2007 California Water Code Article 5. Payment Of Principal, Interest And Redemption

CA Codes (wat:9455-9461)

9455.  The principal of the bonds shall, by an order of the board
entered in its minutes, be made payable on the first day of July or
the first day of January and in such years as the board may
prescribe, but all of the bonds shall be payable serially within 20
years from their date.



9456.  Not less than 10 per cent of the aggregate face value of the
bonds shall be payable within 10 years from their date, and not less
than 9 per cent of the aggregate face value of the bonds issued shall
be payable each year beginning with the eleventh year from their
date until the whole amount of the bonds has been paid.




9457.  The board may call and redeem in their numerical order such
an amount of the bonds as it may see fit on any interest date
subsequent to the first day of July, 1921, at their face value, with
accrued interest to date of redemption.


9458.  To effect such redemption, the board shall cause to be
published once each week for two successive weeks, in a newspaper
published in the City of Sacramento, a notice stating that at the
next semiannual interest date, the bonds specified in the notice will
be redeemed and that there will be due and payable on the bonds at
the places specified therein for payment, the amount of the principal
thereof with accrued interest.



9459.  Out of the bond fund of the assessment the State Treasurer
shall, on presentation at or after its maturity, pay the holder of
each bond or interest coupon which has been sold or which has been
issued and delivered upon an order of the board payable in bonds as
provided in this part.



9460.  If any bond or interest coupon has not been presented to the
State Treasurer for payment when it becomes due, it shall cease to
bear interest, but if presented at or after such time and not paid
for want of funds, the State Treasurer shall indorse the bond or
coupon, together with the date of presentation.



9461.  The indorsed bond or coupon shall bear interest at the rate
expressed in the bond until paid or until funds have been provided in
the State Treasury applicable to its payment.