If money is not available in the fund designated for the payment of any matured bond or interest coupon, it shall draw interest at the annual adjusted rate established by the Franchise Tax Board, as provided in Section 19269 of the Revenue and Taxation Code, from the date of its presentation for payment until notice is given that funds are available for its payment.
Cal. Water Code § 24504
Payment and Purchase of Bonds
Known as the Irrigation District Law
The act spans §§ 20500–29978 (1,017 sections).
Amended by Stats. 1985, Ch. 771, Sec. 7.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.