SECTIONS 98260-98263 - California Statutes

PUBLIC UTILITIES CODE

SECTION 98260-98263

98260. 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 an amount,
including interest to be paid thereon, which shall not exceed its
estimated tax revenues for the fiscal year, 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 the notes and the proceedings relating to their issuance and
sale, shall 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.

98262. The district shall not incur an indebtedness under Chapter 7
(commencing with Section 98310) of this part which in the aggregate
exceeds one (1) percent of the assessed value of all the real and
personal property within the district.

98263. 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 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.