SECTIONS 102580-102583 - California Statutes

PUBLIC UTILITIES CODE

SECTION 102580-102583

102580. The district may borrow money for the purpose of defraying
general administrative and preliminary expenses of the district,
lawfully incurred, prior to the time moneys to be raised by the first
tax levy for the district or other revenues are available, a sum
which shall not exceed five cents ($0.05) on each one hundred dollars
($100) of assessed valuation of taxable property in the district at
the time the moneys are borrowed, and to evidence such borrowing by
notes bearing interest at a rate not to exceed 7 percent per annum.
The notes shall be payable from the first tax levy made by the
district, and the tax levy shall contain a sum sufficient to provide
for the payment of the notes and the interest thereon. The form of
the notes, their issuance and sale, will be governed by the
applicable provisions referred to in Sections 102504 and 102505.

102581. At any time prior to the first receipt by the district of
revenues from taxation or other sources, any city or county may lend
any available money to the district for the purposes of organization
and operation. Such expenditures shall constitute a proper
expenditure of city and county funds.

102582. The district may borrow money in accordance with the
provisions of Article 7 (commencing with Section 53820), or of
Article 7.6 (commencing with Section 53850) of Chapter 4, Part 1,
Division 2, Title 5 of the Government Code.

102583. The district may borrow money in anticipation of the sale
of bonds which have been authorized to be issued pursuant to Article
1 (commencing with Section 102500) of this chapter, but which have
not been sold and delivered, and may issue negotiable bond
anticipation notes therefor and may renew the same from time to time,
but the maximum maturity of any such notes, including the renewals
thereof, shall not exceed five years from the date of delivery of
such original notes. Such notes may be paid from any moneys of the
district available therefor and not otherwise pledged. If not
previously otherwise paid, the notes shall be paid from the proceeds
of the next sale of the bonds of the district in anticipation of
which they were isued and if not so paid, taxes may be levied for
their payment in the same manner as taxes are levied for the payment
of general obligation bonds pursuant to Section 102336 until such
bonds are issued. Such notes shall not be issued in any amount in
excess of the aggregate amount of bonds which the district has been
authorized to issue, less the amount of any bonds of such authorized
issue previously sold, and also less the amount of other bond
anticipation notes therefor issued and then outstanding. The notes
shall be issued and sold in the same manner as the bonds. Such notes
and the resolution or resolutions authorizing the same may contain
any provisions, conditions, or limitations which a resolution of the
district authorizing the issuance of bonds may contain.