California Water Code

§ 55503

WAT § 55503Div. 16 · Part 4 · Ch. 1

Statute text

The board may borrow funds from the county, other waterworks districts, and, where the district is a subsidiary district, the city, not to exceed 85 percent of the district’s anticipated revenue for the fiscal year in which they are borrowed or for the next ensuing fiscal year. In levying taxes as authorized by this division, the board may raise sufficient revenues to repay such loans. The board may lend available district funds to another waterworks district, subject to the terms and conditions set forth in this section. Nothing contained in this section shall prohibit the board from borrowing such funds from banks or other financial institutions when the best interests of the district are served thereby.

Legislative history

Amended by Stats. 1971, Ch. 674.