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<br />METHOPOLlTAN WATER DISTRICT ACT 347
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<br />(k) Coupon b(lnds issued hereunder, at the request of the holder, mag be
<br />registered as to principal and interest ill the holder's nRInC on the books of the
<br />treasurer of the district, and the cOllpons surrendered and the principal and
<br />interest made payable only to the registered holder of the bond. For that purpose
<br />the treasurer of the district shall detach and cancel the coupons, and shall
<br />endorse a statement on the bonds that the ~oupon sheet issued therewith has
<br />been sUlTend~l'ed by the holder, and the coupons canceled by such tl'easurer, and
<br />that the principal and the semiannual interest are thereafter to be paid to the
<br />registered holder, or order, by draft, check (II' warrRnt drawn payable at a place
<br />of payment specified in the bond. after which no transfer shall be valid unless
<br />made on such treasurer's books by the registered holder, or by his attorney duly
<br />authorized, and similarly noted on thp bond. After such l'egistmtion, the prin-
<br />cipal and interest of such bond shall be payable only to the regi:,;tered owner.
<br />Bonds registered under this paragraph may, with the con~ent of the district
<br />and the holders of the bonds, be reconverted into coupon bonds at the expense of
<br />the holder thereof, and again reconverted into registered bonds from time to
<br />time, as the board of directors of the district and the holders of the bonds may
<br />determine..In converting coupon bonds into regi:,ltered bonds, COUPOll bonds may
<br />be exchanged for registered bonds of one hundred dollars ($100) each, 01"
<br />multiples thereof, but not exceeding fifty thousand dollars ($50,000) each, in
<br />which e....('nt new registered bonds :,;hall be issued at the expense of the holder.
<br />Coupon bonds may he exchanged for other coupon bonds of one hundred dollars
<br />($100) each, or multiples thereof, but not exceeding fifty thousand dollars
<br />($50,000) each, ill which event new coupon bonds shall be issued at the expense
<br />of the holder.
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<br />For each convers1<:m or reconversion of a coupon or registered bond, the treas-
<br />urer of the district shall be entitled to charge and collect such fee as the board
<br />of diredors of the district may jJre:-icribe from time to time.
<br />(I) All bonds heretofore or hereafter issued b~' any metr'opolitan water
<br />district shall be legal in....estments for all trust funds, and fO!' the funds of all
<br />insurance companies, banks, both commercial and 3avings and trust companies,
<br />and for the State school funds, and fOl' all sinking funds under the control of the
<br />State Treasurer, and whenever any moneys or funds may by law now or here-
<br />after enacted be invested in, or loaned upon the security of, bonds of cities,
<br />cities and counties, counties, or school districts in the State of California, such
<br />moneys or funds ma~.' be invested in, 01' loaned upon the security of, the bonds
<br />of such metropolitan water district; and wh~never bonds of cities, cities and
<br />counties. counties, at. school districts, by any law now 01' hereafter enacted,
<br />may be used as security for the faithful performance or execution of any court
<br />or private trust or of an~' other act, bond':'. of such metropolitan water dio;;:trict
<br />may be so used.
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<br />[Amendment approved April 29, 1937; Stat:,;. 1937, Chap. 140.]
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<br />Sec. 8. (a) Immediatel;)' aftel' equalization and not later than the fifteenth
<br />day of August of each ~'ear, it shall be the duty of the auditor of each county
<br />wherein such district or any part thereof shall lie, to prepare and deliver to the
<br />controllel. of the district a certificate showing the assessed valuation of all
<br />property within the district lying in the county, and also such assessed valuation
<br />segregated according to cities, the area of which lie within the district.
<br />(b) On 01' before the twentieth day of August the board of directors of the
<br />district shall by resolution determine the amount of money neces!>ary to be
<br />raised by taxation during the fiscal year beginning the first day of July next
<br />preceding and shall fix the rate of taxation of the district, designating the number
<br />of cents upon each one hundred dollars assessed valuation of taxable property
<br />in each county and shalllev~' a tax accordingly:
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