California · Water Code
WAT §9441: The bonds shall not be sold for less than 95 per cent of their face value and the accrued interest thereon.
What this law says, in plain English
Bonds cannot be sold below 95 percent of their face value plus accrued interest. This statute establishes a minimum sale price requirement for bonds.
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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.