Article 2. Refunding Bond Sinking Fund of California Water Code >> Division 11. >> Part 9. >> Chapter 2. >> Article 2.

25060.

If any issue of refunding bonds are made to mature at one time, the board prior to or at the time of their issuance shall provide for the creation of and payments into a sinking fund for the payment of the bonds in amounts determined by the board.

25061.

The amount of sinking fund payments may be modified from time to time by the board.

25062.

Whenever the sinking fund contains at least ten thousand dollars ($10,000), the board may publish notice of redemption at least once a week for three successive weeks in some newspaper published in the office county and may publish it in any other newspaper.

25063.

The notice shall set forth all of the following:
  (a) The amount available for the redemption of the bonds.
  (b) An invitation for sealed proposals for the sale to the district of any of its outstanding refunding bonds for the payment of which the sinking fund was created.
  (c) The time and place when the proposals will be opened.

25064.

All proposals received in response to the notice shall be opened by the board in open meeting at the time specified in the notice or at a time to which the meeting is adjourned.

25065.

Any or all of the proposals may, in the discretion of the board, be rejected.

25066.

If no bids are received or if the bids received and accepted are not sufficient to exhaust the money on hand and available for the purpose, the district through its board may purchase at private sale with any available money in the sinking fund any bonds for the payment of which the sinking fund was created.

25067.

No proposal to sell bonds to the district pursuant to this article at a price in excess of their par value shall be accepted.

25068.

All bonds purchased from sinking fund money shall be forthwith canceled.