Article 4. Alternative Provisions For The Deposit Of Funds of California Water Code >> Division 14. >> Part 7. >> Chapter 3. >> Article 4.

This article provides an alternative procedure for the deposit of all, or any part of, proceeds of bond sales, proceeds of assessments and proceeds of sale of land and of all, or any part of, other funds of a district.

The board may at any time, by resolution, elect to proceed under this article with respect to the deposit of funds of the district, and the board may at any time thereafter terminate its election to proceed under this article, and thereafter, the provisions of this article shall no longer apply. No such resolution shall be effective until a certified copy thereof shall be filed with the auditor and treasurer of each county within which a district is located.

Any money belonging to a district may be deposited by the treasurer pursuant to the general laws governing the deposit of public money.

Where the deposit of money is insured by the Federal Deposit Insurance Corporation no additional security need be required from the bank for the portion of the district's deposits so insured.