PART 9. BONDS [24950. - 25402.]
Part 9 added by Stats. 1943, Ch. 372.
§§ 24950–25402 · 95 sections
CHAPTER 1. Construction Bonds §§ 24950–24963 · 9 sections
- § 24950 Construction bonds may be authorized for the purposes of acquiring necessary irrigation, drainage, and power development and distribution works, acquiring the…
- § 24951 The board shall at any of the following times estimate the amount of money it is necessary to raise for the purposes for which construction bonds may be…
- § 24952 The board shall cause any surveys, examinations, and drawings, to be made which will furnish the proper basis for making an estimate of the amount of money…
- § 24953 The surveys, examinations, and drawings shall be made under the direction of a competent engineer and shall be certified by him.
- § 24954 The surveys, examinations, drawings, and estimate may provide that the works necessary for a completed project shall be constructed progressively during a…
- § 24955 The estimate may include a sum sufficient to pay the interest on the proposed construction bonds for four years or less and, if the bonds are to be payable…
- § 24955.1 In the case of any district described in Section 20560.2 with respect to construction bonds issued for purposes of financing the works described in that…
- § 24956 The estimate shall include the estimated cost of inspection required by law of works in course of construction.
- § 24963 The board, if it declares by resolution that the proposed plan of the project is satisfactory and that the plan is feasible, shall adopt an order determining…
CHAPTER 2. Refunding Bonds §§ 25035–25119 · 26 sections
ARTICLE 1. General Refunding Provisions §§ 25035–25041 · 6 sections
- § 25035 Any district may issue refunding bonds for the purpose of refunding any or all of the outstanding bonds and warrants of the district.
- § 25035.5 Notwithstanding any other provision of this division requiring any election, any district described in Section 20560.1 may issue refunding bonds for the…
- § 25038 The board shall call an election for the purpose of authorizing the issuance of the refunding bonds.
- § 25039 Notice of the election shall be given and it shall be held and its result determined and declared substantially in the manner provided for a bond election,…
- § 25040 Any issue of refunding bonds may in the discretion of the board mature serially or at one time.
- § 25041 The maturities of refunding bonds shall be fixed by the board.
ARTICLE 2. Refunding Bond Sinking Fund §§ 25060–25068 · 9 sections
- § 25060 If any issue of refunding bonds are made to mature at one time, the board prior to or at the time of their issuance shall provide for the creation of and…
- § 25061 The amount of sinking fund payments may be modified from time to time by the board.
- § 25062 Whenever the sinking fund contains at least ten thousand dollars ($10,000), the board may publish notice of redemption at least once a week for three…
- § 25063 The notice shall set forth all of the following: (a) The amount available for the redemption of the bonds. (b) An invitation for sealed proposals for the sale…
- § 25064 All proposals received in response to the notice shall be opened by the board in open meeting at the time specified in the notice or at a time to which the…
- § 25065 Any or all of the proposals may, in the discretion of the board, be rejected.
- § 25066 If no bids are received or if the bids received and accepted are not sufficient to exhaust the money on hand and available for the purpose, the district…
- § 25067 No proposal to sell bonds to the district pursuant to this article at a price in excess of their par value shall be accepted.
- § 25068 All bonds purchased from sinking fund money shall be forthwith canceled.
ARTICLE 3. Authorized Refunding Modification §§ 25091–25092 · 2 sections
ARTICLE 4. Unauthorized Refunding Modification §§ 25110–25119 · 9 sections
- § 25110 The provisions of this article are applicable only to refunding plans which both: (a) Were adopted prior to January 31, 1939. (b) Then contained no provisions…
- § 25111 The terms of any refunding plan and of the refunding bonds outstanding thereunder may be modified from time to time if the modification is approved in the…
- § 25112 The approval of the modification by the district shall be given by a resolution of its board and by its voters at an election called by the board.
