California · Revenue and Taxation Code - RTC
RTC §2275: A local agency may levy, or have levied on its behalf, a rate in addition to the maximum property tax rate established pursuant to this chapter (commencing with Section 2201) to pay the cost of intere
What this law says, in plain English
A local agency may impose an additional property tax rate beyond the maximum allowed by law to cover interest costs.
Read the full statutory text
A local agency may levy, or have levied on its behalf, a rate in addition to the maximum property tax rate established pursuant to this chapter (commencing with Section 2201) to pay the cost of interest and redemption charges, together with any reserve or sinking funds required in connection therewith, on any note or other evidence of indebtedness which such agency is authorized by statute to issue in the event of emergencies involving major damage to, and destruction of, such agency’s works or facilities. Such rate shall be levied without regard to the provisions of Section 2274.
Verify at the official source: California legislative text
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