2007 California Water Code Article 3. Exchange Of Warrants

CA Codes (wat:9025-9031)

9025.  Any reclamation district that has sold or transferred any of
its levees, or other reclamation or flood control works, easements,
or property of any kind, to the drainage district, Sutter-Butte
By-Pass Project No. 6, or of any other unit or project, and received
warrants issued by the drainage district, or of Sutter-Butte By-Pass
Project No. 6, or of any other unit or project, in exchange or
payment therefor, or has received compensation from the drainage
district, or Sutter-Butte By-Pass Project No. 6, or any other project
thereof, for any levee, land, right of way, easement, or property of
any kind, included in any of the plans adopted for controlling the
flood waters of the Sacramento and San Joaquin rivers or their
tributaries, to be carried out by the board, may exchange the
warrants, or any portion of them, at par and accrued interest, for
outstanding warrants issued by the reclamation district, at par and
accrued interest.


9026.  Any person, owning and holding any warrants of a reclamation
district may apply to the board of trustees of the reclamation
district for an exchange of the warrants.



9027.  Upon application made pursuant to the next preceding section
the board of trustees of the reclamation district shall make the
exchange.


9028.  When any such exchange has been effected, the board of
trustees of the reclamation district shall notify the county
treasurer of the county in which the land, or the largest portion
thereof, is situated, of the exchange.



9029.  After the exchange has been effected, the warrants of the
district shall be marked:  "Surrendered for warrants of Sacramento
and San Joaquin Drainage District."



9030.  Proper entries of the surrender payment shall be made upon
the books of the reclamation district, and also of the county
treasurer of the county having the custody of the funds of the
reclamation district.


9031.  If the warrants of the drainage district, or any of its units
or projects, are at the time of the offer for exchange, in the hands
and custody of the county treasurer of the county in which the land
of the reclamation district, or of the largest portion thereof, is
situated, the county treasurer of the county shall make the exchange
on the terms, and in the manner provided by this chapter, whenever
application is made to him for such purpose.