California Water Code

§ 23263

WAT § 23263Div. 11 · Part 6 · Ch. 2 · Art. 5

Statute text

For the purpose of providing the necessary money to carry on the construction work the district may borrow money for a term not exceeding five years at rates of interest, to be fixed by its board, not exceeding 7 per cent per year and issue notes, warrants, or other evidences of indebtedness therefor. The aggregate amount of the indebtedness shall at no time exceed one-half of the total construction cost as provided in the construction contract.

Legislative history

Added by Stats. 1943, Ch. 372.