California Code
ARTICLE 3 - Regional Park, Park and Open-Space, and Open-Space Districts
Section 5544.1.

5544.1. Notwithstanding any other provisions of this article, the board may borrow money by the issuance of promissory notes or other evidences of indebtedness in an amount, or of a value, not exceeding, in the aggregate at any one time, the greater of 5 percent of the total of the district’s general fund and development fund budgets for the year in which the loan is made, or the sum of five hundred thousand dollars ($500,000), to be used for any revenue-producing purpose for which the district may expend funds.

A district shall not exercise the borrowing authority conferred by this section if the district, at any time during the previous two years, has not met the loan repayment requirements of this section and the repayment provisions set forth in the promissory note or other evidence of indebtedness issued for a loan entered into pursuant to this section. A district shall not expend, in any one year, any amount of money in excess of what it collects in property taxes, state and federal subventions, grants, loans, fees, gifts, bequests, or income from other sources.

Indebtedness incurred pursuant to this section shall be repaid during a period not to exceed five years from June 30th of the fiscal year in which it is incurred and shall bear interest at a rate not exceeding 10 percent per annum, or the rate allowed under Section 53531 of the Government Code, if higher, payable annually or semiannually or in part annually and in part semiannually.

Each indebtedness incurred under this section shall be authorized by a resolution of the board unanimously adopted, shall be evidenced by a promissory note or contract signed by the president of the board and attested by the secretary or treasurer, and shall be sold at not less than 95 percent of the principal amount in the manner determined by the board at a discount which equals the underwriter’s spread. The board shall determine that the discount reflects an underwriter’s spread which is both reasonable and customary under the prevailing market conditions. One of the two signatures may be by facsimile reproduction.

The indebtedness authorized to be incurred by this section shall be in addition to, and the provisions of this section shall not apply to, any bonded indebtedness authorized by vote of the electors.

Nothing in this section limits or restricts the authority of the district to issue promissory notes or deeds of trust in the acquisition of real property or the exercise of its right of eminent domain subject to the limitations in Section 5568.

Nothing in this section limits the authority of the district to borrow pursuant to Section 5544.3.

(Amended by Stats. 1985, Ch. 371, Sec. 2.)

Structure California Code

California Code

Public Resources Code - PRC

DIVISION 5 - PARKS AND MONUMENTS

CHAPTER 3 - Districts

ARTICLE 3 - Regional Park, Park and Open-Space, and Open-Space Districts

Section 5500.

Section 5501.

Section 5502.

Section 5503.

Section 5503.5.

Section 5504.

Section 5505.

Section 5506.

Section 5506.3.

Section 5506.4.

Section 5506.5.

Section 5506.6.

Section 5506.7.

Section 5506.8.

Section 5506.9.

Section 5506.10.

Section 5506.11.

Section 5506.12.

Section 5506.13.

Section 5507.

Section 5508.

Section 5509.

Section 5510.

Section 5511.

Section 5512.

Section 5512.5.

Section 5513.

Section 5514.

Section 5515.

Section 5516.

Section 5517.

Section 5517.1.

Section 5517.2.

Section 5517.3.

Section 5517.4.

Section 5518.

Section 5519.

Section 5520.

Section 5521.

Section 5522.

Section 5523.

Section 5524.

Section 5525.

Section 5526.

Section 5526.1.

Section 5527.

Section 5527.1.

Section 5528.

Section 5529.

Section 5530.

Section 5531.

Section 5532.

Section 5533.

Section 5533.5.

Section 5533.7.

Section 5534.

Section 5534.5.

Section 5535.

Section 5536.

Section 5536.5.

Section 5537.

Section 5538.

Section 5538.3.

Section 5538.4.

Section 5538.5.

Section 5538.7.

Section 5538.8.

Section 5538.9.

Section 5538.10.

Section 5539.

Section 5539.3.

Section 5539.4.

Section 5539.5.

Section 5539.7.

Section 5539.8.

Section 5539.9.

Section 5539.10.

Section 5540.

Section 5540.1.

Section 5540.2.

Section 5540.5.

Section 5540.6.

Section 5541.

Section 5541.1.

Section 5541.2.

Section 5541.3.

Section 5542.

Section 5542.5.

Section 5543.

Section 5544.

Section 5544.1.

Section 5544.2.

Section 5544.3.

Section 5545.

Section 5545.1.

Section 5545.3.

Section 5545.5.

Section 5545.6.

Section 5546.

Section 5547.

Section 5548.

Section 5549.

Section 5550.

Section 5551.

Section 5552.

Section 5552.1.

Section 5553.

Section 5553.5.

Section 5555.

Section 5556.

Section 5557.

Section 5557.1.

Section 5557.2.

Section 5558.

Section 5558.1.

Section 5558.5.

Section 5559.

Section 5560.

Section 5560.1.

Section 5560.5.

Section 5560.6.

Section 5560.7.

Section 5560.8.

Section 5561.

Section 5561.5.

Section 5561.6.

Section 5562.

Section 5563.

Section 5563.5.

Section 5563.7.

Section 5564.

Section 5565.

Section 5565.5.

Section 5566.

Section 5567.

Section 5568.

Section 5569.

Section 5570.

Section 5571.

Section 5572.

Section 5572.1.

Section 5580.

Section 5581.

Section 5590.

Section 5591.

Section 5593.

Section 5594.

Section 5595.