PART 8. BONDS [45100. - 45932.]

Part 8 added by Stats. 1951, Ch. 391.

§§ 45100–45932 · 56 sections

1. CHAPTER 1. In General §§ 45100–45103 · 3 sections

   • § 45100 Whenever in any district any assessment has been levied and assessed upon land and remains unpaid in whole or in part, and in the judgment and opinion of the…
   • § 45102 Notwithstanding Section 45100, whenever in any district (1) a report and recommendation as to a project, or a report as to a contract with the United States,…
   • § 45103 If the district’s voters have approved a project pursuant to Part 5 (commencing with Section 42200) and the project authorizes the issuance of revenue bonds…
2. CHAPTER 2. Bond Election §§ 45250–45278 · 10 sections

   1. ARTICLE 1. Notice § 45250 · 1 section

      • § 45250 The notice of a special bond election shall state the aggregate face value of bonds proposed to be issued.
   2. ARTICLE 2. Election §§ 45270–45278 · 9 sections

      • § 45270 Only holders of title to land which has been assessed as provided in this division shall be qualified to vote at the election.
      • § 45271 To the right of or below the question on the ballot, the words “Yes” and “No” shall be printed on separate lines, with voting targets.
      • § 45272 A list of the ballots cast shall be made by the board of election, containing the name of each voter who has voted at the election, and if the ballot was cast…
      • § 45273 At the close of the polls the board of election shall at once proceed to canvass the votes and declare the result.
      • § 45274 The board of election shall deliver a certificate showing the result and the number of votes cast for and against the issuing of the bonds to the county…
      • § 45275 The board of election shall deliver to the county elections official of each county all ballots cast at the election within that county and all documents and…
      • § 45276 The county elections officials of the respective counties shall immediately upon receipt of the ballots, papers, and documents from the board of election…
      • § 45277 The board of directors shall certify in its minutes that the proposal to issue bonds has carried or has been defeated. The certificate shall state the vote…
      • § 45278 Except as in this part specifically provided, the provisions of this division with reference to all matters pertaining to elections shall govern bond elections.
3. CHAPTER 3. Bond Issuance §§ 45400–45408 · 9 sections

   • § 45400 If a majority of the votes cast at the election are in favor of the issuance of bonds, or if a resolution authorizing the issuance of bonds has been adopted…
   • § 45401 The treasurer shall place the proceeds of sale of any bonds sold to the credit of the district.
   • § 45402 The board may divide the principal amount of any authorized issue of bonds into two or more series, and may fix different dates for the bonds of each series.…
   • § 45403 Before making a sale of bonds, notice shall be given by the treasurer by publication at least once a week for two successive weeks in the office county that he…
   • § 45404 At the time appointed, the treasurer shall open the bids and award the bonds to the highest responsible bidder.
   • § 45405 The treasurer, upon written request of a majority of the directors, shall reject any or all bids.
   • § 45406 Sale and delivery of bonds by the treasurer is conclusive evidence that the sale was made upon due authority and notice.
   • § 45407 Upon a sale of any district bonds, the treasurer may accept in payment, in whole or in part, outstanding warrants of the district at face value plus accrued…
   • § 45408 The bonds of any series of an authorized issue shall be equally and ratably secured with the bonds of any other series of such authorized issue.
4. CHAPTER 4. Bond Terms §§ 45550–45560 · 11 sections

   • § 45550 The bonds shall be in such denominations as the board may prescribe.
   • § 45551 The bonds shall be signed by the president and attested by the treasurer.
   • § 45552 The bonds shall be numbered consecutively in order of their maturity. If the bonds are issued in two or more series, each series shall be lettered in…
   • § 45553 The bonds or any series thereof shall bear interest at a rate not to exceed 8 percent per year payable annually or semiannually as may be prescribed by the…
   • § 45554 Coupons for each installment of interest shall be attached to the bonds and shall bear the facsimile signature of the treasurer.
   • § 45555 The principal of the bonds or any series thereof shall be made payable on such dates, in such years and at such places as the board may prescribe.
   • § 45556 The bonds or any series thereof shall be payable within 40 years from their date, and not less than 10 percent of the aggregate face value of the bonds or any…
   • § 45557 The bonds shall be in such form as may be prescribed by the board.
   • § 45558 The interest coupons shall be in such form as may be prescribed by the board.
   • § 45559 When bonds are made callable, a statement to that effect shall be set forth on the face of the bond.
   • § 45560 The board may determine to establish a bond reserve fund for the payment of the principal of or interest on the bonds. Such a bond reserve fund may be…
5. CHAPTER 5. Additional Bonds §§ 45700–45702 · 2 sections

