This bill provides that if a water district, prior to a default in the payment of the principal of or interest on a note, bond or other evidence of indebtedness, makes a determination that the district's anticipated revenues from the normal payment of water charges will not be sufficient to pay the district's anticipated operating expenses, the water district may borrow money to pay the principal and interest and other transaction costs related to the borrowing and may issue the district's warrant immediately to those portions
42 of the municipality or municipalities that constitute the district to repay the amount
43 borrowed, plus interest.