Section 44903 Of Chapter 4. Warrants Payable At Future Times From California Water Code >> Division 14. >> Part 7. >> Chapter 4.

. Warrants payable at a future time or times may be issued in consideration of money loaned to the district for the purchase of any of its outstanding bonds or the refinancing or retiring of any outstanding contract. The annual interest payable on these warrants shall be less than the annual interest on the bonds purchased or contract refinanced or retired with the proceeds of the warrants.