Chapter 3. Bond Issuance of California Water Code >> Division 14. >> Part 8. >> Chapter 3.

If a majority of the votes cast at the election are in favor of the issuance of bonds, or if a resolution authorizing the issuance of bonds has been adopted and approved in accordance with Section 45102, the board shall cause bonds in the amount stated in the order calling the election or in such resolution, as the case may be, to be sold as herein provided and shall deliver the assessment list segregated as to affected counties to the treasurer.

The treasurer shall place the proceeds of sale of any bonds sold to the credit of the district.

The board may divide the principal amount of any authorized issue of bonds into two or more series, and may fix different dates for the bonds of each series. When directed by resolution of the board, the treasurer shall sell the bonds or any series thereof for the best price obtainable, but in no event for less than 90 percent of the face value of the bonds and accrued interest.

Before making a sale of bonds, notice shall be given by the treasurer by publication at least once a week for two successive weeks in the office county that he will sell a specified amount of bonds, and stating the day, hour, and place of sale, and asking sealed proposals for the purchase of any or all of the bonds.

At the time appointed, the treasurer shall open the bids and award the bonds to the highest responsible bidder.

The treasurer, upon written request of a majority of the directors, shall reject any or all bids.

Sale and delivery of bonds by the treasurer is conclusive evidence that the sale was made upon due authority and notice.

Upon a sale of any district bonds, the treasurer may accept in payment, in whole or in part, outstanding warrants of the district at face value plus accrued interest.

The bonds of any series of an authorized issue shall be equally and ratably secured with the bonds of any other series of such authorized issue.