Section 36408.4 Of Chapter 4.5. Provisions Relating To Short Term Borrowings From California Water Code >> Division 13. >> Part 6. >> Chapter 4.5.

. Warrants or negotiable notes payable at a future date or times may also be issued to obtain funds or property for any lawful purpose of the district; provided, the total amount of the warrants or negotiable notes payable in any one year shall not exceed one-fourth of one (1) percent of the total valuation of the land in the district according to the last equalized assessment roll.