Article 5. Temporary Borrowing of California Public Utilities Code >> Division 10. >> Part 12. >> Chapter 7. >> Article 5.
The district may borrow money in accordance with the
provisions of Article 7 (commencing with Section 53820), or of
Article 7.6 (commencing with Section 53850), Chapter 4, Part 1,
Division 2, Title 5 of the Government Code.
The district may borrow money in anticipation of the sale
of bonds that have been authorized to be issued, but have not been
sold and delivered, and may issue negotiable bond anticipation notes
therefor and may renew the same from time to time, but the maximum
maturity of those notes, including the renewals thereof, shall not
exceed five years from the date of delivery of such original notes.
The notes may be paid from any moneys of the district available
therefor and not otherwise pledged. If not previously otherwise paid,
the notes shall be paid from the proceeds of the next sale of the
bonds of the district in anticipation of which they were issued. The
notes shall not be issued in any amount in excess of the aggregate
amount of bonds which the district has been authorized to issue, less
the amount of any bonds of that authorized issue previously sold,
and also less the amount of other bond anticipation notes therefor
issued and then outstanding. The notes shall be issued and sold in
the same manner as the bonds. The notes and the resolution or
resolutions authorizing them may contain any provisions, conditions,
or limitations which a resolution of the district authorizing the
issuance of bonds may contain.