Section 52711 Of Article 1. Issuance And Forms From California Water Code >> Division 15. >> Part 8. >> Chapter 4. >> Article 1.

. The maturity of the refunding bonds issued pursuant to this chapter and the rate of interest thereon shall be fixed by the board, but in no case shall the maturity of any of the refunding bonds exceed 50 years nor the rate of interest exceed 8 percent per year, payable semiannually.