California Water Code

§ 31651

WAT § 31651Div. 12 · Part 7 · Ch. 1 · Art. 1

Statute text

If the maturity of the indebtedness created by an issue of bonds begins more than one year after the date of issuance, a tax shall be levied and collected pursuant to this part annually sufficient to pay the interest on the indebtedness as it falls due and also to constitute a sinking fund for the payment of the principal of the bonds on or before maturity.

Legislative history

Added by Stats. 1949, Ch. 274.