SECTIONS 61125-61131 - California Statutes

GOVERNMENT CODE

SECTION 61125-61131

61125. Whenever the board of directors determines that the amount
of revenue available to the district or any of its zones is
inadequate to acquire, construct, improve, rehabilitate, or replace
the facilities authorized by this division, or for funding or
refunding any outstanding indebtedness, the board of directors may
incur debt and raise revenues pursuant to this chapter or any other
provision of law.

61126. (a) Whenever a board of directors determines that it is
necessary to incur a general obligation bond indebtedness for the
acquisition or improvement of real property, the board of directors
may proceed pursuant to Article 11 (commencing with Section 5790) of
Chapter 4 of Division 5 of the Public Resources Code.
(b) Notwithstanding subdivision (a), a district shall not incur
bonded indebtedness pursuant to this section that exceeds 15 percent
of the assessed value of all taxable property in the district at the
time that the bonds are issued.

61127. A board of directors may finance any enterprise and issue
revenue bonds pursuant to the Revenue Bond Law of 1941, Chapter 6
(commencing with Section 54300) of Part 1 of Division 2 of Title 5.

61128. A district may finance facilities and issue bonds pursuant
to the Mello-Roos Community Facilities Act of 1982, Chapter 2.5
(commencing with Section 53311) of Part 1 of Division 2 of Title 5.

61129. A district may levy benefit assessments to finance
facilities consistent with the requirements of Article XIII D of the
California Constitution, including, but not limited to, benefit
assessments levied pursuant to any of the following:
(a) The Improvement Act of 1911, Division 7 (commencing with
Section 5000) of the Streets and Highways Code.
(b) The Improvement Bond Act of 1915, Division 10 (commencing with
Section 8500) of the Streets and Highways Code.
(c) The Municipal Improvement Act of 1913, Division 12 (commencing
with Section 10000) of the Streets and Highways Code.
(d) The Landscaping and Lighting Assessment Act of 1972, Part 2
(commencing with Section 22500) of Division 15 of the Streets and
Highways Code, notwithstanding Section 22501 of the Streets and
Highways Code.
(e) Any other statutory authorization enacted on or after January
1, 2006.

61130. A district may acquire and improve land, facilities, or
equipment and issue securitized limited obligation notes pursuant to
Article 7.4 (commencing with Section 53835) of Chapter 4 of Part 1 of
Division 2 of Title 5.

61131. (a) A district may issue promissory notes to borrow money
and incur indebtedness for any lawful purpose, including, but not
limited to, the payment of current expenses, pursuant to this
section.
(b) The total amount of indebtedness incurred pursuant to this
section outstanding at any one time shall not exceed 5 percent of the
district's total enterprise and nonenterprise revenues in the
preceding fiscal year. Any indebtedness incurred pursuant to this
section shall be repaid within five years from the date on which it
is incurred. Any indebtedness incurred pursuant to this section shall
bear interest at a rate which shall not exceed the rate permitted
under Article 7 (commencing with Section 53530) of Chapter 3 of Part
1 of Division 2 of Title 5.
(c) Each indebtedness incurred pursuant to this section shall be
authorized by resolution adopted by a four-fifths vote of the total
membership of the board of directors and shall be evidenced by a
promissory note signed by the president of the board of directors and
the general manager.