Section 22553.5 Of Chapter 4. Powers And Duties From California Public Utilities Code >> Division 9. >> Part 2. >> Chapter 4.
22553.5
. (a) The board of directors may, from time to time, cause
to be sold or leased property of the district which in its opinion is
not needed for the district's affairs.
(b) Such sales, at the discretion of the board of directors, may
be on time, provided at least 20 percent of the total consideration
be paid in cash at the time of the transaction and the remainder
thereto be paid within 10 years and evidenced by a promissory note
payable to the order of the district bearing interest at the rate of
at least 5 percent per annum secured by a first mortgage, first deed
of trust, or other prior encumbrance upon the property being sold.
(c) Property may be leased for any purpose and to any party
whenever the board of directors finds that such lease does not
interfere with use of such property for the purposes of the district
or with the operations of the district. All rents and other
consideration received by the district shall be paid into its general
fund for the use of the district.