SECTIONS 27300-27305 - California Statutes

STREETS AND HIGHWAYS CODE

SECTION 27300-27305

27300. The board may in each fiscal year set aside in separate
funds out of the revenues of the works a sufficient sum to:
(a) First, pay the operating expenses of the district.
(b) Second, provide for repairs and maintenance of the works owned
or operated by the district, including any payments to be made into
a replacement fund for buses and ferries.
(c) Third, provide for the purchase, lease, or other acquisition
of district equipment, supplies, and other properties, including
provision for interest, sinking funds, reserve funds, or other funds
required for the payment of any obligations incurred by the district
for the acquisition of such properties.
(d) Fourth, pay any indebtedness or lien that may exist against
the district or any of its property or revenues.
The revenues of the works are hereby pledged to the aforesaid
purposes.

27301. For the purpose of paying the principal or interest of bonds
due or to become due within four months, and not otherwise
adequately provided for, the district may borrow money in
anticipation of the receipt of either the revenues and taxes of the
fiscal year in which the loan is made or the revenues and taxes of
the next succeeding fiscal year. The money borrowed shall be payable
not later than the end of such next succeeding fiscal year.

27304. After the completion of construction of the works, the board
shall, in the month of July in each year, cause a tax to be levied
and collected in the manner provided in Chapter 11 of this part. The
amount of such tax, after deducting any available and applicable
moneys on hand (exclusive of moneys in the reserve interest fund) and
the estimated amount of revenues of the works for the ensuing 12
months, which estimated amount shall not exceed the actual revenues
for the preceding 12 months or, if the works have not been in
operation for as long as 12 months, not to exceed an amount computed
on the basis of the average daily revenues for the lesser period,
shall be sufficient to produce the sums required to be set aside into
separate funds by Section 27300, as well as any deficit in such
funds and the principal and interest of any outstanding revenue and
tax anticipation notes.

27305. The taxes required to be levied and collected under this
chapter shall be in addition to all other taxes levied for county
purposes, and all taxable property of the district shall be and
remain liable to be taxed as provided in this chapter until the
entire principal and interest of the bonded indebtedness of the
district has been paid in full.