§ 55503
116 words·~1 min read·
/ca/water-code/55503A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board may borrow funds from the county, other waterworks districts, and, where the district is a subsidiary district, the city, not to exceed 85 percent of the district’s anticipated revenue for the fiscal year in which they are borrowed or for the next ensuing fiscal year. In levying taxes as authorized by this division, the board may raise sufficient revenues to repay such loans.
The board may lend available district funds to another waterworks district, subject to the terms and conditions set forth in this section.
Nothing contained in this section shall prohibit the board from borrowing such funds from banks or other financial institutions when the best interests of the district are served thereby.