PART 7. BONDS [71852. - 71996.]
Part 7 added by Stats. 1963, Ch. 156.
§§ 71852–71996 · 80 sections
CHAPTER 1. In General §§ 71852–71854 · 3 sections
- § 71852 A district may issue bonds pursuant to Chapters 2 (commencing with Section 71860) and 5 (commencing with Section 71940) of this part for the purpose of…
- § 71853 A district may issue revenue bonds for any purpose for which general obligation bonds may be issued. Such revenue bonds may be issued pursuant to the Revenue…
- § 71854 A district that has outstanding revenue bonds which were approved by more than two-thirds of the votes cast at the election authorizing such bonds may incur a…
CHAPTER 2. Initiation of Proceedings for Issuance of Bonds for Entire District §§ 71860–71861 · 2 sections
- § 71860 Whenever the board deems it necessary for the district to incur a bonded indebtedness for the acquisition, construction, completion, or repair of any or all…
- § 71861 The resolution calling the bond election shall state all of the following: (a) The purpose for which the proposed debt is to be incurred, which may include…
CHAPTER 3. Formation of Improvement Districts for Issuance of Bonds §§ 71870–71911 · 17 sections
ARTICLE 1. Initiation of Proceedings §§ 71870–71875 · 6 sections
- § 71870 Whenever the board deems it necessary to incur a bonded indebtedness for the acquisition, construction, completion, or repair of any or all improvements,…
- § 71871 The resolution of intention shall state that the board intends to form an improvement district of a portion of the district which in the opinion of the board…
- § 71872 The resolution of intention shall also state: (a) The purpose for which the proposed debt is to be incurred. (b) The amount of debt to be incurred, which may…
- § 71873 The resolution of intention shall also state that a general description of the proposed improvement, together with a map showing the exterior boundaries of the…
- § 71874 The resolution of intention shall also state: (a) The time and place for a hearing by the board on the questions of the formation and extent of the proposed…
- § 71875 Notice of the hearing shall be given by publishing a copy of the resolution of intention pursuant to Section 6066 of the Government Code prior to the time…
ARTICLE 2. Hearing and Changes §§ 71880–71883 · 4 sections
- § 71880 At the time and place fixed in the resolution of intention, or at any time and place to which the hearing is adjourned, the board shall proceed with the…
- § 71881 The board may change the purpose for which the proposed debt is to be incurred or the amount of bonded debt to be incurred, or both. The board may also change…
- § 71882 The purpose or amount of bonded debt or the boundaries of the proposed improvement district shall not be changed by the board except after notice of its…
- § 71883 At the time and place fixed in the notice of intention, or at any time and place to which the hearing is adjourned, the board shall proceed with the hearing.…
ARTICLE 3. Formation §§ 71890–71892 · 3 sections
- § 71890 At the conclusion of the hearing, the board shall by resolution determine whether it is deemed necessary to incur the bonded indebtedness. If so, the…
- § 71891 The determinations made in the resolution of formation shall be final and conclusive.
- § 71892 After the formation of the improvement district pursuant to this chapter, all proceedings for the purpose of a bond election shall be limited, and shall apply…
ARTICLE 4. Calling on Bond Election §§ 71900–71901 · 2 sections
- § 71900 After the Board has made its determination of the matters required to be determined by the resolution of formation, and if the board deems it necessary to…
- § 71901 The resolution calling the bond election shall contain all of the statements required by Section 71861 and, in addition, shall state: (a) That the board deems…
ARTICLE 5. Advance of Funds §§ 71910–71911 · 2 sections
- § 71910 The board may advance general funds of the district to accomplish the purposes of an improvement district formed pursuant to this chapter.
