SECTIONS 36458-36458.1 - California Statutes

WATER CODE

SECTION 36458-36458.1

36458. Bonds issued pursuant to this chapter for facilities for
delivery primarily of agricultural water supplies, in accordance with
the provisions of any of the improvement acts mentioned in this
chapter, may extend over a period not exceeding 24 years from the 2nd
day of January next succeeding the next September 1st following
their date and may provide that the first maturity date shall be the
2nd day of January, three years succeeding the next September 1st
following their date and shall be paid in equal annual installments
on January 2nd thereafter until the whole principal amount with
accrued interest is paid.

36458.1. In determining the amount of the assessments to be levied
and bonds to be issued pursuant to this chapter, the board of
directors may include bond interest for facilities for delivery
primarily of agricultural water supplies estimated to accrue during
the period of construction, but not exceeding three years from the
date of issuance of said bonds.