CHAPTER 2. Bonds [55520. - 55679.]

Chapter 2 added by Stats. 1953, Ch. 155.

§§ 55520–55679 · 65 sections

1. ARTICLE 1. Issuance and Sale §§ 55520–55534 · 15 sections

   • § 55520 The board may issue and sell the bonds of the district, when authorized, at not less than par value, and the proceeds of the sale shall be placed in the county…
   • § 55521 The board by an order entered upon its minutes, shall, subject to the provisions of this division, prescribe the form of bonds issued and of the interest…
   • § 55522 The board shall designate an amount, not less than one-fortieth of the principal amount of the indebtedness, or series thereof, which shall be paid annually at…
   • § 55523 The board may determine and fix a date for the earliest maturity of the principal of the bonds, or series thereof, not more than 10 years from the date of…
   • § 55524 The bonds shall be issued in such denomination or denominations as the board may determine.
   • § 55525 The bonds shall be signed by the chairman of the board and countersigned by the auditor of the district, or if one has not been appointed, the auditor of the…
   • § 55526 The interest coupons of the bonds shall be numbered consecutively and signed by the auditor of the county by his engraved or lithographed signature.
   • § 55527 In case any officer whose signature or countersignature appears on the bonds or coupons shall cease to be an officer before the delivery of the bonds to the…
   • § 55528 The principal and interest on the bonds shall be paid by the district treasurer, or if one has not been appointed, the county treasurer, in the manner provided…
   • § 55529 The board may divide the principal amount of any issue into two or more series and fix different dates for the bonds of each series. The bonds of one series…
   • § 55530 Notwithstanding any other provision of the law, the board may determine that the public economy so requires, and order that less than one-fortieth of the whole…
   • § 55531 District or zone bonds may be made payable on July 1st subsequent to the time fixed for the collection of the second installment of general district taxes with…
   • § 55532 The proceeds of such bonds may be used for the following purposes: (a) All costs or estimated costs incidental to or connected with the acquisition,…
   • § 55533 Any bonds issued by the district may be subject to call and redemption prior to maturity at such times and prices and upon such other terms as the board may…
   • § 55534 When bonds are made callable, a statement to that effect shall be set forth on the face of the bond.
2. ARTICLE 2. Additional Bond Issues §§ 55550–55553 · 4 sections

   • § 55550 Whenever the board deems it necessary for the district to incur a bonded indebtedness in addition to that incurred at the time of the formation of the district…
   • § 55551 The board shall then fix a date upon which an election shall be held for the purpose of authorizing the bonded indebtedness to be incurred, and shall proceed…
   • § 55552 If at the election a majority of the votes cast are in favor of the incurring of the bonded indebtedness, then the board shall enter an order to that effect…
   • § 55553 The provisions contained in Articles 1 and 5 of Chapter 2 of this part and Sections 55701, 55703, and 55704, relating to the form of bonds, the issuance and…
3. ARTICLE 3. Refunding Bonds §§ 55580–55591 · 12 sections

   • § 55580 The board may issue refunding bonds of the district for the purpose of refunding any or all outstanding bonds of the district.
   • § 55581 The board shall by resolution determine the amount of the outstanding bonds to be refunded, fix the maximum amount of refunding bonds to be issued, the maximum…
   • § 55582 In the resolution the board shall call an election and submit to the qualified voters of the district the question whether the refunding bonds should be issued.
   • § 55583 The resolution shall fix the time of the election, establish one or more voting precincts, designate the polling place or places, appoint an inspector, judge,…
   • § 55584 In all particulars not set forth in this article the election shall be held and conducted as provided in Chapter 4 of Part 2 of this division.
   • § 55585 The resolution shall be published pursuant to Section 6066 of the Government Code in a newspaper of general circulation in the county designated by the board…
   • § 55586 If at the election a majority of the votes cast are in favor of the issuance of the refunding bonds, the board shall be authorized to issue refunding bonds of…
   • § 55587 The board shall, by order entered in its minutes, prescribe the form of the refunding bonds and of the interest coupons to be attached, and fix the date of the…
   • § 55588 Refunding bonds may be exchanged at par value for any outstanding bonds to be refunded at their par value or less, upon such terms as may be agreed upon by the…
   • § 55589 In lieu of the exchange for outstanding bonds, the refunding bonds may be sold by the board for cash at not less than par and accrued interest, and the…
   • § 55590 Any bonds refunded and all interest coupons appurtenant thereto shall be canceled immediately by the county treasurer. Expenses of the refunding proceedings…
   • § 55591 Taxes for the payment of principal and interest of refunding bonds shall be levied as provided in Chapter 3 of this part except that if the bonds refunded were…
4. ARTICLE 4. Adoption of the Revenue Bond Law of 1941 § 55610 · 1 section

