§ 3908 Bond Issuance Limits

This law sets a limit on how much money can be borrowed by issuing bonds. The authority can borrow up to $50 million, and the commission can borrow up to $10 million.

Key Takeaways

•The authority can borrow up to $50 million by issuing bonds.
•The commission can borrow up to $10 million by issuing bonds.
•They can't borrow more than these limits.

Example

A city wants to build new schools and roads but doesn't have enough money.

The city can borrow money by issuing bonds, but it can't borrow more than the limit set by this law. If the authority is borrowing, it can't go over $50 million. If the commission is borrowing, it can't go over $10 million.

How to Calculate

No specific formula provided in the statute.

Identify who is issuing the bonds (authority or commission).
Check the limit for that group: $50 million for the authority, $10 million for the commission.
Ensure the total amount borrowed does not exceed the limit.

The authority wants to issue bonds to fund a new project.

Result: The total bonds issued by the authority would be $45,000,000, which is under the $50,000,000 limit.

The aggregate par value of all bonds issued under this part at the instance of the authority shall not exceed fifty million dollars ($50,000,000) and the aggregate par value of all bonds issued under this part at the instance of the commission shall not exceed ten million dollars ($10,000,000). (Added by Stats. 1958, 1st Ex. Sess., Ch. 103.)

This law sets a limit on how much money can be borrowed by issuing bonds. The authority can borrow up to $50 million, and the commission can borrow up to $10 million.

Key Takeaways

•The authority can borrow up to $50 million by issuing bonds.
•The commission can borrow up to $10 million by issuing bonds.
•They can't borrow more than these limits.

Example

A city wants to build new schools and roads but doesn't have enough money.

How to Calculate

No specific formula provided in the statute.

Identify who is issuing the bonds (authority or commission).
Check the limit for that group: $50 million for the authority, $10 million for the commission.
Ensure the total amount borrowed does not exceed the limit.

The authority wants to issue bonds to fund a new project.

Result: The total bonds issued by the authority would be $45,000,000, which is under the $50,000,000 limit.

Key Takeaways

Example

How to Calculate

Key Terms

References

§ 3908 Bond Issuance Limits

Key Takeaways

Example

How to Calculate

Key Terms

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References