Section 53040 Of Article 3. Time Warrants From California Water Code >> Division 15. >> Part 9. >> Chapter 1. >> Article 3.
53040
. When the board has filed an operation and maintenance
assessment roll in the office of the county treasurer, and has
directed an assessment levied against that roll to be paid in annual
installments, it may issue and sell, or otherwise dispose of, time
warrants based upon, and in anticipation of, the collection of such
assessment levy, to pay the expenses for the payment of which the
assessment was levied on a cash basis, or for the purpose of paying
any outstanding warrants payable from such assessment levy. The
period over which annual installments of the assessment shall be paid
shall not exceed five years or the maturity of time warrants issued
pursuant to Section 53042.5.