Article 5 - Refunding

California Water Code — §§ 31440-31446

Sections (7)

Added by Stats. 1949, Ch. 274.

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.

(b)Submit to the voters of any improvement district of the district a measure to issue new bonds to refund any improvement district bonds outstanding.

§ 31441

Added by Stats. 1949, Ch. 274.

The measure may be voted on at any district election.

§ 31442

Added by Stats. 1949, Ch. 274.

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 need be held upon the question whether the bond issue will benefit the entire district or only a portion thereof.

(b)The vote of a majority of the voters voting upon the measure is sufficient to authorize the issue of refunding bonds.

§ 31443

Added by Stats. 1949, Ch. 274.

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 original issue of bonds.

§ 31444

Added by Stats. 1949, Ch. 274.

Refunding bonds may, if the holders of bonds of an original issue and the board so agree, be exchanged for original bonds.

§ 31445

Added by Stats. 1949, Ch. 274.

The face value of refunding bonds exchanged for original bonds shall not exceed the face value of the original bonds.

§ 31446

Added by Stats. 1949, Ch. 274.

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 an original issue.