Code Section Group

Water Code - WAT

DIVISION 14. CALIFORNIA WATER STORAGE DISTRICT LAW [39000 - 48401]

  ( Division 14 added by Stats. 1951, Ch. 391. )

PART 8. BONDS [45100 - 45932]

  ( Part 8 added by Stats. 1951, Ch. 391. )

CHAPTER 7. Direct Assessment Warrants [45900 - 45932]

  ( Chapter 7 added by Stats. 1961, Ch. 976. )

ARTICLE 1. Project and Government Contract Warrants [45900 - 45907]
  ( Article 1 added by Stats. 1961, Ch. 976. )

45900.
  

For the purpose of financing a district project or government contract which has been approved by the voters of the district, the board of directors may, by a two-thirds vote of its members, issue written obligations which may be denominated notes, certificates of indebtedness or warrants. The term “direct assessment warrants,” as used in this chapter, means such obligations, howsoever denominated.

(Amended by Stats. 1992, Ch. 1020, Sec. 97. Effective January 1, 1993.)

45901.
  

Direct assessment warrants shall be signed by the president and secretary in face amount not exceeding in the aggregate the cost of the project or government contract, exclusive of interest and amounts paid prior to the issuance of these warrants on the assessment levied to pay for said district project or government contract.

(Added by Stats. 1961, Ch. 976.)

45902.
  

Direct assessment warrants shall be made payable in amounts and at the times corresponding substantially to the amounts and times of payment of the installments of the direct assessment.

(Added by Stats. 1961, Ch. 976.)

45903.
  

Direct assessment warrants shall bear interest at a rate to be fixed by the board at the time of sale thereof, not to exceed 7 percent per year, which interest may be made payable semiannually.

(Amended by Stats. 1969, Ch. 1086.)

45904.
  

Coupons for the interest on these warrants may be attached to them.

(Added by Stats. 1961, Ch. 976.)

45905.
  

Direct assessment warrants may be made payable to any of the following:

(a) Bearer.

(b) Persons furnishing work, labor or material.

(c) The contractor if the work on the project is to be done under contract.

(Added by Stats. 1961, Ch. 976.)

45906.
  

Direct assessment warrants may be sold by the district for not less than par at either public or private sale.

(Added by Stats. 1961, Ch. 976.)

45907.
  

Any surplus funds and any money held by a district in a sinking or depreciation fund may in the discretion of its board be invested in direct assessment warrants of the district.

(Added by Stats. 1961, Ch. 976.)

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