CHAPTER 3. General Refunding Bonds
Chapter 3 added by Stats. 1951, Ch. 336.
§§ 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…