Article 3. Issue And Sale of California Public Utilities Code >> Division 6. >> Chapter 7. >> Article 3.
The bonds may be issued and sold for not less than their par
value, but otherwise as the board determines.
The proceeds of the bonds shall be placed in the district
treasury to the credit of the proper fund, and shall be used
exclusively for the objects or purposes for which the bonds were
In lieu of the immediate levy of a tax to pay the interest
or any part thereof on any bonded indebtedness incurred in accordance
with this division, the board may in the estimate of the amount of
money necessary to be raised by the bonds include a sum sufficient to
pay interest on all of the bonds or part thereof during the period
of acquisition, construction, or completion, but for no period in
excess of five years.