A district may issue negotiable promissory notes pursuant to Sections 71811 and 71812. Such promissory notes shall bear interest at a rate not to exceed 12 percent per year. They shall be payable from revenues and taxes levied for purposes of the district other than the payment of principal and interest on any bonded debt of the district or of an improvement district therein.
Cal. Water Code § 71810
Promissory Notes
Known as the Municipal Water District Law
The act spans §§ 71000–73001 (528 sections).
Amended by Stats. 1981, Ch. 466, Sec. 1.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.