Section 53635.7 Of Article 2. Deposit Of Funds From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 2.

. In making any decision that involves borrowing in the amount of one hundred thousand dollars ($100,000) or more, the legislative body of the local agency shall discuss, consider, and deliberate each decision as a separate item of business on the agenda of its meeting as prescribed in Chapter 9 (commencing with Section 54950). As used in this section, "borrowing" does not include bank overdrafts or security lending.