California Water Code 31651 – If the maturity of the indebtedness created by an issue of bonds …
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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.
(Added by Stats. 1949, Ch. 274.)