Funds for Harbor Improvement Bonds

Division 7, Chapter 2, Article 4 of the Harbors and Navigation Code deals with funds used by harbor improvement bonds.

Section 4100 requires all bonds sold for any purpose contemplated by this chapter to be sold for not less than their par value and accrued interest. The proceeds must be deposited in the treasury of the county and placed to the credit of a special fund designated, ____ harbor fund, created by order of the commission for that purpose, and the proceeds of the sale of the bonds shall be used solely and exclusively for the purpose for which they were issued.

In addition, the commission may receive donations and place them to the credit of the fund. These must be used only for the purpose for which they were donated.

Section 4101 allows the board, prior to the voting of bonds, to incur, permit to accrue, audit, approve and pay any demand, debt or obligation against the county in a sum not to exceed five thousand dollars in the aggregate.

Section 4102 states that, upon a showing of necessity by the commission, the board to permit, by a four-fifths vote, the expenditure of an additional $5,000. More than $1,000 cannot be appropriated at any one time.

Section 4103 requires all money be paid out of the general fund of the county until there is money in the harbor fund sufficient to reimburse the general fund of the county, when it must be reimbursed, and all sums are to be paid out of the harbor fund.

Section 4104 allows the board, on recommendation of the commission, to use any and all moneys in the harbor fund in conjunction with the State or Federal Government, in any harbor improvement, development or protection undertaken by the State or Federal Government, or it may place all or any moneys in such fund at the disposal of the State or Federal Government for use in the improvement, development or protection of the harbor.

Section 4105 requires the commission, once in each six months, to make out and verify under oath, and file with the board, a detailed statement of its proceedings, showing four specified items.