Section 7202 Of Article 3. Short Term Borrowing From California Harbors And Navigation Code >> Division 8. >> Part 7. >> Chapter 6. >> Article 3.
7202
. The total aggregate amount of said notes outstanding at any
one time shall not exceed a limit of 2 percent of the assessed
valuation of the taxable property in the district or, if the assessed
valution is not obtainable, 2 percent of the county auditor's
estimate of the taxable property in the district evidenced by his
certificate, provided:
(a) A district which has been formed for less than 18 months may
exceed said limit and in the event may borrow an aggregate amount of
not to exceed thirty-five thousand dollars ($35,000).
(b) No district shall borrow more than an aggregate amount of one
hundred fifty thousand dollars ($150,000).