Warrants or negotiable notes payable at a future date or times may also be issued to obtain funds or property for any lawful purpose of the district; provided, the total amount of the warrants or negotiable notes payable in any one year shall not exceed one-fourth of one (1) percent of the total valuation of the land in the district according to the last equalized assessment roll.
Cal. Water Code § 36408.4
Provisions Relating to Short Term Borrowings
Known as the California Water District Law
The act spans §§ 34000–38501 (855 sections).
Amended by Stats. 1992, Ch. 1020, Sec. 40
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.