Section 36447.1 Of Chapter 4.95. Alternative Provisions For The Issuance Of Bonds Of Improvement Districts From California Water Code >> Division 13. >> Part 6. >> Chapter 4.95.
36447.1
. Bonds for two or more improvement districts of the
district may be issued and sold as consolidated bonds of the district
in substantially the same manner and upon the same terms and
conditions as bonds of the entire district, subject to all of the
following conditions:
(a) The consolidated bonds shall specify the included amount of
par value issued on behalf of each improvement district, and the
remaining authorized bonds of each improvement district shall be
reduced by its respective included amount so specified.
(b) In advance of the sale of consolidated bonds, the board shall
find that the sale of the included bonds as consolidated bonds shall
not increase the cost that any improvement district will pay for its
included bonds over the cost it would have paid had its bonds been
sold separately.
(c) The maximum portion of any assessment for the payment of each
series of the consolidated bonds and the interest thereon that may be
obtained from annual assessments to be levied upon and collected
from lands within each improvement district shall be the proportion
which the par value of the included bonds of the improvement district
bears to the total par value of that series of the consolidated
bonds.
(d) The board shall include in the resolution providing for
issuance of each series of consolidated bonds provisions to insure
that assessments to be levied upon and collected from lands within
each included improvement district shall be limited to the amount
required to pay the improvement district's proportional share as
determined under subdivision (c), except to the extent that provision
for payment of that share has been made by the board, as may be
permitted by law, and that the improvement district's share shall not
be collected or paid for, or pledged to the payment of, any other
included improvement district's proportional share.
(e) The board shall include in the resolution providing for
issuance of each series of consolidated bonds provisions to insure
that the proceeds of the consolidated bonds disbursed into the fund
provided for in Section 35998.1 are apportioned within the fund
according to each included improvement district's share determined
under subdivision (c), so that separate apportionments are accounted
for and used for the purposes of the respective improvement districts
in the manner contemplated by Section 36427.
(f) The board shall include in the resolution providing for
issuance of each series of consolidated bonds provisions to insure
that any bond reserve fund established pursuant to Sections 35910 and
35911 is established proportionately for each of the included
improvement districts and, to the extent the fund must be used, that
moneys in the fund shall be disbursed only to the extent of the share
apportioned therein to the improvement district on whose behalf it
is disbursed, and that any charges or annual assessments used to
establish the bond reserve fund shall be set aside within the bond
reserve fund only to the account of the improvement district from
which they were obtained.
(g) If the consolidated bonds include provisions for redemption,
the board shall also include in the resolution providing for issuance
provisions to insure that any moneys collected from within the
improvement districts to establish a redemption fund shall be limited
to each improvement district's proportional share of the
consolidated bonds as determined in subdivision (c).
(h) The consolidated bonds shall be issued in the name of the
district and, if general obligation bonds, shall be designated "Bonds
of ____ Water District," and each bond shall state that it is issued
on behalf of the included improvement districts whose respective
shares of the par value shall be specified, and shall state that the
assessment for payment thereof shall be limited to annual assessments
to be levied upon and collected from the lands within each of the
specified improvement districts in the stated proportions of the
total par value, except to the extent that provision for that payment
has been made by the board as may be permitted by law.