§ 7202. — 7202. (Added by Stats. 1959, Ch. 1598.)

California § 7202.

• Jurisdiction: California
• Code HNC: Harbors and Navigation Code - HNC
• Div. 8.: DIVISION 8. HARBOR AND PORT DISTRICTS
• Part 7.: PART 7. SMALL CRAFT HARBOR DISTRICTS
• Ch. 6.: CHAPTER 6. Financial Provisions
• Art. 3.: ARTICLE 3. Short Term Borrowing

Text

The total aggregate amount of said notes outstanding at any one time shall not exceed a limit of 2 percent of the assessed valuation of the taxable property in the district or, if the assessed valution is not obtainable, 2 percent of the county auditor’s estimate of the taxable property in the district evidenced by his certificate, provided:
(a)
A district which has been formed for less than 18 months may exceed said limit and in the event may borrow an aggregate amount of not to exceed thirty-five thousand dollars ($35,000).
(b)
No district shall borrow more than an aggregate amount of one hundred fifty thousand dollars ($150,000).

Legislative History

Added by Stats. 1959, Ch. 1598.