Code Section Group

Water Code - WAT

DIVISION 16. COUNTY WATERWORKS DISTRICTS [55000 - 55991]

  ( Division 16 added by Stats. 1953, Ch. 155. )

PART 4. FINANCIAL PROVISIONS [55500 - 55720]

  ( Part 4 added by Stats. 1953, Ch. 155. )

CHAPTER 2. Bonds [55520 - 55679]

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

ARTICLE 3. Refunding Bonds [55580 - 55591]
  ( Article 3 added by Stats. 1953, Ch. 155. )

55580.
  

The board may issue refunding bonds of the district for the purpose of refunding any or all outstanding bonds of the district.

(Added by Stats. 1953, Ch. 155.)

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 rate of interest to be paid (which shall not exceed the rate of interest on the bonds to be refunded), and the number of years, not exceeding 30, that the refunding bonds or any part thereof are to run.

(Added by Stats. 1953, Ch. 155.)

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.

(Added by Stats. 1953, Ch. 155.)

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, and clerk for each precinct, and fix the hours during the day in which the polls will be open and the manner of voting for and against the issuance of the refunding bonds.

(Added by Stats. 1953, Ch. 155.)

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.

(Added by Stats. 1953, Ch. 155.)

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 for that purpose, the last publication to be at least one week before the date of the election. No other notice of the election need be given.

(Amended by Stats. 1957, Ch. 357.)

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 the district not exceeding the maximum amount set forth in the resolution, payable out of the funds of the district to be provided as prescribed in Section 55591.

(Added by Stats. 1953, Ch. 155.)

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 refunding bonds, the date of maturity, and the rate or rates of interest to be paid. The bonds and the interest coupons thereof shall be signed as provided in Article 1 of this chapter.

(Added by Stats. 1953, Ch. 155.)

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 board and the holders of such bonds, subject to adjustment of accrued interest to the date of exchange. Any moneys required for the adjustment of interest may be paid from any funds of the district.

(Added by Stats. 1953, Ch. 155.)

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 proceeds used for the purchase or retirement of the outstanding bonds upon terms agreed upon by the board and the holders of the bonds, but not to exceed par and accrued interest.

(Added by Stats. 1953, Ch. 155.)

55590.
  

Any bonds refunded and all interest coupons appurtenant thereto shall be canceled immediately by the county treasurer. Expenses of the refunding proceedings may be paid from any funds of the district.

(Added by Stats. 1953, Ch. 155.)

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 payable from taxes levied upon land only, the taxes for the payment of principal and interest of refunding bonds shall likewise be levied upon land only.

(Added by Stats. 1953, Ch. 155.)

WATWater Code - WAT3