- § 71911 The board may repay the district for any advance of funds from the proceeds of the sale of bonds authorized for the purposes of the improvement district or as…
CHAPTER 4. Formation of Uninhabited Improvement Districts for Issuance of Bonds §§ 71920–71937 · 16 sections
ARTICLE 1. Initiation of Proceedings §§ 71920–71924 · 5 sections
- § 71920 Whenever the board deems it necessary to incur a bonded indebtedness for the acquisition, construction, completion, or repair of any or all improvements,…
- § 71921 For the purposes of this chapter the portion of a district formed into an uninhabited improvement district shall be deemed uninhabited if less than 12 voters…
- § 71922 The resolution of intention shall state that the board intends to form an improvement district of an uninhabited portion of the district which in the opinion…
- § 71923 The resolution of intention shall also state: (a) The purpose for which the proposed debt is to be incurred. (b) The amount of debt to be incurred, which may…
- § 71924 The resolution of intention shall also state that a general description of the proposed improvement, together with a map showing the exterior boundaries of the…
ARTICLE 2. Bond Election §§ 71930–71934 · 9 sections
- § 71930 After the board has made its determination of the matters required to be determined by the resolution of intention, and if the board deems it necessary to form…
- § 71930.5 The provisions of this article apply only to bond elections called pursuant to this chapter. The provisions of Section 2502 of the Elections Code, relating to…
- § 71931 Voter means a person who is a holder of title. Each voter shall have one vote for each dollar’s worth of assessed value of land to which he holds title. The…
- § 71931.5 The form and type of ballot to be used in the election and the manner of distribution thereof, to the voters, will be determined by the board.
- § 71932 All ballots shall be returned to the secretary of the district at the office of the district on or before the last date established for the return of the…
- § 71932.5 Within 10 days after the date on which all ballots must be received by the district, the board shall canvass the votes and declare the result.
- § 71933 Each ballot will give the voter the option of voting in favor of or in opposition to the formation of the improvement district and incurring indebtedness by…
- § 71933.5 If a majority of the votes cast are in favor of the formation of the improvement district and incurring indebtedness by the issuance of bonds of the district…
- § 71934 Voting may be by proxy and every appointment of a proxy is revocable at the pleasure of the person executing it by giving written notice to the district any…
ARTICLE 3. Advance of Funds §§ 71936–71937 · 2 sections
- § 71936 The board may advance general funds of the district to accomplish the purposes of an improvement district formed pursuant to this chapter.
- § 71937 The board may repay the district for any advance of funds from the proceeds of the sale of bonds authorized for the purposes of the improvement district or as…
CHAPTER 5. Bond Election §§ 71940–71947 · 8 sections
- § 71940 The board shall provide for holding the bond election on the day fixed in the resolution calling the election and in accordance with the provisions of the…
- § 71941 Notice of the holding of the bond election shall be given by publishing, pursuant to Section 6066 of the Government Code, the resolution calling the election…
- § 71942 If the bond election is to be held in an improvement district, notice of the holding of such election shall be given by publishing, pursuant to Section 6066 of…
- § 71943 The returns of the bond election shall be made, the votes canvassed by the board within seven days following the election, and the results thereof ascertained…
- § 71944 The secretary, as soon as the result of the bond election is declared, shall enter in the records of the board a statement of such results.
- § 71945 No irregularities or informalities in conducting the bond election shall invalidate it, if the election has otherwise been fairly conducted.
- § 71946 Any action or proceeding in which the validity of any bonds or of the proceedings in relation thereto (including the formation of an improvement district for…
- § 71947 If bonds have been authorized at an election held pursuant to this chapter prior to January 1, 1960, a portion of which bonds have not yet been issued, and the…
CHAPTER 6. Issuance and Sale of Bonds §§ 71950–71975 · 17 sections
ARTICLE 1. Issuance and Terms §§ 71950–71960 · 11 sections
- § 71950 If from the bond election returns it appears that more than two-thirds of the votes cast in such election were in favor of and assented to the incurring of the…
- § 71951 The full amount of the authorized bonds may be divided into two or more series and different dates fixed for the bonds of each series. The maximum term which…
- § 71952 The board shall, by resolution, prescribe the form of the bonds and of the coupons attached thereto and fix the time when the whole or any part of the…
- § 71953 The bonds shall bear interest at a rate or rates not to exceed 8 percent per year, payable semiannually, except that interest for the first year may be payable…
- § 71954 The board may provide for the call and redemption of bonds prior to maturity at such times and prices and upon such other terms as it may specify. A bond shall…
- § 71955 The denomination of the bonds shall be stated in the resolution providing for their issuance but shall not be less than one hundred dollars ($100).
