Code Section Group

Water Code - WAT

DIVISION 11. IRRIGATION DISTRICTS [20500 - 29978]

  ( Division 11 added by Stats. 1943, Ch. 372. )

PART 6. COOPERATION [23100 - 23465]

  ( Part 6 added by Stats. 1943, Ch. 372. )

CHAPTER 2. Cooperation With United States [23175 - 23302]

  ( Chapter 2 added by Stats. 1943, Ch. 372. )

ARTICLE 6. Borrowing from United States [23280 - 23289]
  ( Article 6 added by Stats. 1943, Ch. 372. )

23280.
  

In addition to other powers conferred by this chapter districts may pursuant to this article borrow or procure money from the United States for any of the following purposes:

(a) Financing any operations or purposes of the district.

(b) Financing or refinancing any or all of the obligations of the district.

(c) Refunding or purchasing bonds of the district.

(Added by Stats. 1943, Ch. 372.)

23281.
  

When the United States has appraised the security underlying the indebtedness of any district or loans any district money to refund any of its indebtedness or to finance any of its operations, the district may in contracting for the loan agree that it will not during the life of the loan levy any assessment for an amount less than required by the contract.

(Added by Stats. 1943, Ch. 372.)

23282.
  

Any district, upon being authorized so to do as provided by Article 3 of this chapter as modified in this article, may as evidence of the loan execute a contract with the United States.

(Added by Stats. 1943, Ch. 372.)

23283.
  

A district may issue bonds if required by the contract or without a contract.

(Added by Stats. 1943, Ch. 372.)

23284.
  

The bonds shall contain any terms and be payable in any manner and from any source of revenue that may be agreed upon between the district and the United States and may bind the district for the payment of the bonds according to the terms thereof.

(Added by Stats. 1943, Ch. 372.)

23285.
  

The bonds may be serial or sinking fund bonds, may be made callable either by number or by lot, and may be made payable to bearer or to the United States. They shall be in the form and authorized and issued in the manner substantially as provided for refunding bonds of districts.

(Added by Stats. 1943, Ch. 372.)

23287.
  

A majority vote at an election shall be sufficient to authorize the execution of the contract.

(Added by Stats. 1943, Ch. 372.)

23288.
  

The notice of election and ballot need contain only the information required in the case of ordinary bond elections.

(Added by Stats. 1943, Ch. 372.)

23289.
  

Proposals both to enter into a contract and to issue bonds may be voted upon as a single proposition.

(Added by Stats. 1943, Ch. 372.)

WATWater Code - WAT6.