Section 32130.6 Of Article 2. Powers From California Health And Safety Code >> Division 23. >> Chapter 2. >> Article 2.
32130.6
. Notwithstanding any other provision of law, a district may
do any of the following by resolution adopted by a majority of the
district board:
(a) (1) Enter into a line of credit with a commercial lender that
is secured, in whole or in part, by the accounts receivable or other
intangible assets of the district, including anticipated tax
revenues, and thereafter borrow funds against the line of credit to
be used for any district purpose.
(2) Any money borrowed under this line of credit pursuant to
paragraph (1) shall be repaid within five years from each separate
borrowing or draw upon the line of credit.
(3) The district may enter into a new and separate line of credit
to repay a previous line of credit pursuant to paragraph (1),
provided that the district complies with this section in entering
into a new line of credit.
(4) Enter into a line of credit with a commercial lender for the
sole purpose of consolidating debt incurred by the district prior to
January 1, 2010. Debt incurred under this paragraph shall be repaid
within 20 years of the consolidation borrowing. The total amount of
debt that a district may have outstanding at any one time under this
paragraph shall not exceed the amount of two million dollars
($2,000,000).
(b) Enter into capital leases for the purchase by the district of
equipment to be used for any district purpose.
(1) The term of any capital lease shall not be longer than 10
years.
(2) The district may secure the purchase of equipment by a capital
lease by giving the lender a security interest in the equipment
leased under the capital lease.
(c) Enter into lease-purchase agreements for the purchase by the
district of real property, buildings, and facilities to be used for
any district purpose. The term of any lease-purchase agreement shall
not exceed 10 years.
(d) Nothing in this section shall provide the district with the
authority to increase taxes in order to repay a line of credit
established pursuant to subdivision (a) unless the tax is passed
pursuant to Article 4.6 (commencing with Section 53750) of Chapter 4
of Part 1 of Division 2 of Title 5 of the Government Code.