California · Water Code

WAT §9456: Not less than 10 per cent of the aggregate face value of the bonds shall be payable within 10 years from their date, and not less than 9 per cent of the aggregate face value of the bonds issued shall

What this law says, in plain English

This statute requires that at least 10% of bond face value be payable within 10 years and at least 9% of issued bonds meet specified payment terms.

Read the full statutory text

Not less than 10 per cent of the aggregate face value of the bonds shall be payable within 10 years from their date, and not less than 9 per cent of the aggregate face value of the bonds issued shall be payable each year beginning with the eleventh year from their date until the whole amount of the bonds has been paid.

Verify at the official source: California legislative text

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