Warrants of any district may be issued to evidence the indebtedness allowed to be incurred prior to the levy of the first district assessment, bearing interest fixed by the board at not more than 7 percent per year. These warrants shall be made payable on a date not later than the first day of July next after the first annual assessment in the district is levied.
Cal. Water Code § 44907
Warrants Payable at Future Times
Known as the California Water Storage District Law
The act spans §§ 39000–48401 (681 sections).
Added by Stats. 1961, Ch. 1367.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.