Section 44907 Of Chapter 4. Warrants Payable At Future Times From California Water Code >> Division 14. >> Part 7. >> Chapter 4.

. Warrants of any district may be issued to evidence the indebtedness allowed to be incurred prior to the levy of the first district assessment, bearing interest fixed by the board at not more than 7 percent per year. These warrants shall be made payable on a date not later than the first day of July next after the first annual assessment in the district is levied.