- § 25113 Notice of the election shall be given and it shall be held in substantially the same manner as a bond election, except that a majority vote only is required…
- § 25115 The approval of the holders of outstanding refunding bonds affected by the modification shall be evidenced by either of the following: (a) The written consent…
- § 25116 If the modification is approved in the manner provided in this article, the district need not issue new refunding bonds and coupons in exchange for outstanding…
- § 25117 If the modification or modified refunding plan provides for the extension of the time of maturity of all or any of the refunding bonds, the district in lieu of…
- § 25118 All refunding bonds the terms of which have been modified shall continue to be binding outstanding bonds of the district and negotiable instruments…
- § 25119 Any modification of any refunding plan adopted pursuant to the provisions of this article may provide for its subsequent modification with the consent of the…
CHAPTER 3. General Bond Provisions §§ 25200–25354 · 57 sections
ARTICLE 1. Bond Terms §§ 25200–25219 · 23 sections
- § 25200 As used in this chapter “bonds” includes both construction and refunding bonds except as otherwise expressly provided.
- § 25201 Subject to the provisions of this article the board shall prescribe the form of the bonds issued by the district and of the attached interest coupons.
- § 25202 An issue of bonds means all of the bonds issued in accordance with a single proposal approved at an election.
- § 25203 Each issue of bonds shall be numbered consecutively as authorized, and the bonds of each issue shall be numbered consecutively.
- § 25204 The board shall fix the date of each issue of bonds and may divide any issue into two or more divisions and fix different dates for the bonds of each…
- § 25205 The date of any bond shall be subsequent to the date of the election at which its issuance was authorized and prior to that of its delivery to a purchaser from…
- § 25206 The date of issue of any bond shall be deemed to be the date of the bond appearing on its face.
- § 25207 The board shall fix the denomination or denominations of the bonds.
- § 25208 The bonds shall bear interest at a rate not to exceed 8 percent per year to be fixed by the board, except that, if, before the issuance of the bonds, the board…
- § 25208.1 Notwithstanding the provisions of Section 25208 of the Water Code and any other provisions of law, the Board of Directors of the Solano Irrigation District may…
- § 25209 The interest shall be payable on the first day of January and the first day of July of each year.
- § 25209.1 In the case of any district described in Section 20560.2, notwithstanding any other provision of this division, the interest on any bonds of the district…
- § 25210 The board shall designate the places at which the bonds and the interest thereon shall be payable.
- § 25211 The bonds shall be payable in lawful money of the United States.
- § 25212 Each bond shall be made payable at a given time for its full face value and not for a percentage thereof.
- § 25213 The principal on bonds shall be payable on the first day of January or the first day of July of the years designated by the board.
- § 25213.1 In the case of any district described in Section 20560.2, notwithstanding any other provision of this division, each principal payment, other than payments of…
- § 25214 In no case shall the maturity of any bond be more than 50 years from its date.
- § 25215 When bonds are made callable, a statement to that effect shall be set forth on the face of the bond.
- § 25216 Each bond shall be signed by the president and secretary then in office at any time between the date of the bond and its delivery to a purchaser from the…
- § 25217 The seal of the district shall be impressed on each bond.
- § 25218 The interest coupons shall be signed by the secretary then in office at any time between the date of the bond and its delivery to a purchaser from the…
- § 25219 Unless otherwise provided in the proceedings for the issuance of the bonds, they and the interest on them shall be paid from money derived from an annual…
ARTICLE 2. Payment Solely from Revenue §§ 25240–25245 · 5 sections
- § 25240 As used in this article and Article 3 of this chapter “revenue” means all or any part of any source or sources of payment excluding assessments but including…
- § 25242 If any or all of the principal of any bonds is made payable only from revenue, the board shall cause a brief statement of the limitations upon the payment of…
- § 25243 If the limitations affect the payment of the interest of the bonds or any part thereof, a brief statement of the limitations shall be set forth in the interest…
- § 25244 If the limitations affect the payment of only a portion of the interest which will accrue on any bonds, the board may provide either that: (a) The entire…
- § 25245 If any board provides that the principal, interest, or both of any bonds or any portion of the principal, interest, or both shall be payable solely from…
ARTICLE 3. Allocation of Revenue to Bond Payment §§ 25260–25264 · 5 sections
- § 25260 Any designated revenue may by resolution of the board be allocated to the payment of the whole or any portion of the principal or interest or both of any bonds.
