California Water Code 13433 – The state board shall, by regulation, prescribe rules and procedures …
The state board shall, by regulation, prescribe rules and procedures for all of the following:
(a) To pay money from the Clean Water Bond Guarantee Fund to an insured local agency or bondholder in the event that the amount in the local agency’s bond reserve fund falls below a minimum amount, or in the event of failure by the local agency to pay the principal of, or interest on, an insured bond issue on time, as the state board may require.
Terms Used In California Water Code 13433
- Fund: means the State Water Quality Control Fund. See California Water Code 13400
- State: means the State of California, unless applied to the different parts of the United States. See California Water Code 18
- State board: means the State Water Resources Control Board. See California Water Code 13050
(b) To require, by court action if necessary, a local agency to raise sewer service charges, levy additional assessments, collect charges or assessments, or foreclose or otherwise sell property as needed to prevent a reduction in the local agency’s bond reserve fund, or to prevent default, or to collect funds to repay to the fund any payments made pursuant to subdivision (a).
(Added by Stats. 1988, Ch. 47, Sec. 1. Effective March 18, 1988.)