Section 22557.5 Of Chapter 4. Powers And Duties From California Public Utilities Code >> Division 9. >> Part 2. >> Chapter 4.
22557.5
. (a) Notwithstanding Section 22557, the Big Bear Airport
District may issue temporary negotiable notes bearing interest at a
rate not exceeding the maximum rate permitted pursuant to Section
53531 of the Government Code. These notes shall be general
obligations of the district payable from revenues and taxes, unless
paid from other available funds of the district, in the same manner
as bonds of the district. The notes shall mature not later than 20
years from the date thereof, and the total aggregate amount of notes
outstanding at any one time shall not exceed 2 percent of the
assessed valuation of the taxable property in the district, or if the
assessed valuation is not obtained, 2 percent of the county auditor'
s estimate of the assessed valuation of the taxable property of the
district evidenced by the auditor's certificate. The total aggregate
amount of notes outstanding at any one time shall further not exceed
one million five hundred thousand dollars ($1,500,000).
(b) Any note proposed to be issued pursuant to subdivision (a)
with a term longer than five years shall not be issued until after a
public hearing is conducted with respect to the issuance and a
resolution is adopted approving the issuance. At least 15 days prior
to the public hearing, the board shall cause notice of the hearing to
be published pursuant to Section 6061 of the Government Code in a
newspaper published in the principal county. The resolution is
subject to referendum pursuant to Section 9340 of the Elections Code
and shall so provide. Within 15 days after adoption of the resolution
of issuance, the board shall cause the resolution to be published at
least once in a newspaper of general circulation published in the
principal county, or if there is none, posted in at least three
public places in the district.