SECTIONS 120680-120681 - California Statutes

PUBLIC UTILITIES CODE

SECTION 120680-120681

120680. The board may borrow money in accordance with Article 7
(commencing with Section 53820), Article 7.6 (commencing with Section
53850), or Article 7.7 (commencing with Section 53859) of Chapter 4
of Part 1 of Division 2 of Title 5 of the Government Code.

120681. The board may borrow money in anticipation of the sale of
bonds which have been authorized to be issued, but which have not
been sold and delivered, and may issue negotiable bond anticipation
notes therefor and may renew the bond anticipation notes from time to
time, but the maximum maturity of any bond anticipation notes,
including the renewals thereof, shall not exceed five years from the
date of delivery of the original bond anticipation notes.
The bond anticipation notes may be paid from any money of the
board available therefor and not otherwise pledged. If not previously
otherwise paid, the bond anticipation notes shall be paid from the
proceeds of the next sale of the bonds of the board in anticipation
of which they were issued. The bond anticipation notes shall not be
issued in any amount in excess of the aggregate amount of bonds which
the board has been authorized to issue, less the amount of any bonds
of the authorized issue previously sold, and also less the amount of
other bond anticipation notes therefor issued and then outstanding.
The bond anticipation notes shall be issued and sold in the same
manner as the bonds. The bond anticipation notes and the resolution
or resolutions authorizing them may contain any provisions,
conditions, or limitations which a resolution of the board
authorizing the issuance of bonds may contain.