Water Code, 1943

The treasurer must execute a deed to the purchaser when the property is sold, and the deed conveys the property free of encumbrances, except in the stated no-redemption situation.

If certain district land remains unsold after the final assessment installment is collected, each county treasurer must sell the land at public auction to the highest bidder for cash.

Notice of a land sale must be published once a week for two consecutive weeks in a newspaper published in the county where the land is located.

The county treasurer must deposit the sale proceeds in the county treasury for the district’s bond fund.

Each county treasurer must charge specified publication and sale-recording expenses to the district’s general fund, or to the bond fund if the general fund has no money, and must notify the district treasurer of the charge.

This section states that the article provides an alternative procedure for depositing certain district funds and related sale proceeds.

The board may choose to use this article for district fund deposits, and may later end that choice. The choice does not take effect until a certified copy of the resolution is filed with each county’s auditor and treasurer.

The treasurer may deposit district money under the general laws for depositing public money.

If a deposit is FDIC-insured, the bank does not have to provide additional security for the insured portion.

A district may issue revenue warrants under this chapter to raise funds for lawful district purposes, including repaying district debt.

Revenue warrants must be secured by certain district revenues, and they may not be secured by any assessment.

Revenue warrants must bear interest at a rate not over 8% per year.

Revenue warrants must mature when the board sets, but no later than five years after issuance.

Revenue warrants may be made redeemable before maturity on terms, notice, timing, and prices set by the board before issuance.

Revenue warrants may be sold by public or private sale, on terms the board sets, but not at a price that would produce more than an 8% annual yield to the purchaser.

The board may decide the form, denomination, execution, registration, exchange privileges, and payment location for revenue warrants.

The board may create special funds, establish a reserve fund, and appoint a fiscal agent when issuing revenue warrants.

The board may use a revenue-warrant resolution to promise to run and maintain the revenue-producing facilities, set and collect charges, and make related security covenants.

The board may, in a resolution authorizing revenue warrants, provide that interest on the warrants is paid from sale proceeds for up to one year.

A revenue warrant holder may use mandamus or another appropriate proceeding to compel the board, officers, or employees to perform certain duties tied to pledged revenues, warrant sale proceeds, and related covenants.

A district may not issue revenue warrants under this chapter in any fiscal year if doing so would exceed $1,000,000.

Revenue warrants may be issued before August 1, 1978, but only under this chapter, for a term of no more than 10 years from issuance, and for no more than $4 million in any fiscal year.

The Governor, or a state official or agency designated by the Governor, must receive certain flood-control or reclamation documents.

The Governor or the Governor’s designee must send copies of certain preliminary documents or formal reports within 10 days after receiving them.

The board must call a special election in the district when the stated assessment and petition conditions are met.

A district board may authorize bonds for certain unpaid assessments by a two-thirds resolution, and no special election is required.

If voters approved a qualifying project, the district board may adopt a bond resolution by a two-thirds vote, and the district may sell the bonds at public or private sale.

A legislative committee that has been assigned a preliminary document or formal report may submit written comments to the Governor or the Governor’s designee.

A notice for a special bond election must state the aggregate face value of the proposed bonds.

Only holders of title to assessed land are qualified to vote at the election.

The ballot must print “Yes” and “No” on separate lines to the right of or below the question, with voting targets.

The board of election must prepare a list of all ballots cast and include each voter’s name, proxy-caster name if applicable, and the number of votes each voter cast.

At the close of the polls, the board of election must immediately canvass the votes and declare the result.

The board of election must send a certificate showing the election result and vote count on the bond issue to each county elections official, and send a duplicate to the board of directors.

The board of election must deliver the ballots and other election papers from each county to that county’s elections official.

County elections officials must immediately certify each county’s election result statement to the board of directors after receiving the ballots and related documents.

The board of directors must record in its minutes whether the bond proposal passed or failed, state the vote throughout the district, and immediately send a duplicate certificate to the department.

Bond elections are governed by the election-related provisions of this division, except where this part specifically says otherwise.

The Governor or the Governor’s designee must send certain comments to the appropriate federal agency within the time set by applicable federal law.

If the bond-issuance conditions are met, the board must sell the bonds in the stated amount and deliver the assessment list, sorted by affected counties, to the treasurer.

The treasurer must place bond-sale proceeds to the credit of the district.

The board may split an authorized bond issue into series and set different bond dates. If the board directs by resolution, the treasurer must sell the bonds for the best obtainable price, and never below 90% of face value plus accrued interest.

Before selling bonds, the treasurer must publish notice at least once a week for two consecutive weeks.

The treasurer must open the bids at the appointed time and award the bonds to the highest responsible bidder.

The treasurer must reject any or all bids if a majority of the directors make a written request.

If the treasurer sells and delivers bonds, that sale counts as conclusive evidence that it was properly authorized and noticed.

When district bonds are sold, the treasurer may accept district warrants as payment, in whole or in part, at face value plus accrued interest.

Bonds in one series of an authorized issue must be equally and ratably secured with bonds in any other series of that issue.

The board may prescribe the denominations of the bonds.

Bonds must be signed by the president and attested by the treasurer.

Bonds must be numbered consecutively by maturity, and if issued in multiple series, each series must be lettered alphabetically and numbered consecutively within that series.

Bond interest may not exceed 8% per year, and the board sets whether interest is paid annually or semiannually.