Article 12. Short Term Borrowing of California Public Utilities Code >> Division 6. >> Chapter 6.5. >> Article 12.
A district may also have the power to borrow money from time
to time for any or all of the purposes specified in this chapter,
and to issue and sell notes, or other evidences, to evidence the
indebtedness created by such borrowing, by resolution subject to
referendum as provided in Section 13103, whenever they shall find and
determine that the public interest and necessity require the
exercise of that power.
All notes or other evidences of indebtedness issued under
the authority of this article shall contain upon their face a recital
that they are so issued and shall be payable in not to exceed three
years from their date.
No amount shall be borrowed under the authority of this
article which when added to the amount of all other notes or other
evidences of indebtedness issued under this article and then
outstanding shall exceed 50 percent of the gross operating revenues
from the works on account of which it is borrowed during the
preceding fiscal year.
All of the provisions of this chapter not inconsistent with
the terms of this article, and not by their terms made inapplicable
thereto, shall apply to all notes, or other evidences, issued under
the authority of this article.