PART 8. BONDS AND REFUNDING BONDS [52100. - 52862.]
Part 8 added by Stats. 1951, Ch. 336.
§§ 52100–52862 · 141 sections
CHAPTER 1. General Provisions §§ 52100–52193 · 28 sections
ARTICLE 1. Form §§ 52100–52106 · 7 sections
- § 52100 The term bonds, as used in this chapter, includes bonds and refunding bonds, unless otherwise provided.
- § 52101 Bonds shall be of the denomination of not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) each.
- § 52102 Bonds shall be signed by the president and attested by the county auditor of the principal county.
- § 52103 Bonds shall be numbered consecutively in the order of their maturity.
- § 52104 Bonds shall bear interest at a rate not to exceed 8 percent per year, payable on the first day of January and the first day of July in each year at the office…
- § 52105 Coupons for each installment of interest shall be attached to the bonds and shall bear the facsimile signature of the county auditor of the principal county.
- § 52106 The principal of bonds shall be made payable on the first day of July, or the first day of January in such years as the board prescribes.
ARTICLE 2. Validating Proceedings § 52120 · 1 section
- § 52120 An action to determine the validity of bonds may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil…
ARTICLE 3. Sale of Bonds §§ 52150–52155 · 6 sections
- § 52150 The county treasurer shall publish notice of the sale of bonds, at least once a week for two weeks prior to the sale, in a newspaper of general circulation…
- § 52151 The notice shall state that the county treasurer will sell a specified amount of bonds at the time and place specified therein, and ask sealed proposals for…
- § 52152 At the time stated in the notice of sale, the county treasurer shall open the bids and award the bonds to the highest responsible bidder as provided in Article…
- § 52153 The date fixed for the sale of refunding bonds shall be at least 95 days prior to the maturity date of the principal of the bonds to be refunded by the sale of…
- § 52154 The county treasurer may, and upon written request of a majority of the board, shall reject any and all bids.
- § 52155 A record of the sale shall be made upon the books of the county treasurer.
ARTICLE 4. Callable Bonds §§ 52170–52179 · 10 sections
- § 52170 The board may provide at any time before the sale of the bonds that the bonds shall be callable at face value, plus accrued interest, on any interest payment…
- § 52171 At least 120 days prior to any interest payment date, the board may, by a two-thirds vote, adopt an order calling any amount of callable bonds for payment on…
- § 52172 Less than all of the bonds of any maturity may be called in inverse numerical order or by lot and, if called by lot, the board shall ascertain by a drawing the…
- § 52173 The order calling bonds shall specify the bonds to be called by number, maturity or such other designation as may be provided by the board.
- § 52174 A certified copy of the order shall be delivered to the county treasurer.
- § 52175 The county treasurer shall add the principal of the bonds so called for redemption specified in the order, and any premium provided by those bonds to be paid…
- § 52176 The county treasurer, in his notice of call of assessment, shall specify the amount which is included for payment of principal of and interest on the bonds to…
- § 52177 The county treasurer shall publish, in a newspaper of general circulation printed and published in the principal county once a week for four weeks prior to the…
- § 52178 The notice of the call of bonds shall contain a reference to the order of the board calling the bonds and a notification to all holders of bonds so called to…
- § 52179 In the event the bonds are callable at a premium, the board shall draw a warrant or warrants in favor of the county treasurer from time to time as bonds are…
ARTICLE 5. Bond Fund §§ 52190–52193 · 4 sections
- § 52190 All money, including interest and penalties, derived by sale, or otherwise, from an assessment against which bonds have been issued, and amounts of purchase…
- § 52191 The county treasurer shall charge to the bond fund the expenses of publication and such other incidental expenses of the county treasurer as are necessarily…
- § 52192 All claims by the county treasurer and the expenditures shall be first approved by the board, and a warrant shall be drawn by the board on the bond fund in…
- § 52193 The county treasurer shall transfer the balance remaining in the bond fund, after payment in full of the principal and interest of all outstanding bonds, to…
CHAPTER 2. Bonds §§ 52200–52302 · 32 sections
ARTICLE 1. Issuance §§ 52200–52208 · 9 sections
- § 52200 All provisions of Chapter 1 of this part are applicable to bonds issued pursuant to this article.
