PART 8. FINANCIAL ORGANIZATION [24250. - 24771.]
Part 8 added by Stats. 1943, Ch. 372.
§§ 24250–24771 · 98 sections
CHAPTER 1. General Financial Provisions §§ 24250–24275 · 11 sections
ARTICLE 1. Creation of Liabilities §§ 24250–24253 · 5 sections
- § 24250 A district may not incur any debt or liability whatever in excess of the express provisions of this division. Any debt or liability so incurred is absolutely…
- § 24251 For the purposes of formation or for any other of its purposes a district may, before the levying of the first assessment, incur indebtedness in a total amount…
- § 24252 A district shall have the right to enter into any contract or lease for any property necessary in the judgment of its board for any of the uses or purposes of…
- § 24252.1 A district may enter into any forward contract, or futures contract, or put, call, or swap agreement, or similar procurement method for electricity, natural…
- § 24253 A district may contract with any state agency to finance any district improvement authorized by this division that is related to the provision of water for…
ARTICLE 2. Settlements and Statements §§ 24270–24275 · 6 sections
- § 24270 On the first Monday in each month the collector shall do all of the following: (a) Settle with the secretary for all money collected for assessments during the…
- § 24271 The collector shall be credited in his settlement with both: (a) The amount due to the district on property he sells to the district for delinquent…
- § 24272 Within six days after he settles with the secretary, the collector shall file in the district office with the secretary a statement under oath, showing: (a) An…
- § 24273 The treasurer shall not later than the third Monday in each month file in the district office with the secretary a verified written report to the board showing…
- § 24274 The board, on or before its regular monthly meeting in the fourth month of its fiscal year, shall render a verified statement of the financial condition of the…
- § 24275 Notification that the annual financial statement is available for inspection and review shall be made at least once a week for two weeks in a newspaper…
CHAPTER 2. Deposits §§ 24350–24393 · 11 sections
ARTICLE 1. Deposits Generally §§ 24350–24352 · 3 sections
- § 24350 Any money belonging to a district may be deposited by the officer of the district who has legal custody of the money, in accordance with the general laws…
- § 24351 Where the deposit of money is insured by the Federal Deposit Insurance Corporation no additional security need be required from the bank for the portion of the…
- § 24352 Where arrangements have been made by the district with the Reconstruction Finance Corporation for deposit of district funds in the Federal Reserve Bank of the…
ARTICLE 2. Deposits in County Treasury §§ 24370–24373 · 4 sections
- § 24370 The board may draw from time to time from the construction fund and deposit in the county treasury of the office county any money in the construction fund in…
- § 24371 The county treasurer shall receive and receipt for district money deposited with him and place it to the credit of the district, and he shall be responsible…
- § 24372 The county treasurer shall pay out district money or any portion of it only to the treasurer of the district and only upon the order of the board signed by the…
- § 24373 A county treasurer having charge of district money shall report as to it in writing on the second Monday in each month all of the following: (a) Amount in the…
ARTICLE 3. Special Accounts §§ 24390–24393 · 4 sections
- § 24390 The board may by resolution establish special accounts from the general fund when they are convenient for the efficient and economical operation of the…
- § 24391 Special accounts from the general fund shall severally be supplied from the general fund by warrant in the same manner as in the payment of any claim against…
- § 24392 The person in custody of any special account shall make a verified report in writing to the board between the first and tenth of each month showing all of the…
- § 24393 No payment shall be made from any special account except upon the written order of a person designated for the purpose by the board, which order shall indicate…
CHAPTER 3. Funds §§ 24475–24530 · 30 sections
ARTICLE 1. Funds Generally §§ 24475–24486 · 12 sections
- § 24475 The following funds are created to which district money properly belonging shall be apportioned: (a) Bond principal fund. (b) Bond interest fund. (c)…
- § 24476 A district may provide for a reserve fund to be used for the payment of the interest or principal of any outstanding bonds. If the estimate referred to in…
- § 24477 A district may establish any fund required to comply with the terms of any plan by which any bonds are to be paid.
- § 24478 To the extent that any fund contains money applicable to a sinking fund provided for in a refunding plan or modification of it, the treasurer shall withdraw…
- § 24479 Surplus funds on hand and available for payment into a refunding bond sinking fund may on order of the board be paid into it.
- § 24480 Any money in a refunding bond sinking fund may be invested in bonds of the United States or of this State.
- § 24481 Federal and State bonds so purchased with the sinking fund money together with the income from them shall be held as part of the sinking fund until the board…
- § 24482 The proceeds from the sale of any bonds in which any part of the sinking fund was invested shall be deposited in the sinking fund.
- § 24483 The proceeds of the annual assessment shall be paid into the district treasury and be apportioned to the several proper funds.
