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Article 2. Improvement District Warrants of California Water Code >> Division 11. >> Part 7. >> Chapter 4. >> Article 2.
A district may issue improvement district warrants signed by
its president and secretary in face amount not exceeding in the
aggregate the cost of the improvements exclusive of interest and
amounts paid prior to the issuance of these warrants on the
assessment levied to pay for the improvement.
Improvement district warrants shall be made payable in
amounts and at the times corresponding substantially to the amounts
and times of payment of the installments of the improvement district
assessment.
Improvement district warrants shall bear interest at the
rate fixed at the time of the levy of the improvement district
assessment, and the interest may be made payable semiannually.
Coupons for the interest on these warrants may be attached
to them.
Improvement district warrants may be made payable to any of
the following:
(a) Bearer.
(b) Persons furnishing work, labor, or material.
(c) The contractor if the work of improvement is to be done under contract.
(a) Bearer.
(b) Persons furnishing work, labor, or material.
(c) The contractor if the work of improvement is to be done under contract.
Improvement district warrants may be sold by the district
for not less than par at either public or private sale.
Any surplus funds and any money held by a district in a
sinking or depreciation fund may in the discretion of its board be
invested in the warrants of any improvement district within the
district.
