executed and delivered to the State
Treasurer.

9396. The bonds shall be of the denomination of not less than one
hundred dollars ($100) nor more than one thousand dollars ($1,000)
each.

9397. The bonds shall be signed by the president of the board,
attested by its secretary with the seal of the board affixed thereto,
numbered consecutively in the order of their maturity, and shall
bear date either January 1st or July 1st.

9398. The bonds shall bear interest at a rate to be fixed by the
order of the board for issuance of the bonds not to exceed 6 per cent
per annum payable semiannually on the first day of January and the
first day of July in each year, at the office of the State Treasurer
upon presentation of the proper coupons therefor.

9399. Coupons for each installment of interest shall be attached to
the bonds and shall bear the facsimile signature of the Controller.

9400. Whenever any of the bonds are sold or delivered by the State
Treasurer either to a purchaser thereof or upon an order from the
board payable in such bonds, the State Treasurer shall first detach
therefrom and cancel all past due interest coupons and deliver the
canceled coupons to the board or its secretary.

9401. The State Treasurer shall certify and deliver to the board or
its secretary a list of bonds sold or delivered, showing the serial
numbers, denominations, date of maturity, the price received for each
bond sold, and the date of maturity of the earliest maturing
interest coupon left attached to each bond.

9402. The State Treasurer shall certify and deliver to the board or
its secretary, whenever requested, a statement of all bonds and
coupons for interest thereon paid by him and of all bonds or coupons
presented for payment and not paid for want of funds, with the date
of presentation.

9403. The bonds of the drainage district issued pursuant to this
part which are investigated and approved by any commission or officer
authorized by any law of this state to conduct the investigation and
give the approval and by authority of which approval the bonds are
declared to be legal investments for savings banks, may be lawfully
purchased or received in pledge for loans by any of the following who
hold funds which they are permitted by law to invest or loan:
(a) Banks.
(b) Trust companies.
(c) Insurance companies.
(d) Guardians and conservators.
(e) Executors.
(f) Administrators and special administrators.
(g) Any public officer or officers of this state or of any county,
city, or city and county, or other municipality or corporate body
within this state.

9404. If within one year from the time bonds are authorized to be
issued as provided in this part, the bonds are not sold or disposed
of, the board may at its discretion by an order duly made and entered
in its minutes and a copy duly certified sent to the county
treasurer of each county wherein lands affected by the assessment are
situated, cancel all proceedings taken in connection with the bond
issue.

9405. The board may thereafter call for the payment of the
assessment in such installments from time to time as it shall
determine and as provided in Part 4 of this division.