Section 43731 Of Article 3. Refunding Indebtedness From California Government Code >> Division 4. >> Title 4. >> Chapter 4. >> Article 3.

. If the earliest maturity of the refunding bonds is more than one year after the date of issuance, the legislative body shall levy and collect annually a tax sufficient to pay the interest as it falls due and to constitute a sinking fund for payment of the principal on or before maturity.