Harbors and Navigation Code - HNC
DIVISION 8. HARBOR AND PORT DISTRICTS [5800 - 7340]
( Division 8 enacted by Stats. 1937, Ch. 368. ) PART 7. SMALL CRAFT HARBOR DISTRICTS [7000 - 7340]
( Part 7 added by Stats. 1959, Ch. 1598. ) CHAPTER 6. Financial Provisions [7170 - 7243]
( Chapter 6 added by Stats. 1959, Ch. 1598. ) ARTICLE 3. Short Term Borrowing [7200 - 7202]
( Article 3 added by Stats. 1959, Ch. 1598. ) 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).
(Added by Stats. 1959, Ch. 1598.)