Water Code section 23263

For the purpose of providing the necessary money to carry on the construction work the district may borrow money for a term not exceeding five years at rates of interest, to be fixed by its board, not exceeding 7 per cent per year and issue notes, warrants, or other evidences of indebtedness therefor. The aggregate amount of the indebtedness shall at no time exceed one-half of the total construction cost as provided in the construction contract.

Source: Section 23263, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=WAT§ionNum=23263.­ (updated Jan. 1, 1943; accessed Jun. 30, 2025).

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Verified:
Jun. 30, 2025

§ 23263's source at ca​.gov