California · Public Utilities Code - PUC
PUC §12842: No district shall incur an indebtedness for public works which in the aggregate exceeds 20 percent of the assessed value of all the real and personal property within the district.
What this law says, in plain English
A district cannot take on debt for public works that exceeds 20 percent of the total assessed value of all real and personal property within that district.
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