California § 32130.2. 32130.2. (Amended by Stats. 1987, Ch. 405, Sec. 2.)

California Statutes

§ 32130.2. — 32130.2. (Amended by Stats. 1987, Ch. 405, Sec. 2.)

California § 32130.2.

JurisdictionCalifornia

Code HSCHealth and Safety Code - HSC

Div. 23.DIVISION 23. HOSPITAL DISTRICTS

Ch. 2.CHAPTER 2. Board of Directors

Art. 2.ARTICLE 2. Powers

This text of California § 32130.2. (32130.2. (Amended by Stats. 1987, Ch. 405, Sec. 2.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Health and Safety Code - HSC Code § 32130.2. (2026).

Text

(a)A district may, by resolution adopted by a majority of the district board, issue negotiable promissory notes to acquire funds for any district purposes subject to the restrictions and requirements imposed by this section. The maturity of the promissory notes shall not be later than 10 years from the date thereof. The total aggregate amount of the notes outstanding at any one time shall not exceed 85 percent of all estimated income and revenue for the current fiscal year, including, but not limited to, tax revenues, operating income, and any other miscellaneous income of the district. Indebtedness incurred pursuant to any other provision of law shall be disregarded in computing the aggregate amount of notes that may be issued pursuant to this section.

(b)Negotiable promissory notes

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(a)
A district may, by resolution adopted by a majority of the district board, issue negotiable promissory notes to acquire funds for any district purposes subject to the restrictions and requirements imposed by this section. The maturity of the promissory notes shall not be later than 10 years from the date thereof. The total aggregate amount of the notes outstanding at any one time shall not exceed 85 percent of all estimated income and revenue for the current fiscal year, including, but not limited to, tax revenues, operating income, and any other miscellaneous income of the district. Indebtedness incurred pursuant to any other provision of law shall be disregarded in computing the aggregate amount of notes that may be issued pursuant to this section.
(b)
Negotiable promissory notes may be issued pursuant to this section for any capital outlay facility, equipment, or item which has a useful life equal to, or longer than, the term of the notes, as determined by the board of directors.
(c)
The maximum annual interest rate which may be paid on negotiable promissory notes shall at no time exceed the amount authorized under Section 53531 of the Government Code.