- § 25261 The allocation may be for either or both: (a) Payment of the whole or any part of the principal or interest or both of any bonds payable solely from revenue.…
- § 25262 Until the payment or retirement of the bonds for the benefit of which an allocation was made, the revenue allocated shall be applied solely to the payment of…
- § 25263 An allocation may be made for the exclusive benefit of any one or more issues or portions of issues of bonds of a district designated in the allocating…
- § 25264 Any allocation shall be irrevocable until all of the bonds for which the allocation was made and their appurtenant coupons have been paid or retired.
ARTICLE 4. Allocation of Revenue to Reserve Fund § 25280 · 1 section
- § 25280 Any sources of revenue of any district may, by order of its board, be irrevocably allocated to a reserve fund established to pay the interest or principal of…
ARTICLE 5. Callable Bonds §§ 25300–25304 · 5 sections
- § 25300 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…
- § 25301 Callable bonds may be redeemed in addition to other methods permitted in the following manner: (a) In numerical order or by lot as prescribed in the…
- § 25302 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…
- § 25303 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.
- § 25304 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…
ARTICLE 6. Bond Issuance §§ 25325–25336 · 13 sections
- § 25325 A district may sell any bonds from time to time in such quantities as may be necessary and most advantageous to raise money for the purposes for which they…
- § 25326 Before any sale the board shall by resolution entered on its minutes set forth all of the following: (a) Its intention to sell a specified amount of the bonds.…
- § 25327 The board shall give notice of the sale by publication for at least three weeks in some newspaper published in the office county and in any other newspaper at…
- § 25328 The notice shall state that sealed proposals will be received by the board at the district office for the purchase of bonds until the day and hour specified in…
- § 25329 At the time specified the board shall open the proposals and award the purchase of the bonds or any portion of them to the highest responsible bidder or…
- § 25330 No proposal shall be accepted which is not accompanied by a certified check for a reasonable percentage of the amount of the bid as determined by the board,…
- § 25330.1 In the case of any district described in Section 20560.2 with respect to construction bonds issued for purposes of financing the works described in that…
- § 25331 The board may reject any or all bids.
- § 25332 In case no award is made, the board thereafter may either readvertise the bonds or any part of them for sale or sell them at private sale.
- § 25333.5 In the case of any district described in Section 20560.2 with respect to construction bonds issued for purposes of financing the works described in that…
- § 25334 A district may exchange its construction bonds for any property or interest in property which the district might acquire with the proceeds of the bonds, if…
- § 25335 Any refunding bonds may be either: (a) Sold from time to time in the same manner as other bonds of the district. (b) Exchanged for other bonds or warrants of…
- § 25336 Any outstanding bonds refunded or exchanged shall be immediately canceled by the treasurer.
ARTICLE 7. Bond Cancellation §§ 25350–25354 · 5 sections
- § 25350 Whenever the whole or any portion of any issue of bonds of any district remains unissued for more than one year after the date of the election at which the…
- § 25351 Whenever a resolution to cancel bonds is offered, its consideration shall be postponed to a date fixed by the board which is subsequent to final publication of…
- § 25352 The resolution together with a notice stating the time fixed by the board for the consideration of the resolution shall be published once a week for at least…
- § 25353 After the adoption of a resolution to cancel bonds no other bonds shall be issued in pursuance of the proceedings taken in relation to the issuance of the…
- § 25354 Any bonds and coupons so canceled shall be destroyed under the direction of the board.
CHAPTER 4. Issuance of Bonds Pursuant to the Revenue Bond Law of 1941 §§ 25400–25402 · 3 sections
- § 25400 Subject to the limitations of this chapter, revenue bonds, including refunding revenue bonds, may be issued by an irrigation district under and pursuant to the…
- § 25401 This chapter provides an alternative authority and procedure for the subject to which it relates but does not affect any other law relating to the same or a…
- § 25402 For the purposes of this chapter, the term “enterprise,” as used in the Revenue Bond Law of 1941 (Chapter 6 (commencing with Section 54300) of Part 1 of…