53040-53049
WATER CODE
SECTION 53040-53049
53040. When the board has filed an operation and maintenance
assessment roll in the office of the county treasurer, and has
directed an assessment levied against that roll to be paid in annual
installments, it may issue and sell, or otherwise dispose of, time
warrants based upon, and in anticipation of, the collection of such
assessment levy, to pay the expenses for the payment of which the
assessment was levied on a cash basis, or for the purpose of paying
any outstanding warrants payable from such assessment levy. The
period over which annual installments of the assessment shall be paid
shall not exceed five years or the maturity of time warrants issued
pursuant to Section 53042.5.
53041. Time warrants may be in substantially the following form:
Face
No. ________ $________
Office of the Board of Trustees
of
Reclamation District No. ____.
______, California
The Treasurer of ____ County will, on the ____ day of ____, 19__,
pay to the order of ____ out of Reclamation District No. ____
maintenance fund, the sum of ____ dollars ($____), together with
interest on said sum from date of registration of this warrant in the
office of the county treasurer until paid at the rate of __ percent
per year, the interest payable on January 1st and July 1st of each
year until this warrant is paid in full, upon the presentation of
this warrant to said county treasurer.
This warrant is one of a series of warrants aggregating in face
amount ____ dollars ($____) all issued by the above-named reclamation
district, and payable out of the proceeds of levies made by the
board of trustees of said district by order entered on the minutes of
said board on the ____ day of ____, 19__, against an operation and
maintenance assessment filed in the office of the treasurer of the
above-named county on the ____ day of ____, 19__. This warrant and
each of the warrants of said series are payable exclusively from the
proceeds of said levies when collected.
Dated this ____ day of ____, 19__.
_______________________
_______________________
_______________________
Trustees
Attest:
_________________________
Secretary
Reverse
Registered this ____ day of ____, 19__.
________ Treasurer of ____ County
This warrant will outlaw four years after it matures and cannot
thereafter be legally paid unless extended by order of the board of
trustees on or before maturity.
Interest Endorsements
Date Due Date Paid Amount Paid
________________ _________________ ________________
________________ _________________ ________________
________________ _________________ ________________
________________ _________________ ________________
________________ _________________ ________________
________________ _________________ ________________
________________ _________________ ________________
________________ _________________ ________________
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Transfer Endorsements
53042. The time warrants which may be issued to mature in any year
shall not exceed the amount of the assessment installment payable in
such year, and the principal amount of time warrants which is
outstanding at any time shall not exceed an amount determined by
multiplying the number of acres within the district by five dollars
($5).
53042.5. Time warrants may be issued for more than the amount set
forth in Section 53042 and with a maturity longer than five years,
provided that a special election is held pursuant to Chapter 3
(commencing with Section 50800) of Part 4 of this division, at which
election the principal amount and maturity of such warrants and the
purpose for which they are issued are approved by a majority of the
votes cast.
53043. No time warrants shall be issued, sold, or disposed of for
less than the face amount thereof and accrued interest thereon to
date of delivery.
53044. The proceeds from the issuance and sale of time warrants
shall be deposited in the maintenance fund and shall be applicable to
the payment of the expenses payable from that fund, or to the
payment of outstanding warrants to the same extent as funds collected
upon the operation and maintenance assessment levies.
53045. Time warrants shall be registered with the county treasurer
prior to their issuance.
53046. Time warrants shall be paid upon their due date upon
presentation and surrender to the county treasurer.
53047. If time warrants are not paid by reason of lack of funds, no
further registration is required, and they shall continue to bear
interest after their due date until paid, reissued, extended or
canceled.
53048. Time warrants which are not paid on their due date because
of lack of funds have priority and shall be paid out of the proceeds
of the collection of the operation and maintenance assessment against
which they have been issued, in preference to any demand warrants
issued and registered after the date of regisration of such time
warrants which are payable out of the same assessment.
53049. The county treasurer, upon the request of the board, shall
pay all time warrants before the maturity thereof, providing there
are sufficient funds, after payment of all outstanding demand
warrants, and all such time warrants shall be presented for payment.