CHAPTER 8. Bonds [11700. - 11784.]

Chapter 8 added by Stats. 1943, Ch. 370.

§§ 11700–11784 · 46 sections

1. ARTICLE 1. Authorization to Issue and Reduction of Aggregate Amount §§ 11700–11701 · 2 sections

   • § 11700 For the purpose of providing money and funds to pay the cost and expense of carrying out any of the objects and purposes of this part, the department may, from…
   • § 11701 Whenever the department determines that it is necessary to carry out any of the objects and purposes of this part, it shall prepare preliminary cost estimates,…
2. ARTICLE 2. General Provisions §§ 11705–11714 · 10 sections

   • § 11705 Bonds shall be issued in the name of the department and shall constitute obligations only of the department and shall be identified as Central Valley Project…
   • § 11706 Any provisions not inconsistent with this part may be contained in the proceedings authorizing the issuance of bonds which limit, restrict, or regulate the…
   • § 11707 While any bonds remain outstanding, the powers, duties or existence of the department or any official or agency of the State shall not be diminished or…
   • § 11708 The holder of any bond may by mandamus or other appropriate proceedings require and compel the performance of any of the duties imposed upon any state…
   • § 11709 The enumeration of rights and remedies in the next preceding section does not exclude the exercise or prosecution of any other rights or remedies by holders of…
   • § 11710 The department may contract loans and borrow money from the United States through the sale of bonds upon such conditions and terms as may be agreed to and such…
   • § 11711 Temporary or interim bonds, certificates, or receipts, of any denominations and with or without coupons attached thereto, signed by the director, may be issued…
   • § 11712 The purchase price of bonds shall be paid for the account of the department to the Treasurer or the designee of the Treasurer.
   • § 11713 Notwithstanding anything otherwise provided in this part, any expense incurred by the department for advertising, engraving, printing, clerical, legal, or…
   • § 11714 The department shall return the appropriation made by Chapter 12 of the Statutes of 1935, or so much thereof as is used, with interest thereon at the rate of 4…
3. ARTICLE 3. Payment from Revenue §§ 11720–11723 · 4 sections

   • § 11720 Bonds issued under this part shall contain a recital on the face thereof that the payment or redemption of the bonds and the payment of interest thereon is…
   • § 11721 Bonds issued under this part shall not constitute or be a debt, liability, or obligation of the State. Payment of both principal and interest of all such bonds…
   • § 11722 All bond redemption and interest payments shall constitute a first and direct charge and lien on all revenues received from the operation of the project, on…
   • § 11723 The collection of revenues shall be continued until all bonds with interest thereon are fully redeemed and paid.
4. ARTICLE 4. Bond Form and Terms §§ 11730–11740 · 12 sections

   • § 11730 The department shall determine the form, conditions, and denominations of all bonds and the dates which the bonds shall bear.
   • § 11731 The department and the Treasurer shall determine the interest rate or rates on the bonds. The rate or rates may be fixed or variable and shall not exceed 12…
   • § 11732 It is not necessary that all bonds of the same authorized issue bear the same interest rate.
   • § 11733 Principal and interest on bonds shall be payable at such place or places as may be fixed and determined by the department.
   • § 11734 Bonds may contain provisions for registration thereof as to principal only or as to both principal and interest.
   • § 11735 Bonds may be issued in coupon form with interest payable at such times as determined by the department and shall mature at such times and in such amounts as…
   • § 11736 The department may provide for the retirement of bonds at any time or times prior to their maturity and in such manner and upon payment of such premiums as may…
   • § 11736.5 The department may enter into banking, insurance, remarketing, and other financial arrangements as may be necessary or desirable to provide additional security…
   • § 11737 All bonds shall be signed by the director and countersigned by the Governor.
   • § 11738 The signature of the director and the Governor may be by facsimile.
   • § 11739 All interest coupons shall bear the facsimile signature of the director.
   • § 11740 In case any officer whose signature or countersignature appears on the bonds or coupons ceases to be such officer before the delivery of the bonds to the…
5. ARTICLE 5. Issuance and Sale §§ 11750–11755 · 6 sections

   • § 11750 Bonds may be issued and sold from time to time and in such amounts as may be deemed necessary in the judgment of the department to provide sufficient funds for…
   • § 11751 Bonds may be sold below the par or face value thereof, but the sale price shall not be less than 94 percent of the par or face value of the bonds, and the sale…
   • § 11752 Successive issues of bonds shall have equal preference with respect to the redemption thereof and the payment of interest thereon, but the department may fix…
   • § 11753 All bonds issued are negotiable instruments.
   • § 11754 All bonds authorized for issuance by the department shall be sold by the Treasurer at public sale by bid or at private sale by negotiation, as directed by the…
   • § 11755 The department may borrow money in anticipation of the sale of bonds duly authorized to be issued, but which have not yet been sold and delivered, and for that…
6. ARTICLE 6. Disposition of Proceeds from Bond Sale §§ 11760–11762 · 4 sections

   • § 11760 The proceeds from the sale of bonds shall be paid to the Treasurer or the designee of the Treasurer to the credit of the construction fund.
   • § 11761 The proceeds shall be paid out, disbursed, or applied solely for one or more of the following: (a) The construction, reconstruction, and repair of the project.…
   • § 11761.5 (a) If the department sells bonds to finance a water purchase, the bonds, including all refinancing of the bonds, shall be scheduled to mature within five…
   • § 11762 The department may agree with the purchaser of bonds upon any conditions or limitations restricting the disbursement of the proceeds that may be deemed…
7. ARTICLE 7. Payment of Principal and Interest §§ 11770–11772 · 3 sections

   • § 11770 From the money deposited in the construction fund the State Treasurer shall transfer to the place or places of payment named in the bonds the sums required to…
   • § 11771 After the periods mentioned in the next preceding section the Treasurer shall transfer from the revenue fund to the place or places named in the bonds the sums…
   • § 11772 All funds transferred for the payment of principal or interest on bonds shall be segregated and applied solely for the payment of the principal and interest.
8. ARTICLE 8. Retirement of Bonds §§ 11780–11784 · 5 sections

   • § 11780 Any surplus which exists in the construction fund shall be applied to the retirement of bonds issued for construction of the project by purchase or call.
   • § 11781 In the event the bonds cannot be purchased at a price satisfactory to the department and are not by their terms callable prior to maturity such surplus shall…
   • § 11782 The proceedings authorizing the issuance of bonds may provide limitations and conditions upon the time and manner of applying such surplus to the purchase and…
   • § 11783 The terms upon which the bonds shall be purchased or called and such limitations and conditions as are mentioned in the preceding section shall be followed and…
   • § 11784 All bonds retired by purchase or call shall be immediately canceled.