WATER CODE
SECTION 22960-22961
22960. Every district by its board may, in addition to other
powers, borrow funds for any lawful purpose at an interest rate not
exceeding 5 per cent per year and issue warrants therefor payable at
future dates. No election authorizing such borrowing or issuance of
warrants need be held but the principal amount of such indebtedness
unpaid at any time shall not exceed two hundred thousand dollars
($200,000).
22961. A reserve fund from assessments or other revenues for
emergencies, replacements or other lawful purpose of the district may
be provided by the board.
|