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WSP08145
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Last modified
1/26/2010 2:30:20 PM
Creation date
10/12/2006 2:46:54 AM
Metadata
Fields
Template:
Water Supply Protection
File Number
8210.140.20
Description
Colorado River Basin Organizations and Entities - Colorado River Basin States Forum - California
State
CA
Basin
Colorado Mainstem
Date
1/1/1939
Author
Metro Water District
Title
Metropolitan Water District of Southern California - History and First Annual Report
Water Supply Pro - Doc Type
Annual Report
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<br />, <br />, <br /> <br />.-.." - <br /> <br />Lv.L"; <br /> <br />r <br /> <br />METROPOLITAN WATER DISTRICT ACT 345 <br /> <br />such signatures and countersignatures excepting that of the Controller, or <br />Assistant Controller, on said bonds, may be printed, lithographed or engraved. <br /> <br />(f) In case any of such officers, whose signatures or countersignatures appear <br />on the bonds or coupons, shall cease to be such officer before the delivery of <br />such bonds to the purchaser, such signatures or countersignatures shall never- <br />theless be valid and sufficient for all purposes, the same as if they had remained <br />in office until the delivery of such bonds. <br /> <br />(g) Such bonds shall not be sold at a price less than the par value thereof, <br />together with accrued interest to the date of delivery, nor until notice calling <br />for bids therefor shall have been published in a newspaper of general circula- <br />tion publisht:d and circulated in the county wherein the principal place of business <br />of said district shall be located. Said notice, calling for bids, shall st.ate the <br />time for the receipt of such bids, which shall not be less than ten (10) days <br />after the first publication thereof. Such notice may offer the bonds at a fixed <br />interest rate or with the interest rate undetermine_d, in which event the bids <br />shall contain a statement of the lowest rate of interest at which the bidder will <br />take the bonds and pay par value or more therefor, together with accrued <br />interest. Bids for such bonds shall be opened publicly and the results thereof <br />publicly announced. Such bonds shall be sold to the highest bidder. Temporary, <br />or interim, bonds or certificates, of any d{!nomination whatsoever, to be signed <br />by the Controller, or Assistant Controller, may be issued until the definitive <br />bonds are executed and available for delivery. <br /> <br />(h) Such bonds may be issued and sold by said board of directors as they shall <br />determine, and the proceeds thereof, excepting premium and accrued interest, <br />shall be placed in the treasul"j. of said district to the credit of the proper im- <br />provement fund, and shall be applied exclusively to the purposes and objects <br />mentioned in said ol'dinancei provided, that the interest on said bonds accruing <br />during the construction period and for one year thereafter shaH be deemed to <br />be a construction cost within the meaning of the purposes and objects mentioned <br />in said ordinance, and such interest may be paid from said proceeds of the sales <br />of such bond!:>. Premium and accrued interest shall be placed in the fund to be <br />applied to the payment of interest on, and the retirement of, the bonds :;0 sold. <br />Fol' the purposes of this section, the construction period shall be deemed to end <br />when the works, the construction of which shall have been authorized from the <br />proceeds of any such bond issue, shall have been placed in operation to such <br />extent as to result in the sale and delivery in the district, of water tranflported <br />and provided by means of such works. <br /> <br />(i) The board of directors shall, within ninety (90) days from the date of the <br />election authorizing the issuance of bonds, cause to be brought in the name of <br />the district flU action in the superior court of the county in which said district, <br />or the greater portion of the property subject to taxation by said district, <br />according to the most recent assessment, is located. to determine the V'alidity <br />of any such bonds and the sufficiency of the provision for the collection of an <br />annual tax sufficient to pay the interest on such indebtedness as it falls due and <br />to constitute a sinking fund for the payment of the principal thereof on or before <br />maturity. Such action shall be in the nature of a proceeding in rem, and juris- <br />diction of all parties interested may be had by publication of summons for at <br />least once a week for three (3) weeks in some paper of general circulation <br />published in the county where the action is pending, such paper to be designated <br />by the court having jurisdiction of the proceedings. Jurisdiction shall be com- <br />plete within ten (10) days after the full publication of such summons in the <br />manner herein provided. Anyone interested may at any time before the expira- <br />tion of said ten (10) days appear and by proper proceedings contest the validity <br />of such bonds and the sufficiency of the provision for the collection of an annual <br />
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