§ 55703
64 words·~1 min read·
/ca/water-code/55703A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the maturity of the indebtedness created by the issue of the bonds is made to begin more than one year after the date of issue, the tax shall be levied and collected each year, 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 on or before maturity.