California · Streets and Highways Code - SHC

SHC §27301: For the purpose of paying the principal or interest of bonds due or to become due within four months, and not otherwise adequately provided for, the district may borrow money in anticipation of the re

What this law says, in plain English

A district may borrow money in advance to pay bond principal or interest due within four months when other funding is insufficient.

Read the full statutory text

For the purpose of paying the principal or interest of bonds due or to become due within four months, and not otherwise adequately provided for, the district may borrow money in anticipation of the receipt of either the revenues and taxes of the fiscal year in which the loan is made or the revenues and taxes of the next succeeding fiscal year. The money borrowed shall be payable not later than the end of such next succeeding fiscal year.

Verify at the official source: California legislative text

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