CHAPTER 5. Creation of Reserve Fund Pursuant to Agreement With the United States
Chapter 5 added by Stats. 1951, Ch. 336.
§§ 52850–52862 · 13 sections
- § 52850 When there is an agreement between a district and the United States of America, or any department or agency thereof, which provides for the issuance of…
- § 52851 The money in the reserve fund shall be used to pay the installments of principal and interest of any outstanding bonds secured by the assessment when the…
- § 52852 If the bond fund contains a sum derived from an assessment securing the bonds to be refunded pursuant to the agreement which is in excess of the amount…
- § 52853 The county treasurer shall call such part of the principal of the assessment securing the refunding bonds, not exceeding the amount by which the unpaid…
- § 52854 The call shall be made at the time prescribed by Section 51420 for making the next call for the payment of principal or interest of the bonds after the reserve…
- § 52855 The board may direct that the restoration of the reserve fund be effected over a period not exceeding three years next after the reserve fund was depleted, in…
- § 52856 No call for the purpose of creating a reserve fund shall be made until the United States, or department or agency thereof, has accepted 50 percent or more of…
- § 52857 The county treasurer may invest any money in the reserve fund in bonds of the United States or of the State of California, and bonds so purchased and held in…
- § 52858 Sales of bonds of the United States or of the State of California purchased with reserve fund money shall be made by the county treasurer in sufficient time…
- § 52859 The board of a district which has entered into an agreement pursuant to Section 52850, may, by resolution, direct that any money on deposit in the county…
- § 52860 The county treasurer shall forthwith cancel all bonds purchased pursuant to subsection (a) of Section 52859.
- § 52861 No purchase of bonds shall be made pursuant to subdivision (a) of Section 52859 unless the unpaid principal amount of the assessment securing such bonds is in…
- § 52862 No funds deposited pursuant to subdivision (b) of Section 52859 may be withdrawn except to pay the principal or interests upon any bonds of the district held…