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TITLE 5. LOCAL AGENCIES 50001-57550›DIVISION 2. CITIES, COUNTIES, AND OTHER AGENCIES 53000-55821›PART 1. POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES 53000-54999.7›CHAPTER 4. Financial Affairs 53600-53997›ARTICLE 7.4. Securitized Limited Obligations Notes 53835-53839

§ 53837

California Government Code · 2018-11 edition · updated 2026-10-04 · California

(a) A special district may borrow money pursuant to this article, the indebtedness to be represented by a securitized limited obligation note or notes issued to the lender pursuant to this article.

(b) The money borrowed may be used and expended by the special district solely for the acquisition or improvement of land, facilities, or equipment.

(c) Any note issued pursuant to this article shall be exempt from all taxation within the state.

(Added by Stats. 2004, Ch. 114, Sec. 1. Effective January 1, 2005.)

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California Government Code

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