Section 36385 Of Chapter 4.3. Revenue Warrants From California Water Code >> Division 13. >> Part 6. >> Chapter 4.3.

. Revenue warrants may be sold at either public or private sale upon such terms and conditions as the board may determine. Such warrants may be sold at less than their par or face value, but no revenue warrant may be sold at a price which would yield to the purchaser an average of more than 8 percent per annum, payable semiannually, according to standard tables of bond values.