Cal. Water Code - WAT § 9440. Section 9440.
The State Treasurer shall receive and place the bonds to the credit of the drainage district, and shall when and as directed by the board sell any of the bonds for the best price obtainable.
ARTICLE 4. Sale of Bonds [9440. - 9450.]
Cal. Water Code - WAT 4.
in effectCal. Water Code - WAT § 9441. Section 9441.
The bonds shall not be sold for less than 95 per cent of their face value and the accrued interest thereon.
Cal. Water Code - WAT § 9442. Section 9442.
Before making a sale of any of the bonds, notice shall be given by the State Treasurer that he will sell a specified amount of the bonds, stating the day, hour and place of the sale.
Cal. Water Code - WAT § 9443. Section 9443.
The notice shall state that sealed proposals will be received by him for the purchase of the bonds or any part thereof at the day and hour named in the notice.
Cal. Water Code - WAT § 9444. Section 9444.
The notice shall be given by publication once a week for three successive weeks in a newspaper of general circulation published in the City of Sacramento.
Cal. Water Code - WAT § 9445. Section 9445.
At the time and place appointed in the notice the State Treasurer shall open the bids and shall award the purchase of the bonds or any part thereof to the highest responsible bidder.
Cal. Water Code - WAT § 9446. Section 9446.
If the highest bid is not equal to par and accrued interest the State Treasurer shall notify the board of the amounts of the highest bids received, and reject any or all bids if so required by the board.
Cal. Water Code - WAT § 9447. Section 9447.
At any time before all the bonds held by the State Treasurer have been sold by him, the board may:
(a)
Draw upon the State Treasurer for, and issue and deliver any unsold bonds at not less than their face value in payment for any of the works or other expenses for which the assessment has been levied and for which bonds have been authorized.
(b)
Make contracts for any of the works or expenses, payable in whole or in part in bonds.
Cal. Water Code - WAT § 9448. Section 9448.
In making payments in bonds, the board shall draw orders upon the State Treasurer payable in bonds to the amount therein named.
Cal. Water Code - WAT § 9449. Section 9449.
The orders shall be countersigned by the Controller and shall be paid with bonds by the State Treasurer upon presentation to the amount therein provided for.
Cal. Water Code - WAT § 9450. Section 9450.
In drawing any order upon the State Treasurer payable in bonds, the board may specify the maturity of the bonds which are to be delivered in compliance with the order and the specifications shall be complied with by the State Treasurer as far as possible.
Source: CA Legislative Counsel Bulk DataURL: https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zipFetched: 6/27/2026