- § 71956 The principal and interest on the bonds shall be payable in lawful money of the United States at the office of the treasurer of the district or such other…
- § 71957 The bonds shall be dated, numbered consecutively, signed by the president and treasurer of the district, countersigned by the secretary, and the official seal…
- § 71958 If the bond election proceedings have been limited to and have applied only to an improvement district, the bonds are bonds of the district, shall be issued in…
- § 71959 Any bonds issued by a district have the same force, value, and use as bonds issued by a city and are exempt from all taxation within the State.
- § 71960 The board may, without a vote of the electors, provide for the issuance of, and issue, general obligation bonds of the district or for an improvement district…
ARTICLE 2. Sale of Bonds and Use of Proceeds §§ 71970–71975 · 6 sections
- § 71970 Before selling the bonds, or any part thereof, the board shall give notice inviting sealed bids in such manner as it may prescribe. If satisfactory bids are…
- § 71971 The proceeds from the sale of bonds shall be paid into the treasury of the district, placed to the credit of a special improvement fund, and expended only for…
- § 71972 Any moneys remaining in the special improvement fund from the sale of bonds of the district after the purpose for which the indebtedness was created has been…
- § 71973 Interest on any bonds issued by the district coming due before the proceeds of a tax levied at the next general tax levy after the sale of the bonds are…
- § 71974 The proceeds from the sale of bonds of the district issued for an improvement district thereof may be expended for the purpose for which the indebtedness was…
- § 71975 Notwithstanding any other provision of law, within the Rainbow Municipal Water District, if bonds have been authorized or issued pursuant to Chapter 4…
CHAPTER 7. Formation of Improvement Districts for Issuance of Revenue Bonds §§ 71980–71996 · 17 sections
ARTICLE 1. Initiation of Proceedings §§ 71980–71985 · 6 sections
- § 71980 Whenever the board deems it necessary to incur a bonded indebtedness for the acquisition, construction, completion, or repair of any or all improvements, works…
- § 71981 The resolution of intention shall state that the board intends to form a revenue improvement district of a portion of the district which in the opinion of the…
- § 71982 The resolution of intention shall also state: (a) The purpose for which the proposed debt is to be incurred and a general description of the enterprise. (b)…
- § 71983 The resolution of intention shall also state that a general description of the proposed enterprise, together with a map showing the exterior boundaries of the…
- § 71984 The resolution of intention shall also state: (a) The time and place for a hearing by the board on the questions of the formation and extent of the proposed…
- § 71985 Notice of the hearing shall be given by publishing a copy of the resolution of intention pursuant to Section 6066 of the Government Code prior to the time…
ARTICLE 2. Hearing and Changes § 71986 · 1 section
- § 71986 Except as otherwise provided in this article, the board shall proceed with the hearing, conduct the hearing, make changes to the enterprise or the estimated…
ARTICLE 3. Formation of Revenue Improvement District §§ 71987–71990 · 4 sections
- § 71987 At the conclusion of the hearing, the board shall by resolution determine whether it is deemed necessary to form the proposed revenue improvement district and…
- § 71988 The determinations made in the resolution of formation shall be final and conclusive.
- § 71989 After the formation of the revenue improvement district pursuant to this chapter, all proceedings for the purpose of a revenue bond election by the revenue…
- § 71990 Except as otherwise provided by this chapter, after the formation of the improvement district pursuant to this chapter, the improvement district shall be a…
ARTICLE 4. Calling of Revenue Bond Election §§ 71991–71994 · 4 sections
- § 71991 After the board has made its determination of the matters required to be determined by the resolution of formation, and if the board deems it necessary to…
- § 71992 The resolution calling the revenue bond election shall be adopted, contain the statement, be published and provide for issuance of the revenue bonds in…
- § 71993 If the issuance of the revenue bonds is authorized at the election, the board shall provide for their issuance, sale, authentication, form and redemption in…
- § 71994 It is the intent of the Legislature that the provisions of this article shall be in addition to, and not exclusive of, the powers and duties of the revenue…
ARTICLE 5. Advance of Funds §§ 71995–71996 · 2 sections
- § 71995 The board may advance general funds of the district to accomplish the purposes of a revenue improvement district formed pursuant to this chapter.
- § 71996 The board may repay the district for any advance of funds from the proceeds of the sale of revenue bonds authorized for the purposes of the improvement…