California Health and Safety Code 13906 – (a) A district may acquire any necessary property by purchase …
(a) A district may acquire any necessary property by purchase or purchase on contract with money borrowed pursuant to this section.
(b) The amount of indebtedness to be incurred shall not exceed an amount equal to three times the actual income from property taxes received pursuant to Section 13896 for the fiscal year preceding the year in which the indebtedness is incurred. Any indebtedness shall be repaid within 10 years from the date on which it is incurred. An indebtedness shall bear interest at a rate which shall not exceed the rate permitted under Article 7 (commencing with Section 53530) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code.
Terms Used In California Health and Safety Code 13906
- Contract: A legal written agreement that becomes binding when signed.
- District: means a fire protection district created pursuant to this part or created pursuant to any law which this part supersedes. See California Health and Safety Code 13802
- District board: means the board of directors of a district. See California Health and Safety Code 13802
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(c) An indebtedness shall be authorized by resolution adopted by a two-thirds majority vote of the total membership of the district board.
(Repealed and added by Stats. 1987, Ch. 1013, Sec. 11.)