California Water Code

§ 36447.1

WAT § 36447.1 Effective Sep 11, 1984Div. 13 · Part 6 · Ch. 4.95

Statute text

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.

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Legislative history

Added by Stats. 1984, Ch. 998, Sec. 3. Effective September 11, 1984.