§ 55522

California Water Code · 2026-10 edition · updated 2026-10-04 · California

The board shall designate an amount, not less than one-fortieth of the principal amount of the indebtedness, or series thereof, which shall be paid annually at a fixed time and place, together with the interest on all sums unpaid. The rate of interest shall be designated in the bonds and shall be paid semiannually at a rate not in excess of 8 percent per year; except that interest for the first year after the date of the bonds may be made payable at the end of said year.

(Amended by Stats. 1959, Ch. 69.)

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California Water Code

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