California · Water Code
WAT §8032: Not less than one-fortieth part of the whole indebtedness evidenced by the whole of the issue of bonds shall be, by the terms of the bonds, made payable each and every year.
Civil
What this law says, in plain English
Bond issuers must structure repayment so at least one-fortieth of total indebtedness is payable annually.
Read the full statutory text
Not less than one-fortieth part of the whole indebtedness evidenced by the whole of the issue of bonds shall be, by the terms of the bonds, made payable each and every year.
Verify at the official source: California legislative text
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