SECTIONS 96150-96153 - California Statutes

PUBLIC UTILITIES CODE

SECTION 96150-96153

96150. The district may borrow money for the purpose of defraying
the expenses of the district lawfully incurred after the commencement
of the fiscal year, but prior to the time moneys from the tax levy
for the fiscal year are received by the district, in 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 may evidence such borrowing by
notes bearing interest at a rate not to exceed 6 percent per annum.
The notes shall be payable from the tax levy from the then current
fiscal year, which levy shall contain a sum sufficient to provide for
the payment of the notes and the interest thereon. The form of said
notes and the proceedings relating to their issuance and sale, will
be governed by the applicable provisions contained in Article 7
(commencing with Section 53820) of Chapter 4 of Part 1 of Division 2
of Title 5 of the Government Code.

96151. The board of directors of a district may, within a period of
two years from and after the formation of the district, pursuant to
a resolution adopted by it for the purpose, borrow money on
certificates of indebtedness, promissory notes, or other evidences of
indebtedness, in anticipation of the estimated tax revenue for the
following fiscal year, to be repaid within four years from the date
of borrowing with interest at a rate not to exceed 6 percent per
annum, in order to enable the district to meet all of its necessary
initial expenses of organization, construction, acquisition,
maintenance, and operation. The total amount of money borrowed and
indebtedness incurred under this section during this two-year period
shall not exceed 50 percent of the total amount of estimated tax
revenue as estimated by the county auditor of the county in which the
district lies for the following fiscal year.
The form of said notes and the proceedings relating to their
issuance and sale, will be governed by the applicable provisions
contained in Article 7 (commencing with Section 53820) of Chapter 4
of Part 1 of Division 2 of Title 5 of the Government Code.

96152. The district shall not incur an indebtedness under Chapter 7
(commencing with Section 96400) of this part which in the aggregate
exceeds two (2) percent of the assessed value of all the real and
personal property within the district.

96153. The district may accept, without limitation by any other
provisions of this part requiring approval of indebtedness,
contributions or loans from the United States, this state, or any
department, instrumentality, or agency of either thereof, for the
purpose of financing the acquisition, construction, maintenance, and
operation of transit facilities, and may enter into contracts and
cooperate with, and accept cooperation from, the United States, this
state, or any department, instrumentality, or agency of either
thereof, in the acquisition, construction, maintenance, and
operation, and in financing the acquisition, construction,
maintenance, and operation of any such transit facilities in
accordance with any legislation which Congress or the Legislature of
the State of California may have heretofore adopted or may hereafter
adopt, under which aid, assistance, and cooperation may be furnished
by the United States or this state in the acquisition, construction,
maintenance, and operation or in financing the acquisition,
construction, maintenance and operation of any such transit
facilities. The district may do any and all things necessary in order
to avail itself of such aid, assistance, and cooperation under any
federal or state legislation now or hereafter enacted. Any evidence
of indebtedness issued under this section shall constitute a
negotiable instrument.