23975-23981
WATER CODE
SECTION 23975-23981
23975. A district may issue improvement district warrants signed by its president and secretary in face amount not exceeding in the aggregate the cost of the improvements exclusive of interest and amounts paid prior to the issuance of these warrants on the assessment levied to pay for the improvement. 23976. Improvement district warrants shall be made payable in amounts and at the times corresponding substantially to the amounts and times of payment of the installments of the improvement district assessment. 23977. Improvement district warrants shall bear interest at the rate fixed at the time of the levy of the improvement district assessment, and the interest may be made payable semiannually. 23978. Coupons for the interest on these warrants may be attached to them. 23979. Improvement district warrants may be made payable to any of the following: (a) Bearer. (b) Persons furnishing work, labor, or material. (c) The contractor if the work of improvement is to be done under contract. 23980. Improvement district warrants may be sold by the district for not less than par at either public or private sale. 23981. Any surplus funds and any money held by a district in a sinking or depreciation fund may in the discretion of its board be invested in the warrants of any improvement district within the district.