No call for the purpose of creating a reserve fund shall be made until the United States, or department or agency thereof, has accepted 50 percent or more of the refunding bonds proposed to be issued under the plan.
Cal. Water Code § 52856
Creation of Reserve Fund Pursuant to Agreement With the United States
Added by Stats. 1951, Ch. 336.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.