SECTIONS 9440-9450 - California Statutes

WATER CODE

SECTION 9440-9450

9440. The State Treasurer shall receive and place the bonds to the
credit of the drainage district, and shall when and as directed by
the board sell any of the bonds for the best price obtainable.

9441. The bonds shall not be sold for less than 95 per cent of
their face value and the accrued interest thereon.

9442. Before making a sale of any of the bonds, notice shall be
given by the State Treasurer that he will sell a specified amount of
the bonds, stating the day, hour and place of the sale.

9443. The notice shall state that sealed proposals will be received
by him for the purchase of the bonds or any part thereof at the day
and hour named in the notice.

9444. The notice shall be given by publication once a week for
three successive weeks in a newspaper of general circulation
published in the City of Sacramento.

9445. At the time and place appointed in the notice the State
Treasurer shall open the bids and shall award the purchase of the
bonds or any part thereof to the highest responsible bidder.

9446. If the highest bid is not equal to par and accrued interest
the State Treasurer shall notify the board of the amounts of the
highest bids received, and reject any or all bids if so required by
the board.

9447. At any time before all the bonds held by the State Treasurer
have been sold by him, the board may:
(a) Draw upon the State Treasurer for, and issue and deliver any
unsold bonds at not less than their face value in payment for any of
the works or other expenses for which the assessment has been levied
and for which bonds have been authorized.
(b) Make contracts for any of the works or expenses, payable in
whole or in part in bonds.

9448. In making payments in bonds, the board shall draw orders upon
the State Treasurer payable in bonds to the amount therein named.

9449. The orders shall be countersigned by the Controller and shall
be paid with bonds by the State Treasurer upon presentation to the
amount therein provided for.

9450. In drawing any order upon the State Treasurer payable in
bonds, the board may specify the maturity of the bonds which are to
be delivered in compliance with the order and the specifications
shall be complied with by the State Treasurer as far as possible.