Section 36402 Of Chapter 4.5. Provisions Relating To Short Term Borrowings From California Water Code >> Division 13. >> Part 6. >> Chapter 4.5.

. Indebtedness incurred under this chapter shall be evidenced by warrants or negotiable notes of the district payable at stated times fixed by the board and bearing interest at a rate not exceeding 8 percent per annum, payable annually or semiannually.