Section 6087 Of Article 3. Powers From California Harbors And Navigation Code >> Division 8. >> Part 3. >> Chapter 2. >> Article 3.
6087
. (a) (1) Notwithstanding the borrowing limit set forth in
Section 6084, the Oxnard Harbor District may borrow money by issuance
of promissory notes, or execute conditional sales contracts to
purchase personal property, in an amount or of a value not exceeding
in the aggregate at any one time the sum of ten million dollars
($10,000,000), for the purposes of acquiring land for and
constructing or operating any work, project, or facility authorized
by subdivision (d) of Section 6012 or Section 6075 or for the making
of improvements or the purchase of equipment or for the maintenance
thereof.
(2) All moneys borrowed pursuant to this section shall be borrowed
for a term not exceeding five years, and the indebtednesses shall
not accrue interest in excess of 12 percent per annum. The
indebtedness shall be authorized by a resolution of the board of
commissioners adopted by a two-thirds vote of the members of the
board.
(3) As a condition precedent to the borrowing of any money or the
execution of any conditional sales contract, as provided in this
section, in excess of one hundred thousand dollars ($100,000), the
board shall first, by a two-thirds vote, approve by resolution and
have on file a report on the engineering and economic feasibility
relating to the project contemplated for the expenditure of the
borrowed money or conditional sales contract. The feasibility report
shall be prepared and signed by an engineer or engineers licensed and
registered under the laws of the state.
(4) The district shall budget, levy, and collect taxes and pay for
all indebtedness without limitation by any other provision of this
part.
(b) Subdivision (a) does not apply to any money borrowed from any
agency or department of the United States government or of the state.