DIVISION 8. HARBOR AND PORT DISTRICTS 5800-7340›PART 7. SMALL CRAFT HARBOR DISTRICTS 7000-7340›CHAPTER 6. Financial Provisions 7170-7243›ARTICLE 3. Short Term Borrowing 7200-7202
§ 7202
California Harbors and Navigation Code · 2018-11 edition · updated 2026-10-04 · California
The total aggregate amount of said notes outstanding at any one time shall not exceed a limit of 2 percent of the assessed valuation of the taxable property in the district or, if the assessed valution is not obtainable, 2 percent of the county auditor’s estimate of the taxable property in the district evidenced by his certificate, provided:
(a) A district which has been formed for less than 18 months may exceed said limit and in the event may borrow an aggregate amount of not to exceed thirty-five thousand dollars ($35,000).
(b) No district shall borrow more than an aggregate amount of one hundred fifty thousand dollars ($150,000).
(Added by Stats. 1959, Ch. 1598.)
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