Section 36262 Of Article 2. Authorization Of Bonds And Issuance From California Water Code >> Division 13. >> Part 6. >> Chapter 3.5. >> Article 2.
36262
. The board may, without a vote of the electors, or without a
further hearing, provide for the issuance of, and issue, general
obligation bonds of a district or for an improvement district thereof
in accordance with the following:
(a) The principal amount of such bonds does not exceed the then
unissued balance of the principal amount of bonds of a district, or
of such improvement district, authorized pursuant to the provisions
of this chapter prior to January 1, 1974.
(b) The bonds are issued for the purpose set forth in the plan of
works adopted for such authorized bonds or as such plan of works may
be modified pursuant to Article 1 (commencing with Section 35950) of
Chapter 2 of this part.
(c) The bonds are issued in accordance with the provisions of this
division, except for the requirement of a bond election or notice
and hearing.
Bonds issued pursuant to this section shall be secured by
unlimited ad valorem assessments on land in the district or in the
improvement district without regard to any limitations set forth in
Chapter 3 (commencing with Section 2201) of Part 4 of Division 1 of
the Revenue and Taxation Code.
When bonds are issued pursuant to this section, unissued bonds as
referred to in subdivisions (a) and (b) in a principal amount at
least equal to the principal amount of bonds issued pursuant to this
section, shall be canceled by order of the board and shall not be
issued.