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HomeMilitary and Veterans CodeDiv. 6Ch. 1Art. 2§ 1200 District Fund Payment Rules

§ 1200 District Fund Payment Rules

Military and Veterans Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 1200 District Fund Payment Rules

This law says the county can only give out district money when the county auditor writes a payment order, first using the bond retirement fund and, if that's not enough, using other district funds to pay bonds and interest when they’re due.

Key Takeaways

  • •Money can only be paid out after the county auditor writes a warrant (a payment order).
  • •The auditor must first use the memorial district bond retirement fund if it has enough money.
  • •If the bond retirement fund is short, other district funds can be used to cover the bond and interest.
  • •Payment happens only after the bond or interest coupon is presented by the owner.

Example

A town borrowed money by selling a bond to build a new library. When the bond reaches its due date, the bond holder brings the bond to the county auditor to get paid.

The auditor will first try to pay the bond from the town’s special bond retirement fund. If that fund doesn’t have enough cash, the auditor will take the money from any other town funds to pay the bond and any interest that’s owed.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 1200 District Fund Payment Rules

The moneys in the several funds of the district shall be paid out by the county treasurer only upon warrants drawn by the county auditor against the appropriate district fund. The county auditor shall draw warrants against the memorial district bond retirement fund, if that fund contains sufficient moneys, and if not, then, against any other funds of the district in payment of all valid and outstanding bonds of the district at maturity and of interest coupons thereon when due, upon presentation to the county auditor of the bonds or coupons by the owners thereof. (Amended by Stats. 1994, Ch. 114, Sec. 73. Effective January 1, 1995.)

Last verified: January 11, 2026

Key Terms

county treasurercounty auditormemorial district bond retirement fundvalid and outstanding bondsinterest coupons

Related Statutes

  • § 1192 Memorial District Special Tax
  • § 1201 Memorial District Fund Warrants
  • § 1206 Memorial District Tax Allocation
  • § 1190 District Corporate Powers
  • § 1190.5 District Record Destruction Rules

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Military and Veterans Code. Section 1200.
View Official Source