CHAPTER 6.5. Electric System Improvements [13071. - 13193.]

Chapter 6.5 added by Stats. 1957, Ch. 2237.

§§ 13071–13193 · 73 sections

1. ARTICLE 1. Application §§ 13071–13073 · 3 sections

   • § 13071 This chapter is complete authority for the issuance of bonds hereunder, and no action or proceeding not required by this chapter shall be necessary for the…
   • § 13072 Unless otherwise clearly indicated by the context, all of the provisions of this chapter shall be understood as relating only to bonds issued under this…
   • § 13073 This chapter shall apply only to districts which have owned and operated an electric distribution system for at least 10 years and which have a population of…
2. ARTICLE 2. Definitions §§ 13081–13085 · 5 sections

   • § 13081 Unless the context otherwise requires, the provisions of this article govern the construction of this chapter.
   • § 13082 “Bonds” includes the meaning of “notes, certificates and other evidences of indebtedness” and in every case refers only to bonds issued under this chapter,…
   • § 13083 “Refund” includes the meaning of “extend” and “renew.”
   • § 13084 “Assented to by the voters” means that the proposition indicated by the context has been submitted to the voters of the district, and has been assented to by a…
   • § 13085 “Payments on principal” means payments on account of the principal of bonds, whether upon maturity or by payments into a sinking fund on account of principal,…
3. ARTICLE 3. General Authorization §§ 13091–13096 · 6 sections

   • § 13091 A district may borrow money from time to time for the purpose of constructing, reconstructing, replacing, extending or improving its system for supplying the…
   • § 13092 A district may also refund from time to time, whether at or prior to maturity, any outstanding indebtedness evidenced by its bonds, and may issue, and sell or…
   • § 13093 Whenever a district exercises the power to borrow money pursuant to this chapter the board may authorize the issuance of bonds in any amount which, when added…
   • § 13094 The limitations prescribed in Section 13093 shall not be applicable to the issuance of any refunding bonds pursuant to this chapter, and the amount of any…
   • § 13095 Any bond for the payment and discharge of which, upon maturity or upon redemption prior to maturity, provision has been made through the setting apart in a…
   • § 13096 The board shall have power to determine all the terms and conditions of the issuance and sale of bonds pursuant to this chapter, excepting only as such power…
4. ARTICLE 4. Proceedings for Issuance §§ 13101–13107 · 6 sections

   • § 13101 Whenever a district proposes to exercise the power to borrow money, or to refund indebtedness, pursuant to this chapter, the board shall adopt a preliminary…
   • § 13103 When bonds are issued under this chapter, the preliminary resolution of the board adopted pursuant to this article shall take effect upon its adoption by the…
   • § 13104 Upon any such resolution taking effect subject to the right of referendum, pursuant to this article, the board shall cause the same to be published in the…
   • § 13105 If no such referendary petition is presented within the aforesaid period of 60 days, then upon the expiration of said period, or if the proposition of issuing…
   • § 13106 The provisions of any resolution constituting a part of the proceedings for the issuance of any bonds under this chapter, when so declared by its terms, or by…
   • § 13107 The board at any time may adopt a resolution providing for submission to the voters of the district of the proposition of assenting to any proposed action of…
5. ARTICLE 5. Sources of Payment §§ 13111–13112 · 2 sections

   • § 13111 All bonds issued by a district pursuant to this chapter shall be, and shall recite upon their face that they are, payable both as to principal and interest,…
   • § 13112 The provisions of this article shall not preclude any of the following: (1) The payment of any such principal, interest or premiums through appropriate reserve…
6. ARTICLE 6. Reserve Funds §§ 13121–13124 · 4 sections

   • § 13121 In connection with the exercise of the power to borrow money, to issue bonds, and to refund indebtedness, pursuant to this chapter, the board may, from time to…
   • § 13122 Money set aside and placed in any such reserve fund or special trust account shall remain therein until from time to time expended for the purposes thereof,…
   • § 13123 Money in any such reserve fund shall be drawn therefrom only upon demands authenticated by the signature of the accountant of the district; provided, however,…
   • § 13124 Money in any such special trust account shall be drawn therefrom only in accordance with directions given or authorized by the board.
7. ARTICLE 7. Obligation to Bondholders §§ 13131–13136 · 6 sections

   • § 13131 So long as any bonds of the district are outstanding and unpaid, or so long as provision has not been made for the full payment and discharge of all such…
   • § 13132 The board shall fix rates for service from the electric system to which the indebtedness pertains, and collect charges for such service, such as to provide…
   • § 13133 Bonds issued under this chapter shall be issued without any priority with respect to payment of principal or interest.
   • § 13134 The electric system of the district to which the indebtedness pertains shall not be sold or otherwise disposed of, as a whole or substantially as a whole,…
   • § 13135 No indebtedness payable out of revenues shall be created in contravention of the provisions of any resolutions heretofore adopted by the board in connection…
   • § 13136 Anything in this article to the contrary notwithstanding, the board, in any resolution constituting a part of the proceedings for the issuance of any issue of…
8. ARTICLE 8. Consents of Bondholders §§ 13141–13142 · 2 sections

   • § 13141 The board may provide in the resolution authorizing the issue of any bonds under this chapter that any act consented to by the holders of 60 percent in…
   • § 13142 The board may provide in the resolution authorizing the issue of any bonds under this chapter the terms and conditions upon which any provision of any…
9. ARTICLE 9. Form and Content §§ 13151–13152 · 19 sections

