§ 16576 Emergency District Debt Authority

Notwithstanding any provision of this division limiting the amount of indebtedness which may be incurred by it, in order to repair and replace structures and equipment impaired or destroyed or both by flood, fire, earthquake, or other catastrophe, upon the unanimous vote of its board, a district may do any or all of the following: (a) Borrow money at a rate of interest not exceeding 8 percent a year, including borrowing from the United States or any of its agencies, in a principal amount not to exceed 6 percent of the assessed value of all real and personal property situated in the district. (b) Issue evidences of indebtedness to represent the sum borrowed. (c) Arrange terms for the repayment of the sum borrowed. (Amended by Stats. 1975, Ch. 130.)