Section 53042 Of Article 3. Time Warrants From California Water Code >> Division 15. >> Part 9. >> Chapter 1. >> Article 3.

. The time warrants which may be issued to mature in any year shall not exceed the amount of the assessment installment payable in such year, and the principal amount of time warrants which is outstanding at any time shall not exceed an amount determined by multiplying the number of acres within the district by five dollars ($5).