- § 52201 When any assessment, except an operation and maintenance assessment, levied and assessed upon district lands remains unpaid in whole or in part and, in the…
- § 52202 At the special election the board shall submit to the landowners the question of whether bonds shall be issued in an amount equal to the amount of such…
- § 52203 If a majority of the votes cast at the election are in favor of the issuance of bonds, the board shall cause the amount of bonds stated in the order for the…
- § 52204 If the board deems it advisable, it may order a special election to be held prior to making any assessment, to determine whether bonds shall be issued for an…
- § 52205 The county treasurer shall place the bonds to the credit of the district.
- § 52206 The bonds shall be payable serially within 20 years from their date, as follows: (a) Not less than 10 percent of the aggregate face value of bonds issued shall…
- § 52207 The bonds shall be substantially in the following form: Form of Bonds United States of America State of California County of ______ No. _____ $ ______…
- § 52208 The interest coupons may be substantially in the following form: No. ________ $ _______ The County Treasurer of ____ County, California, will pay to the holder…
ARTICLE 2. Sale §§ 52220–52228 · 9 sections
- § 52220 When directed by resolution of the board, the county treasurer may sell all or any designated number of the bonds for the best price obtainable, but in no…
- § 52221 The bonds shall be sold in the manner provided in Article 3 of Chapter 1 of this part.
- § 52222 The county treasurer may accept in full or partial payment for bonds, outstanding warrants of the district at face value plus the accrued interest thereon.
- § 52223 When bonds have been authorized prior to payment of an assessment during the 30-day period allowed by Section 51510, the amount of bonds to be sold shall be…
- § 52224 The reduction and cancellation of bonds not to be sold shall be only in the latest maturities and the minute order directing such reduction and cancellation…
- § 52225 The proceeds from the sale of the bonds shall be placed in the county treasury to the credit of the district.
- § 52226 A sale and delivery of the bonds by the county treasurer is conclusive evidence in favor of the purchaser and all subsequent holders of the bonds that the sale…
- § 52227 The board may draw demand warrants upon the county treasurer against the funds provided by sale of bonds.
- § 52228 Bonds issued pursuant to this chapter which have been investigated and certified by any officer of this state authorized to make such investigation and…
ARTICLE 3. Additional Series §§ 52240–52241 · 2 sections
- § 52240 When any district, having authorized the issuance of a series of bonds, issues an additional series based on another assessment, the dates of maturity of the…
- § 52241 The provisions of this part relative to the original issue of bonds shall apply to additional series of bonds so far as applicable.
ARTICLE 4. Exchange §§ 52260–52262 · 3 sections
- § 52260 Any district which has issued bonds of different denominations, may, by order entered in its minutes, upon request of holders thereof, and upon the deposit of…
- § 52261 Exchange bonds shall be executed by all persons required by law to execute the bonds for which the exchange is made.
- § 52262 Bonds deposited for exchange shall be canceled by the county treasurer and the board.
ARTICLE 5. Cancellation §§ 52280–52285 · 6 sections
- § 52280 The board, by an order entered in its minutes, may cancel all proceedings taken in connection with bonds remaining unsold one year after they are delivered to…
- § 52281 A certified copy of the order shall be filed with the county treasurer of each county wherein lands affected by the assessment on which the bonds were based…
- § 52282 Upon receipt of the order, the county treasurer to whom the unsold bonds have been delivered shall cancel the unsold bonds and all coupons attached thereto.