- § 24484 The proceeds of limited assessments shall be paid into the district treasury for the purpose for which the assessments were respectively authorized.
- § 24485 The proceeds from the lease or sale of any property specifically allocated to the payment of warrants shall be placed in a separate fund and shall not be…
- § 24486 Whenever an object for which money has been specifically provided by district assessment or by bond issue has been accomplished and any money provided therefor…
ARTICLE 2. Payment and Purchase of Bonds §§ 24500–24507 · 8 sections
- § 24500 Upon presentation of any matured bond of the district, the treasurer shall pay it from the bond principal fund.
- § 24501 Upon presentation of any matured interest coupon of any bond of the district, the treasurer shall pay it from the bond interest fund.
- § 24503 If the principal or interest of any bonds is payable from any special or sinking fund, it shall be payable from that fund.
- § 24504 If money is not available in the fund designated for the payment of any matured bond or interest coupon, it shall draw interest at the annual adjusted rate…
- § 24504.1 In the case of any district described in Section 20560.1 with respect to construction bonds issued for purposes of financing the works described in that…
- § 24505 A bond presented but not paid shall be stamped and provision made for its payment as in the case of a warrant payable on demand for the payment of which funds…
- § 24506 Whenever there is in any fund of the district money in excess of that required for the purposes of the fund up to the time when any part of the next annual…
- § 24507 Bonds so purchased may be canceled or held as a part of the district assets until the board determines that it is for the best interests of the district that…
ARTICLE 2.5. Distribution District Funds §§ 24510–24513 · 4 sections
- § 24510 Payments on behalf of a distribution district shall be made only out of the proceeds and charges for the use of water or other service levied or fixed and…
- § 24511 Distribution district warrants shall be used solely for making payments which may be required to carry out the requirements of a contract between a…
- § 24512 If the proceeds from any distribution district assessment or charge exceed the amounts necessary for the purpose for which they were levied, the excess may…
- § 24513 Receipts from assessments levied and charges fixed in connection with distribution districts shall be deposited in a separate fund for the benefit of the…
ARTICLE 3. Improvement District Funds §§ 24525–24530 · 6 sections
- § 24525 The cost of improvement district improvements shall be paid only out of the proceeds of an improvement district assessment levied upon and collected from the…
- § 24526 Improvement district warrants shall be paid only out of the proceeds of an improvement district assessment levied upon and collected from the land within the…
- § 24527 Improvement district warrants or their proceeds shall be used solely for making the improvements for which the improvement district was formed and the…
- § 24528 The cost of the improvement for an improvement district may be paid immediately from either the general fund of the district or from any special or…
- § 24529 If the proceeds from any improvement district assessment levied for improvement purposes exceeds the final amount necessary for the purposes for which it was…
- § 24530 Receipts from assessments levied for the operation of improvement districts and charges in lieu of the assessments, when collected, shall be deposited in a…
CHAPTER 4. Warrants §§ 24600–24675.1 · 32 sections
ARTICLE 1. Payment of Claims §§ 24600–24604 · 5 sections
- § 24600 No claim shall be paid by the treasurer until allowed by the board, and only upon a warrant signed by the president and countersigned by the secretary.
- § 24601 All claims against any district presented by any officer or employee for mileage, personal expenses, or for money expended by the claimant for the district…
- § 24602 Claims set forth in Section 24601 shall be itemized in detail to show: (a) Date of each expenditure. (b) Place where the expenditure was made. (c) Purpose for…
- § 24603 The officer or employee presenting any claim provided for in Section 24601 shall verify it before the secretary, who is authorized to administer oaths for that…
- § 24604 The verification shall state in substance all of the following: (a) The money claimed was actually expended or the mileage stated was actually traveled for the…
ARTICLE 2. Warrants Payable at Future Times §§ 24625–24636 · 12 sections
- § 24625 If any contract or lease for the acquisition of property provides for any future payments by the district, warrants may be issued, on order of the board, for…
- § 24626 When a particular purpose or emergency assessment has been authorized, warrants in an amount equal to the amount of the assessment may be issued on order of…
- § 24627 Any outstanding registered warrants and their accrued interest may be refunded by the issuance of warrants payable at stated times fixed by the board. These…
- § 24628 Warrants payable at a future time or times may be issued in consideration of money loaned to the district for the purchase of any of its outstanding bonds or…
- § 24628.5 Warrants payable at a future time or times may also be issued to obtain funds or property for any lawful purpose of the district.
- § 24629 Any warrant authorized in the preceding sections of this article shall draw interest at a rate to be fixed by the board not to exceed 8 percent per year…
- § 24630 Coupons payable to bearer in a form and signed as prescribed by the board may be attached to warrants payable at a future date to evidence their interest.
