Section 36554 Of Article 1. Annual Estimate From California Water Code >> Division 13. >> Part 7. >> Chapter 1. >> Article 1.

. The annual estimate may include an amount to be determined by the board but not to exceed 1 percent of the total assessed value of the land, which sum shall be apportioned to the bond fund and used for the redemption or purchase of unmatured bonds or for the creation of a sinking fund to pay bonds as they become due.