- § 52283 Cancellation of unsold or unissued bonds shall not affect the validity of the assessment upon which the bonds were issued, and the board may call for the…
- § 52284 When a portion of any bond issue is canceled, the board shall call the portion of the assessment securing the canceled bonds, in such installment or…
- § 52285 Calls of assessments pursuant to Section 52284 shall be limited to amounts which will leave uncalled a sufficient portion of the assessment to pay principal…
ARTICLE 6. Miscellaneous §§ 52300–52302 · 3 sections
- § 52300 The provisions of this division as to the procedure for calling assessments to meet payments of principal or interest of bonds, the provisions of Section…
- § 52301 In all cases where it is provided in this division that bonds and interest coupons may be used in lieu of cash, and the entire amount of any bonds or coupons…
- § 52302 Bonds and interest coupons which are, without bad faith on the part of the holder, lost, destroyed, or so mutilated as to impair their value to the holder, may…
CHAPTER 2.5. Revenue Bonds §§ 52400–52402 · 3 sections
- § 52400 As an alternate to any other method of financing available to it, a district may, by resolution or indenture, create a special indebtedness evidenced by…
- § 52401 The proceedings for the issuance of revenue bonds shall be had, the district shall have the powers and duties, and the bondholders shall have the rights and…
- § 52402 A district may, by resolution or indenture, prescribe and revise charges for the services of its properties, works, and facilities, singly or as a whole, or…
CHAPTER 3. General Refunding Bonds §§ 52500–52602 · 35 sections
ARTICLE 1. Issuance and Form §§ 52500–52510 · 11 sections
- § 52500 A district may refund the whole or any part of any installment of the principal of an outstanding bond issue.
- § 52501 All proceedings for the issuance of refunding bonds commenced prior to August 14, 1929 shall be completed in accordance with the provisions of this part.
- § 52502 When the board determines that it would be for the best interest of the district or the landowners therein to refund any installment, or portion thereof, of…
- § 52503 At the election the board shall submit to the landowners the question of whether any installment of the principal of the outstanding bonds of the district, or…
- § 52504 The order for the election shall state the maturities and rate of interest of the refunding bonds, and the total amount of the principal thereof, and shall…
- § 52505 If a majority of the votes cast at the election approve the issuance of refunding bonds, the board shall prescribe the date and rate of interest of the…
- § 52506 The principal of the refunding bonds shall not exceed 110 percent of the principal amount of the bonds to be refunded.
- § 52507 The principal and interest of refunding bonds shall be based on and payable out of the assessment upon which the bonds to be refunded are payable.
- § 52508 Refunding bonds shall be payable serially within at least 50 years from their date.
- § 52509 Refunding bonds may be in substantially the following form: United States of America State of California County of ______ No. _____ $ Reclamation District No.…
- § 52510 The interest coupons may be substantially in the following form: No. ________ $ _______ The county treasurer of ____ County, California, will pay to the holder…
ARTICLE 2. Exchange §§ 52530–52533 · 4 sections
- § 52530 The board, with the consent of the holders of any or all of the outstanding bonds to be refunded, may direct the county treasurer to deliver to such holders at…
- § 52531 The aggregate principal amount of the refunding bonds delivered to bond holders shall not exceed the aggregate principal amount of the bonds exchanged therefor.
- § 52532 The bonds delivered to the district in exchange for refunding bonds shall be immediately canceled by the county treasurer.
- § 52533 The outstanding bonds may be refunded pursuant to this article with the consent of the holders thereof at any time before or after their final maturity date.
ARTICLE 3. Sale §§ 52550–52561 · 12 sections
- § 52550 The board, in lieu of exchanging refunding bonds for outstanding bonds, may declare by resolution that it will be for the best interests of the district to…
- § 52551 The board, having adopted a resolution of sale, may declare by resolution, on or before the February 1st or the August 1st prior to the date of maturity of the…
- § 52552 The resolution shall direct the county treasurer to sell the refunding bonds on a date not less than five days, nor more than 10 days, prior to the April 1st…
- § 52553 The refunding bonds shall be sold by the county treasurer in the manner provided in Article 3, Chapter 1 of this part for the sale of bonds and refunding bonds.
