ARTICLE 7.5. Alternate Procedure for Temporary Borrowing

Article 7.5 added by Stats. 1957, Ch. 706.

§§ 53840–53844 · 6 sections

• § 53840 It is hereby declared the intention of the Legislature by the enactment of this article to provide an alternative procedure under which short term loans may be…
• § 53841 Any amounts borrowed by a county as provided in the preceding section shall not exceed 85 percent of the total of taxes levied for all purposes on said…
• § 53841.5 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…
• § 53842 Amounts borrowed as above provided shall be entered to the credit of the county’s general reserve fund and may be used to make advances to operating funds in…
• § 53843 In any county which finds it necessary to borrow current operating requirements, as provided in the foregoing sections, the board of supervisors shall either:…
• § 53844 In any county which qualifies as set forth in Section 53840 to use the foregoing procedure for short-term financing, all interest payments on the loans may, in…