California Water Code

§ 22878

WAT § 22878Div. 11 · Part 5 · Ch. 5 · Art. 3

Statute text

When the issuance of bonds by any district has been authorized by the voters for the purpose of protection against floods but the bonds have not been sold, the district may borrow for that purpose to the amount of the bond issue unsold at a rate of interest not exceeding 7 per cent per year. When the bonds have been sold, the amount borrowed under the provisions of this section shall be repaid.

Legislative history

Added by Stats. 1943, Ch. 372.