CHAPTER 2. Bonds

Chapter 2 added by Stats. 1949, Ch. 274.

§§ 31370–31482 · 42 sections

1. ARTICLE 1. Notice §§ 31370–31372 · 3 sections

   • § 31370 Whenever the board deems it necessary for the district to incur a bonded indebtedness, it shall by resolution set forth all of the following: (a) A declaration…
   • § 31371 Notice of the hearing shall be given by the secretary by publication of a copy of the resolution in a newspaper printed and published in the district for at…
   • § 31372 The copy of the resolution published or posted shall be accompanied by a notice subscribed by the secretary, with the seal of the district attached, that: (a)…
2. ARTICLE 2. Hearing §§ 31385–31393 · 9 sections

   • § 31385 At the time and place fixed for the hearing in the resolution declaring the necessity for incurring the bonded indebtedness, or at any time and place to which…
   • § 31386 At the hearing any person interested, including persons owning property within the district, may appear and present any matters material to the questions set…
   • § 31387 At the conclusion of the hearing, the board shall by resolution determine whether the whole or part of the district will be benefited by the accomplishment of…
   • § 31388 If the board determines that the whole of the district will not be benefited, the resolution shall also describe the portion of the district which will be…
   • § 31389 After the formation of an improvement district within a district pursuant to this article, all proceedings for the purpose of a bond election within the…
   • § 31390 The determination of the board that the whole of the district will be benefited by the bond issue or that only a described portion of the district will be…
   • § 31391 After the board has made its determination pursuant to Section 31387, if it deems it necessary to incur the bonded indebtedness, it shall by resolution state:…
   • § 31392 In determining the amount of debt to be incurred, the legislative body may include: (a) All costs and estimated costs incidental to or connected with the…
   • § 31393 (a) Any time following the establishment of an improvement district pursuant to this article, the board, by a four-fifths majority vote, may exempt part or all…
3. ARTICLE 3. Election §§ 31405–31416 · 13 sections

   • § 31405 The board shall fix a date when an election shall be held to authorize the bonded indebtedness described in the resolution adopted pursuant to Section 31391.
   • § 31406 The board shall provide for holding the election on the day fixed therefor in the same manner as provided by law in respect to general water district elections…
   • § 31407 The board shall give notice of the election to authorize the bonded indebtedness, which notice shall contain all of the following: (a) The resolution adopted…
   • § 31408 Every voter residing within the voting precincts, but no others, may vote at the election.
   • § 31408.5 In the Pleasant Valley County Water District, every owner of land within the district, but no others, may vote at the election. The special provisions of this…
   • § 31409 The notice shall be published for two weeks in at least one newspaper, designated by the board, printed and published in the district.
   • § 31410 If there is no newspaper printed and published in the district, the notice shall be posted in three public places in whichever of the following is to be…
   • § 31411 The returns of the election shall be made to and the votes canvassed by the board on the first Monday which is six or more days after the election.
   • § 31412 The results of the election shall be ascertained and declared pursuant to the general water district election laws so far as they may be applicable, except as…
   • § 31413 As soon as the result is declared, the secretary shall enter in the records of the board a statement of the result.
   • § 31414 No informalities in the conduct of the election shall invalidate the election if fairly conducted.
   • § 31415 All the expenses of holding the election shall be borne by the district, but said expenses may be included in the amount of the debt to be incurred, as…
   • § 31416 Whenever the electors of a district which has no bonded indebtedness, is not operating a water system, and has not bona fide contracted for the construction of…
4. ARTICLE 4. Issuance §§ 31425–31429 · 5 sections

   • § 31425 If from the bond election returns it appears that more than two-thirds of the votes cast at the election are in favor of incurring the indebtedness, the board…
   • § 31426 The district may dispose of the bonds so issued at the times or in the manner the board deems to be to the public interest.
   • § 31427 Any bonds issued by any district organized under the provisions of this act are hereby given the same force, value and use as bonds issued by any municipality…
   • § 31428 All premiums and accrued interest received on the sale of bonds shall be placed in the fund to be used for the payment of principal and interest on the bonds,…
   • § 31429 When the board determines by resolution that the expenditure of money raised by the sale of bonds for the purpose for which the bonds were voted is impractical…
5. ARTICLE 5. Refunding §§ 31440–31446 · 7 sections

   • § 31440 The board may, by resolution, do the following: (a) Submit to the voters a measure to issue new bonds to refund any or all of the district bonds outstanding.…
   • § 31441 The measure may be voted on at any district election.
   • § 31442 The procedure upon the election shall be in accordance, so far as applicable, with the procedure upon an original issue of bonds, except that: (a) No hearing…
   • § 31443 The refunding bonds shall not bear a higher rate of interest than the bonds to be refunded and may be issued and sold in the manner and form prescribed for an…
   • § 31444 Refunding bonds may, if the holders of bonds of an original issue and the board so agree, be exchanged for original bonds.
   • § 31445 The face value of refunding bonds exchanged for original bonds shall not exceed the face value of the original bonds.
   • § 31446 The board may raise money by water rates or taxes to pay principal and interest of the refunding bonds in the same manner as prescribed for payment of bonds of…
6. ARTICLE 6. Callable Bonds §§ 31460–31461 · 2 sections

   • § 31460 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…
   • § 31461 When bonds are made callable, a statement to that effect shall be set forth on the face of the bond.
7. ARTICLE 7. Revenue Bonds §§ 31480–31482 · 3 sections

   • § 31480 Subject to the provisions of this article, a district may borrow money to provide funds to pay all costs of any public improvement authorized by this part and…
   • § 31481 Revenue bonds under this article shall be authorized, issued and sold in the same manner as are revenue bonds of irrigation districts under Division 11 of this…
   • § 31482 The Contra Costa Water District may provide for bonds of the district to bear a variable interest rate, which rate shall not at any time exceed the maximum…