- § 52554 A sale by the county treasurer is conclusive evidence in favor of the purchaser and all subsequent holders of the refunding bonds that the sale was made upon…
- § 52555 Refunding bonds which are not sold when offered for sale may again be offered for sale from time to time prior to their fixed maturity, or may be exchanged for…
- § 52556 The proceeds of the sale of refunding bonds shall be placed in the county treasury to the credit of the bond fund, and used only in payment of the principal of…
- § 52557 The board shall sell or exchange refunding bonds only of such maturities as have been declared in the notice of election for the issuance of refunding bonds to…
- § 52558 If any district authorized the issuance of refunding bonds prior to August 14, 1929, and the same or any part thereof are unsold, the board may call an…
- § 52559 If the board, in its resolution, determines that the refunding bonds may be sold for an amount less than their aggregate par value, and that it is necessary or…
- § 52560 The warrant shall be drawn for an amount equal to the sum of: (a) The excess of the par value of the refunding bonds directed to be sold over the amount for…
- § 52561 When the warrant has been drawn, there shall be included in the next succeeding assessment call levied for maintenance purposes, an amount equal to that of the…
ARTICLE 4. Collection and Disposition of Supplemental Assessment §§ 52580–52584 · 5 sections
- § 52580 The board, in lieu of drawing a warrant pursuant to Section 52560 may raise the amounts indicated in that section by a supplemental assessment levied as…
- § 52581 If the landowners in a district voluntarily pay to the county treasurer, on the call of the board the amount required to be made available by reason of the…
- § 52582 If a sale of the refunding bonds is consummated by payment of the purchase price and the delivery of the bonds, the board shall enforce payment of…
- § 52583 The county treasurer shall use the proceeds of the supplemental assessment or of the warrant delivered to him pursuant to Section 52559, as the case may be,…
- § 52584 Any surplus in the supplemental assessment fund after the principal and interest on the bonds next maturing are paid in full shall be refunded by the county…
ARTICLE 5. Cancellation §§ 52600–52602 · 3 sections
- § 52600 Refunding bonds remaining in the hands of the county treasurer after the outstanding bonds to be refunded thereby are discharged, shall be forthwith canceled…
- § 52601 If, upon the expiration of one year after an issue of refunding bonds, heretofore or hereafter issued was deposited with the county treasurer, all or part of…
- § 52602 The cancellation will not affect the validity of the assessment upon which the bonds are based, nor the validity of any bonds previously sold or exchanged, or…
CHAPTER 4. Alternate Method for Refunding Bonds §§ 52700–52760 · 30 sections
ARTICLE 1. Issuance and Forms §§ 52700–52714 · 13 sections
- § 52700 The board may cause refunding bonds to be issued as provided in this chapter for the purpose of refunding any outstanding bonds, including original issues and…
- § 52701 Refunding bonds issued pursuant to this chapter shall be issued in substantially the manner prescribed by Chapter 3 of this part for the issuance of refunding…
- § 52703 The board shall call and conduct an election of the landowners in the manner provided in Chapter 3 (commencing with Section 50800) of Part 4 of this division…
- § 52704 Prior to the issuance of any refunding bonds pursuant to this chapter the board shall file with the county treasurer a copy of the refunding plan and a…
- § 52705 The refunding bonds may be in substantially the following form: (Form of Bond) United States of America State of California County of _____ Refunding Bond of…
- § 52706 The interest coupons to be attached to the refunding bonds may be in substantially the following form: No. $ The County Treasurer of ____ County, California,…
- § 52707 An action to determine the validity of refunding bonds may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of…
- § 52709 Refunding bonds issued pursuant to this chapter may be sold from time to time in the same manner as other bonds of the district, or may be exchanged for other…
- § 52710 The outstanding bonds refunded or exchanged shall be immediately canceled by the county treasurer.
