Section 24504 Of Article 2. Payment And Purchase Of Bonds From California Water Code >> Division 11. >> Part 8. >> Chapter 3. >> Article 2.

. If money is not available in the fund designated for the payment of any matured bond or interest coupon, it shall draw interest at the annual adjusted rate established by the Franchise Tax Board, as provided in Section 19269 of the Revenue and Taxation Code, from the date of its presentation for payment until notice is given that funds are available for its payment.