Section 53044 Of Article 3. Time Warrants From California Water Code >> Division 15. >> Part 9. >> Chapter 1. >> Article 3.

. The proceeds from the issuance and sale of time warrants shall be deposited in the maintenance fund and shall be applicable to the payment of the expenses payable from that fund, or to the payment of outstanding warrants to the same extent as funds collected upon the operation and maintenance assessment levies.