SECTIONS 13631-13633 - California Statutes

PUBLIC UTILITIES CODE

SECTION 13631-13633

13631. The special district may borrow money and incur indebtedness
in anticipation of the sale of bonds which have been authorized to
be issued by the voters within the special district but which have
not been sold and delivered, and it may issue bonds, notes, or other
securities as provided in this article by action of the board and
without the necessity of calling and holding an election. Such
evidences of indebtedness shall constitute general obligations of the
district. The indebtedness may be incurred for any of the purposes
for which a bond issue had previously been approved by the voters,
and to reimburse the district for expenditures incurred for any of
such purposes. The indebtedness incurred under this article shall be
evidenced by bonds, notes or other evidences of indebtedness maturing
in not to exceed five years from their date, shall bear interest at
such rate or rates as may be fixed by the board, and may be issued
and sold at public sale as the board may direct. All other terms and
conditions of such evidences of indebtedness shall be fixed by the
board. The maximum principal amount of all indebtedness outstanding
under this article shall not at any time exceed the aggregate amount
of bonds which the district is then authorized to issue, less the
amount of other securities then outstanding issued in anticipation of
the sale of such an authorized issue.

13632. The special district may issue refunding bonds, notes, or
other securities for the purpose of paying and redeeming at or before
maturity any bonds, notes or other securities issued under this
article, provided that such refunding bonds, notes, or other
securities shall not be in excess of the limitation of indebtedness
authorized under this article and shall mature in not to exceed five
years from their date.

13633. Evidences of indebtedness issued pursuant to this article
shall be payable from any sources of available funds of the special
district, including revenues, taxes, or state or federal grants. If
not previously otherwise paid the evidence of indebtedness shall be
paid from the proceeds of the next sale of the bonds of the district
in anticipation of which they were issued, and if not so paid, the
board is hereby authorized to levy and collect taxes from all
property in the special district subject to taxation by the district
without limitation of rate or amount for the payment of such
evidences of indebtedness. Such taxes shall be in addition to all
other taxes levied for special district purposes and shall be levied
at the same time and in the same manner as other district taxes are
levied and when collected shall be deposited in a special fund and
shall be used for no purpose other than the payment of the principal
of, and interest on, such indebtedness.