   • § 45700 If any district having authorized the issuance of any bonds shall issue additional bonds based on another assessment, the dates of maturity of the additional…
   • § 45702 All provisions of this part relative to the original issue of bonds shall apply to any additional bonds.
6. CHAPTER 6. Callable Bonds §§ 45800–45804 · 5 sections

   • § 45800 A district may by resolution of its board adopted at or prior to the time of issuing any bonds then proposed to be issued, provide for the call and redemption…
   • § 45801 Bonds may be made subject to redemption prior to their fixed maturity at such times and prices, and upon such terms and conditions as the board may determine…
   • § 45802 Notice designating the bonds called for redemption shall be published once a week for three successive weeks in a newspaper of general circulation printed and…
   • § 45803 The first publication of the redemption notice shall be not less than 30 days nor more than 90 days prior to the date fixed for redemption.
   • § 45804 If on the date fixed for redemption the district has provided funds available for the payment of the principal and interest of the bonds called, interest on…
7. CHAPTER 7. Direct Assessment Warrants §§ 45900–45932 · 16 sections

   1. ARTICLE 1. Project and Government Contract Warrants §§ 45900–45907 · 8 sections

      • § 45900 For the purpose of financing a district project or government contract which has been approved by the voters of the district, the board of directors may, by a…
      • § 45901 Direct assessment warrants shall be signed by the president and secretary in face amount not exceeding in the aggregate the cost of the project or government…
      • § 45902 Direct assessment warrants shall be made payable in amounts and at the times corresponding substantially to the amounts and times of payment of the…
      • § 45903 Direct assessment warrants shall bear interest at a rate to be fixed by the board at the time of sale thereof, not to exceed 7 percent per year, which interest…
      • § 45904 Coupons for the interest on these warrants may be attached to them.
      • § 45905 Direct assessment warrants may be made payable to any of the following: (a) Bearer. (b) Persons furnishing work, labor or material. (c) The contractor if the…
      • § 45906 Direct assessment warrants may be sold by the district for not less than par at either public or private sale.
      • § 45907 Any surplus funds and any money held by a district in a sinking or depreciation fund may in the discretion of its board be invested in direct assessment…
   2. ARTICLE 2. Advance Payment of Assessments §§ 45920–45924 · 5 sections

      • § 45920 At any time before direct assessment warrants are issued, the amount of any assessment on any land, exclusive of interest and the 10 percent added for…
      • § 45921 Land on which the amount of the assessment has been paid pursuant to Section 45920 shall not be subject to the annual installments of the assessments levied…
      • § 45922 Any landowner who desires at any time to lessen or remove the lien upon his land of any direct assessment may deliver to the district treasurer for…
      • § 45923 The board may require warrants delivered to lessen or remove an assessment lien to be substantially of the average maturities of the issue of warrants.
      • § 45924 The treasurer shall notify the board of the amount of the principal and interest due and to become due on the warrants delivered for cancellation. The board…
   3. ARTICLE 3. Actions and Proceedings §§ 45930–45932 · 3 sections

      • § 45930 All acts, proceedings, conclusions and findings of fact by a board of a district shall be conclusive except in an action or proceeding instituted within six…
      • § 45931 An action to determine the validity of any assessment or warrants may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of…
      • § 45932 No irregularity or omission not affecting the substantial rights of the landowners within a district shall affect the validity of any act done or proceeding…