Section 74852 Of Article 5. Issuance And Terms From California Water Code >> Division 21. >> Part 6. >> Chapter 3. >> Article 5.

. The board shall, by a resolution adopted by a majority of its members, prescribe the form of the bonds and of the coupons attached thereto and fix the time when the whole or any part of the principal shall become due and payable. The payment of the first installment may be deferred for a period not longer than five years from the date of the bond.