California · Water Code
WAT §9461: The indorsed bond or coupon shall bear interest at the rate expressed in the bond until paid or until funds have been provided in the State Treasury applicable to its payment.
What this law says, in plain English
An endorsed bond or coupon earns interest at the rate stated in the bond until payment or until treasury funds are designated for payment.
Read the full statutory text
The indorsed bond or coupon shall bear interest at the rate expressed in the bond until paid or until funds have been provided in the State Treasury applicable to its payment.
Verify at the official source: California legislative text
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