- § 52711 The maturity of the refunding bonds issued pursuant to this chapter and the rate of interest thereon shall be fixed by the board, but in no case shall the…
- § 52712 An issue of refunding bonds issued pursuant to this chapter shall be based upon and payable out of the assessment from which the bonds to be refunded were…
- § 52713 The board may make expenditures, or incur indebtedness, and issue warrants therefor to pay the cost and expenses incident to any refunding plan or in…
- § 52714 The authority to issue refunding bonds pursuant to this chapter is in addition to the authority granted by Chapter 3 of this part, and nothing in this chapter…
ARTICLE 2. Sinking Fund §§ 52730–52737 · 6 sections
- § 52730 The board, prior to, or at the time of, issuance of the refunding bonds under this chapter, shall provide for the creation of an annual sinking fund for the…
- § 52731 The county treasurer, at least 90 days before the first day of January in each year during which the refunding bonds are outstanding, shall levy and collect a…
- § 52732 Ninety days, or more, before the first day of January in any year, the board may modify the amount of the sinking fund payment. The board shall forthwith mail…
- § 52735 In any year in which the district has surplus funds from other sources available for the sinking fund payment and has deposited such funds in the sinking fund…
- § 52736 The board may invest the money in the sinking fund in bonds of the United States or of the State of California, and hold the bonds so purchased, and the income…
- § 52737 The proceeds of sale of any bonds in which any part of the sinking fund is invested shall be deposited in the sinking fund.
ARTICLE 3. Redemption §§ 52750–52760 · 11 sections
- § 52750 When the sinking fund contains at least ten thousand dollars ($10,000), the county treasurer shall, upon request of the board, by notice published once a week…
- § 52751 The notice shall state the amount available for the redemption of bonds or refunding bonds and shall specify when and where the proposals will be opened.
- § 52752 All proposals shall be opened at the office of the county treasurer at an open meeting of the board convened at the time specified in the notice or at some…
- § 52753 Any or all proposals may be rejected by the county treasurer, and shall be rejected by him if requested to do so in writing by a majority of the board.
- § 52754 If no bids are received, or if the bids accepted are not sufficient to exhaust the money available for the purchase of outstanding bonds or refunding bonds,…
- § 52755 No proposal to sell bonds to the district at a price in excess of the par value thereof shall be accepted.
- § 52756 All bonds purchased with sinking fund moneys shall forthwith be canceled.
- § 52757 The board may, by resolution adopted prior to the time of issuing any refunding bonds, provide for the call and redemption thereof, in numerical order, or by…
- § 52758 Notice of redemption of callable refunding bonds shall be published once a week for three successive weeks in a newspaper of general circulation printed and…
- § 52759 The first publication of the notice shall be not less than 30 days nor more than 90 days prior to the date fixed in the refunding bonds for the redemption.
- § 52760 Interest on refunding bonds declared to be callable shall cease after the date fixed for redemption if the district has provided funds for the payment of the…
CHAPTER 5. Creation of Reserve Fund Pursuant to Agreement With the United States §§ 52850–52862 · 13 sections
- § 52850 When there is an agreement between a district and the United States of America, or any department or agency thereof, which provides for the issuance of…
- § 52851 The money in the reserve fund shall be used to pay the installments of principal and interest of any outstanding bonds secured by the assessment when the…
- § 52852 If the bond fund contains a sum derived from an assessment securing the bonds to be refunded pursuant to the agreement which is in excess of the amount…
- § 52853 The county treasurer shall call such part of the principal of the assessment securing the refunding bonds, not exceeding the amount by which the unpaid…
- § 52854 The call shall be made at the time prescribed by Section 51420 for making the next call for the payment of principal or interest of the bonds after the reserve…
- § 52855 The board may direct that the restoration of the reserve fund be effected over a period not exceeding three years next after the reserve fund was depleted, in…
- § 52856 No call for the purpose of creating a reserve fund shall be made until the United States, or department or agency thereof, has accepted 50 percent or more of…
- § 52857 The county treasurer may invest any money in the reserve fund in bonds of the United States or of the State of California, and bonds so purchased and held in…
- § 52858 Sales of bonds of the United States or of the State of California purchased with reserve fund money shall be made by the county treasurer in sufficient time…
- § 52859 The board of a district which has entered into an agreement pursuant to Section 52850, may, by resolution, direct that any money on deposit in the county…
- § 52860 The county treasurer shall forthwith cancel all bonds purchased pursuant to subsection (a) of Section 52859.
- § 52861 No purchase of bonds shall be made pursuant to subdivision (a) of Section 52859 unless the unpaid principal amount of the assessment securing such bonds is in…
- § 52862 No funds deposited pursuant to subdivision (b) of Section 52859 may be withdrawn except to pay the principal or interests upon any bonds of the district held…