Section 36214 Of Article 4. Destruction And Redemption Of Bonds From California Water Code >> Division 13. >> Part 6. >> Chapter 3. >> Article 4.
36214
. Whenever the funds of the district are in excess of the
amount necessary to complete the construction of the irrigation works
or to acquire the property and rights in property necessary
therefor, to supply all the land with sufficient water for irrigation
purposes, and to pay every obligation of the district that is due
and payable or that will, or probably will, become due and payable
before the expiration of two years from the date on which the last
preceding tax of the district was levied, the board may direct the
treasurer to pay with the excess, specifying the amount, the portion
of the sold general obligation bonds of the district as the excess
sum of money will redeem at the lowest value at which they may be
obtained for liquidation.