If any district owns any property which it is authorized to lease or sell, its board may in the contract providing for the issuance of warrants payable at a future time, agree that the proceeds of the lease or sale of the property, not required by law to be used for other purposes, shall be allocated to the payment of these warrants.
Cal. Water Code § 44908
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.