If there are unpaid matured warrants, other than warrants payable from operation and maintenance assessment levies, on January 1st in any year, the board shall call and collect such portion of the principal and interest of any available outstanding unbonded assessment, other than an operation and maintenance assessment, as is necessary to pay such warrants and any other warrants, other than operation and maintenance warrants, which shall mature within 90 days after January 1st.
Levy of AssessmentsWarrant Assessments
Section § 51460
If there are unpaid warrants, which are like IOUs, not related to operation and maintenance, on January 1st, the board must collect enough money from outstanding assessments, also not related to operation and maintenance, to pay off these warrants. This includes any warrants due within 90 days of January 1st.
unpaid warrants matured warrants operation and maintenance assessment
Section § 51461
If, on January 1st of any year, a district has unpaid matured warrants (which are like IOUs) that aren't covered by certain types of assessments, the board must immediately start the process to levy a new assessment to cover these debts. This must be done following specific rules outlined in Article 1.
When, on the first day of January in any year there are outstanding unpaid matured warrants of the district, other than warrants payable from operation and maintenance assessment levies, and there is no available outstanding unbonded assessment, the board shall proceed at once to have an assessment levied in the manner provided in Article 1 of this chapter.
unpaid matured warrants district finance levy assessment
Section § 51462
The board is responsible for arranging and gathering the funds needed to cover the expenses outlined in the warrants.
The board shall call and collect the assessment in the manner provided in this part in the amount necessary to pay the warrants.
board responsibilities collect assessments fund collection
Section § 51463
This section allows the board to make different agreements with people holding district warrants, meaning it can create special deals or arrangements beyond what's stated here.
Nothing in this article shall prevent the board from making other arrangements with holders of district warrants.
board arrangements district warrants holder agreements