- § 24631 Warrants of any district may be issued to evidence the indebtedness allowed to be incurred prior to the levy of the first district assessment, bearing interest…
- § 24632 If any district owns any property which it is authorized to lease or sell, its board may in the contract providing for the issuance of warrants payable at a…
- § 24633 No warrants issued pursuant to this article made payable more than five years from the date of issuance shall be valid unless their issuance is authorized by a…
- § 24634 Notice of the election shall be given and the election shall be held and the result determined as nearly as practicable in the manner provided for bond…
- § 24636 All warrants issued pursuant to this article shall be sold by the board in such manner and in such quantities as may be determined by the board in its…
ARTICLE 3. Registration of Warrants §§ 24650–24675.1 · 15 sections
- § 24650 The provisions of this article are applicable only to the following types of warrants: (a) Warrants made payable on demand. (b) Warrants issued to evidence the…
- § 24651 Whenever any warrant of a district is presented to the treasurer for payment when funds are not available for its payment, it shall thereafter draw interest at…
- § 24652 Upon the presentation of any warrants for payment when funds are not available to pay them, the treasurer shall indorse on them all of the following: (a)…
- § 24653 A warrant so indorsed is a registered warrant.
- § 24654 The treasurer shall keep a record showing all of the following: (a) Number and amount of each registered warrant. (b) Date of its issuance. (c) Person in whose…
- § 24655 Whenever there is sufficient money available in the treasury to pay all outstanding registered warrants or whenever the board orders all registered warrants…
- § 24656 The notice shall state that the treasurer is prepared to pay all registered warrants or all registered warrants presented for payment prior to the date fixed…
- § 24657 The notice shall be published in a newspaper published in the district, or if none is published in the district, in a newspaper published in any affected…
- § 24658 All warrants designated in the notice shall cease to draw interest at the time of the first publication or posting of the notice.
- § 24659 Upon the presentation of any warrant designated in the notice, the treasurer shall pay it together with the interest due on it from the date of its original…
- § 24660 The treasurer shall enter all of the following in the record of registered warrants he is required to keep: (a) Dates of the payment of the warrants. (b) Names…
- § 24661 No action or proceeding shall be maintained to enforce the payment of any registered warrant or to require the levy of an assessment therefor unless the action…
- § 24662 A district may enter into agreement either individually or collectively with the holder or holders of any registered warrants fixing the time of, method of,…
- § 24675 In the case of any district described in Section 20560.1, and for purposes of financing costs of maintenance and operation on a temporary basis, repair to or…
- § 24675.1 Any district described in Section 20560.1 may issue notes or other evidences of indebtedness pursuant to Section 24675 to finance any works or facilities for…
CHAPTER 5. Provisions Applicable to Bonds and Warrants §§ 24735–24771 · 14 sections
ARTICLE 1. Surrender of Bonds and Warrants §§ 24735–24738 · 4 sections
- § 24735 Any owner of any bonds or warrants of a district may surrender them to the district by giving the bonds or warrants to the secretary for cancellation.
- § 24736 The board shall then order the bonds or warrants canceled.
- § 24737 Upon the making of the order, the bonds or warrants shall cease to be an obligation of the district as of the time of their presentation to the secretary.
- § 24738 This article does not restrict any other method of releasing obligations of a district to it.
ARTICLE 2. Modification of Bonds and Warrants §§ 24760–24771 · 10 sections
- § 24760 If a district desires to extend the time or times of maturity of any or all of its bonds or warrants payable at stated times or to reduce the rate of interest…
- § 24761 The rate of interest specified in the agreement or plan shall not exceed 8 percent per year.
- § 24762 All interest coupons shall be payable on the first day of January or the first day of July.
- § 24765 The board may call an election to submit to the voters the question whether or not the bonds or warrants shall be modified as provided in the agreement or…
- § 24766 If a majority of the votes cast for and against the proposal is in favor of modifying the bonds or warrants, the proposal is approved.
- § 24767 An agreement or plan may not be carried out pursuant to this article until a proposal therefor is approved by the voters, and a plan may not be carried out…
- § 24768 Upon the presentation to the secretary of any of the bonds or warrants covered by the agreement or plan, he shall indorse on them the date to which their…
- § 24769 If the agreement or plan provides for a reduction in the rate of interest on the bonds or warrants before the original time or times of their maturity, new…
- § 24770 Each bond or warrant presented and indorsed shall continue as an obligation of the district and shall not become due until the date specified in the agreement…
- § 24771 This article does not amend, modify, or limit any other provision of law for changing the date or dates of maturity of outstanding obligations of a district,…