   • § 13151 Without limiting in any way the generality of its power, the board is expressly authorized, in its discretion, to provide, in connection with any issue of…
   • § 13151.1 The board may provide for such bonds being in such amounts, of such denominations, payable at such times, and in such form as the board may determine.
   • § 13151.2 The board may provide for such bonds being negotiable or nonnegotiable.
   • § 13151.3 The board may provide for such bonds and the interest thereon, and premiums, if any, due upon the redemption of any thereof, being payable or collectible at…
   • § 13151.4 The board may provide for such bonds being payable to bearer or only to the registered holder, either as to principal alone, or as to both principal and…
   • § 13151.5 The board may provide for such bonds being redeemable, either at the option of the district, or in the operation of any sinking fund provided for the issue, at…
   • § 13151.6 The board may provide for the issuance by the district of a duplicate, in the manner and on such terms and conditions as the board may determine, in the event…
   • § 13151.7 The board may provide for the appointment and payment of fiscal, paying, sinking fund or other agents, or of trustees or registrars.
   • § 13151.8 The board may provide for the appointment of the treasurer of the district to act as such fiscal, paying, sinking fund or other agent.
   • § 13151.9 The board may provide for the custody by the district of bonds and coupons, whether pending delivery or after purchase or surrender; for the delivery of bonds…
   • § 13151.10 The board may provide for the sale of any such bonds upon such terms and conditions as the board in its discretion may determine at public sale. Bonds may be…
   • § 13151.11 The board may provide for the issuance of interim receipts or of temporary bonds, in such form as the board may prescribe, pending the issuance of definitive…
   • § 13151.12 The board may provide for any signatures to such bonds and to any coupons thereto attached, and to any interim receipts and temporary bonds, being by facsimile.
   • § 13151.13 The board may provide for restrictions on the incurring of additional indebtedness of the district payable out of the revenues out of which the bonds then…
   • § 13151.14 The board may provide for restrictions on future transfers out of the revenues out of which the bonds then authorized are to be payable.
   • § 13151.15 The board may provide for covenants with the holders of bonds to the same effect as set forth in Article 7 of this chapter, which covenants shall not be…
   • § 13151.16 The board may provide for the issuance and distribution in such form as the board may determine of official statements respecting proposed issues of bonds and…
   • § 13151.17 The board may provide for the making of contracts, or the placing of orders, for the engraving or printing of any bonds, whether definitive or temporary, or of…
   • § 13152 Each issue of bonds issued pursuant to this chapter shall conform to the following requirements: (1) Such bonds shall be serial bonds or sinking fund bonds, or…
10. ARTICLE 10. Validity §§ 13161–13166 · 6 sections

    • § 13161 Prior to the issue of any bonds to be issued pursuant to this chapter, the board, after satisfying itself respecting the relevant facts, shall, by resolution,…
    • § 13162 The board may also, by resolution, find and determine any other facts relevant to the legality of the issue.
    • § 13163 The board, by resolution adopted in connection with any issue of bonds pursuant to this chapter, may direct that there shall be included in each of the bonds…
    • § 13164 From and after the issuance of any issue of bonds the findings and determinations of the board respecting that issue made pursuant to this article shall be…
    • § 13165 Bonds shall be deemed to be issued, within the meaning of this article whenever the definitive bonds, or any temporary bonds or interim receipts exchangeable…
    • § 13166 The validity of bonds reciting that they have been issued pursuant to this chapter shall not be affected by any provision or limitation contained in any other…
11. ARTICLE 11. Proceeds §§ 13171–13177 · 7 sections

    • § 13171 All sums received as accrued interest on the sale of any issue of bonds issued pursuant to this chapter shall be applied to the payment of interest on or…
    • § 13172 All sums received as principal and premiums on the sale of any issue of bonds shall be applied to the purposes for which such bonds were issued. The board may…
    • § 13173 The board may from time to time establish and maintain a separate fund or funds in the district treasury for the purpose of insuring the application of such…
    • § 13174 Money set aside and placed in any such separate fund shall remain therein until from time to time expended for the purposes for which such bonds were issued,…
    • § 13175 Money in any such separate fund shall be drawn therefrom only upon demands authenticated by the signature of the accountant of the district.
    • § 13176 If the board shall determine by resolution that the expenditure of the whole or any portion of the said principal sum of any issue of bonds for the purpose for…
    • § 13177 If any excess of the principal sum of the proceeds of any issue of bonds shall remain unexpended after the full accomplishment of the purpose for which such…
12. ARTICLE 12. Short Term Borrowing §§ 13181–13184 · 4 sections

    • § 13181 A district may also have the power to borrow money from time to time for any or all of the purposes specified in this chapter, and to issue and sell notes, or…
    • § 13182 All notes or other evidences of indebtedness issued under the authority of this article shall contain upon their face a recital that they are so issued and…
    • § 13183 No amount shall be borrowed under the authority of this article which when added to the amount of all other notes or other evidences of indebtedness issued…
    • § 13184 All of the provisions of this chapter not inconsistent with the terms of this article, and not by their terms made inapplicable thereto, shall apply to all…
13. ARTICLE 13. Investments §§ 13191–13193 · 3 sections

    • § 13191 Pending use for the purposes for which any reserve fund or special trust account or any other separate fund established pursuant to this chapter was so…
    • § 13192 Any bonds or other securities so purchased shall constitute a part of such reserve fund, separate fund or special trust account, and any interest or any…
    • § 13193 Bonds issued under this chapter may be presented to the State Treasurer for certification under Division 10 of the Water Code in like manner and with the same…