California Health and Safety Code

§ 32130.6

HSC § 32130.6 Effective Jul 9, 2010Div. 23 · Ch. 2 · Art. 2

Statute text

Notwithstanding any other provision of law, a district may do any of the following by resolution adopted by a majority of the district board:

(a)(1) Enter into a line of credit with a commercial lender that is secured, in whole or in part, by the accounts receivable or other intangible assets of the district, including anticipated tax revenues, and thereafter borrow funds against the line of credit to be used for any district purpose.

(2)Any money borrowed under this line of credit pursuant to paragraph (1) shall be repaid within five years from each separate borrowing or draw upon the line of credit.

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Legislative history

Amended by Stats. 2010, Ch. 70, Sec. 1. (SB 1458) Effective July 9, 2010.