2007 California Public Utilities Code Article 5. Temporary Borrowing

CA Codes (puc:100482-100483)

100482.  The district may borrow money in accordance with the
provisions of Article 7 (commencing with Section 53820), or of
Article 7.6 (commencing with Section 53850), Chapter 4, Part 1,
Division 2, Title 5 of the Government Code.



100483.  The district may borrow money in anticipation of the sale
of bonds that have been authorized to be issued, but have not been
sold and delivered, and may issue negotiable bond anticipation notes
therefor and may renew the same from time to time, but the maximum
maturity of those notes, including the renewals thereof, shall not
exceed five years from the date of delivery of such original notes.
The notes may be paid from any moneys of the district available
therefor and not otherwise pledged.  If not previously otherwise
paid, the notes shall be paid from the proceeds of the next sale of
the bonds of the district in anticipation of which they were issued.
The notes shall not be issued in any amount in excess of the
aggregate amount of bonds which the district has been authorized to
issue, less the amount of any bonds of that authorized issue
previously sold, and also less the amount of other bond anticipation
notes therefor issued and then outstanding.  The notes shall be
issued and sold in the same manner as the bonds.  The notes and the
resolution or resolutions authorizing them may contain any
provisions, conditions, or limitations which a resolution of the
district authorizing the issuance of bonds may contain.