Section 29150 Of Article 1. Authorization Of General Obligation Bonds From California Public Utilities Code >> Division 10. >> Part 2. >> Chapter 8. >> Article 1.

. The district may borrow money, incur a bonded indebtedness in respect thereto, and levy taxes for the payment of principal and interest thereon, in the manner provided in Chapter 7 of this part, but no such bonded debt shall exceed fifteen (15) percent of the assessed valuation of taxable property within the district.