ARTICLE 7. Temporary Borrowing
Article 7 added by Stats. 1949, Ch. 81.
§§ 53820–53833 · 16 sections
- § 53820 As used in this article, “local agency” means county, city, regional park district, school district, community college district, or any other municipal or…
- § 53821 Subsequent to approval of the final budget and levy of taxes, if funds are needed for the immediate requirements of a local agency in any fiscal year to pay…
- § 53821.5 Proceeds of sales or funds set aside for the repayment of any notes issued pursuant to this article shall not be invested for a term that exceeds the term of…
- § 53822 Money may be borrowed on notes, tax anticipation warrants, or other evidences of indebtedness on behalf of the local agency in an amount not to exceed 50…
- § 53823 In addition, a school district, county board of education, or community college district may borrow money at any time between July 15th and August 30th of any…
- § 53824 All such notes, tax anticipation warrants, or other evidences of indebtedness shall be issued only after the adoption of a resolution by a four-fifths vote of…
- § 53825 The resolution shall state the necessity for the borrowing and: (a) The amount of revenue from taxes provided for the county, city, or municipal or public…
- § 53826 All such notes, tax anticipation warrants, or other evidences of indebtedness shall be offered at public sale by the legislative body after not less than two…
- § 53827 The sale shall be made to the bidder offering the lowest rate of interest or whose bid represents the lowest net cost to the local agency. Notwithstanding the…
- § 53828 The notes, tax anticipation warrants, or other evidences of indebtedness shall be signed by: (a) The chairman of the board of supervisors and countersigned by…
- § 53829 The repayment of money borrowed by a county, city, or municipal or public corporation or district other than a school district, county board of education, or…
- § 53830 The repayment of money borrowed by any school district, county board of education, or community college district constitutes a first lien and charge against…
- § 53830.5 (a) As to any notes, tax anticipation warrants, or other evidences of indebtedness issued by a school district, county board of education, or community college…
- § 53831 All such notes, tax anticipation warrants, or other evidences of indebtedness issued for funds borrowed prior to December 31st in any fiscal year shall be…
- § 53832 Loans made pursuant to this article shall be made solely for the purpose of anticipating income. In the case of a county, a city, or a municipal or public…
- § 53833 The legislative body of each local agency may include in its budget, separately stated, amounts of anticipated disbursement to meet the interest to be paid on…