2007 California Water Code Article 4. Destruction And Redemption Of Bonds

CA Codes (wat:36210-36215)

36210.  Whenever a district has any of its unsold general obligation
bonds which it is not necessary to sell for the purpose of raising
funds, the board may, at a general election, or at a special election
called for the purpose, submit the proposition of whether or not the
bonds should be destroyed.


36211.  The notice of the election at which general obligation bonds
are proposed to be destroyed shall specify, in addition to the
requirements provided in Section 35002:
   (a) The amount of the bonded indebtedness authorized.
   (b) The amount of the bonds remaining unsold.
   (c) The amount of bonds proposed to be destroyed.



36212.  If at the time the vote cast at the election is canvassed a
two-thirds majority of the votes cast upon the proposition favors the
destruction of the unsold general obligation bonds, the president,
in the presence of a majority of the members of the board, shall
destroy the bonds.



36213.  The amount of the general obligation bonds destroyed shall
be deducted from the total amount authorized to be issued and no part
of the bonds destroyed shall thereafter be reprinted or reissued.



36213.1.  If the unsold general obligation bonds shall not have been
printed, the election provided for in this article shall be called
and held to determine whether the authority to issue and sell said
unprinted bonds shall be revoked.  If two-thirds of the votes cast
upon the proposition favor such revocation, the authority to issue
and sell said unprinted bonds shall be revoked, the amount thereof
deducted from the total amount authorized to be issued, and no part
of said bonds shall thereafter be printed or issued.



36214.  Whenever the funds of the district are in excess of the
amount necessary to complete the construction of the irrigation works
or to acquire the property and rights in property necessary
therefor, to supply all the land with sufficient water for irrigation
purposes, and to pay every obligation of the district that is due
and payable or that will, or probably will, become due and payable
before the expiration of two years from the date on which the last
preceding tax of the district was levied, the board may direct the
treasurer to pay with the excess, specifying the amount, the portion
of the sold general obligation bonds of the district as the excess
sum of money will redeem at the lowest value at which they may be
obtained for liquidation.



36215.  The provisions of Sections 36303, 36304, 36305 and 36348
shall also be applicable to general obligation bonds.