   • § 55610 The Revenue Bond Law of 1941 is applicable to districts for the purpose of financing the production, transmission and distribution of water for public or…
5. ARTICLE 5. Validating Proceedings § 55630 · 1 section

   • § 55630 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…
6. ARTICLE 5.5. Bonds as Legal Investments § 55640 · 1 section

   • § 55640 The bonds of the district or those issued for any zone pursuant to this act are entitled to the same force or value or use as bonds issued by any municipality.
7. ARTICLE 6. Zones §§ 55650–55679 · 31 sections

   • § 55650 Zones may be established within a district for any of the following purposes: (a) Incurring a bonded indebtedness within the zone sufficient to pay the cost of…
   • § 55651 Zones may be established within the district by either of the following methods: (1) A petition for the formation of a zone within a district may be presented…
   • § 55652 The petition shall contain: (a) The boundaries of the proposed zone. (b) A general description of the improvement desired. (c) An estimate of the cost of the…
   • § 55653 The petition shall be accompanied by a map showing the exterior boundaries of the district and of the proposed zone and containing a general description of the…
   • § 55654 The failure of the petition to contain any of the matters specified in Sections 55651 and 55652 shall not affect the legality of the establishment of the zone…
   • § 55655 The petition shall be presented at a regular meeting of the board, and the board shall thereupon set a time for hearing the petition, which time shall be not…
   • § 55656 Notice of the filing and hearing of the petition shall be given by the clerk of the board by publishing in the county pursuant to Section 6066 of the…
   • § 55657 The clerk shall also cause a notice, similar in substance, to be posted in three of the most public places within the proposed zone.
   • § 55658 The date set for the hearing shall be at least 13 days after the date of the posting and the date of last publication of the notice.
   • § 55659 A copy of the petition shall be filed with the county engineer of waterworks districts, or district engineer if one has been appointed, at least two weeks…
   • § 55660 At the time fixed for the hearing, the board shall hear and pass upon the petition and any protests in writing that have been filed with the clerk before or at…
   • § 55661 If the board determines that the proposed improvement will be of district-wide benefit, the proceedings shall terminate, and the proposed zone shall not be…
   • § 55662 If the board determines that the proposed improvement will not be of district-wide benefit, the board may make such changes in the boundaries of the proposed…
   • § 55663 The board shall not modify the boundaries except after notice of its intention has been published pursuant to Section 6061 of the Government Code in a…
   • § 55664 Written objections to the proposed modification may be filed with the clerk of the board by any interested person at or before the time set for hearing the…
   • § 55665 The board shall hear and pass upon the objections at the time appointed, or at any time to which the hearing may be adjourned, and its decision thereon shall…
   • § 55666 If the objections, or any of them, be sustained, no further proceedings pursuant to the petition shall be taken, but a new petition for the same or a similar…
   • § 55667 If no protests are filed, or if all protests filed are heard and denied, or if authorized modifications are made in the boundaries of the proposed zone and the…
   • § 55668 If the board determines that the petition is signed by owners representing at least 60 percent of the total assessed valuation of the real property within the…
   • § 55668.5 Notwithstanding Chapter 3 (commencing with Section 2201) of Part 4 of Division 1 of the Revenue and Taxation code, or any other provisions of law to the…
   • § 55669 The board shall thereupon be authorized to issue bonds of the zone, to fix and collect special rates or charges, as prayed for in the petition, and proceed…
   • § 55670 If the petition for formation of the zone is signed by owners representing less than 60 percent of the total assessed valuation of the real property within the…
   • § 55671 The board shall appoint three qualified electors residing in the proposed zone to conduct the election.
   • § 55672 The election shall be called by posting in three of the most public places in the proposed zone, and by publishing in the county pursuant to Section 6066 of…
   • § 55673 The date set for the election shall be at least 13 days after the date of the posting and the date of last publication of the notice. No other notice of the…
   • § 55674 The election shall be conducted in accordance with the general election laws of this State, where applicable.
   • § 55675 The proposition submitted shall be in accordance with the petition and shall be either: (a) “Shall the proposed zone described in the resolution of the board…
   • § 55676 If 60 percent of the votes cast at the election are in favor of the zone, and of incurring the bonded indebtedness, or fixing and collecting the special rates…
   • § 55677 Upon the establishment of the zone the board shall be authorized and empowered to issue bonds of the zone, or to fix and collect special rates and charges, as…
   • § 55678 The provisions in this division for the form, issuance, and sale of bonds, the levying and collecting of taxes for the payment thereof and of other matters…
   • § 55679 The taxes and special rates or charges authorized by this article are in addition to all other taxes and rates or charges authorized by this division, and…