Water Code section 55522

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.

Source: Section 55522, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=WAT§ionNum=55522.­ (updated Jan. 1, 1959; accessed Sep. 7, 2026).

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Verified:
Sep. 7, 2026

§ 55522's source at ca​.gov