On or after the first day of any fiscal year a local agency may borrow money pursuant to this article, the indebtedness to be represented by a note or notes issued to the lender pursuant to this article. The money borrowed may be used and expended by the local agency for any purpose for which the local agency is authorized to use and expend moneys, including but not limited to current expenses, capital expenditures, investment and reinvestment, and the discharge of any obligation or indebtedness of the local agency.
(Amended by Stats. 1987, Ch. 1388, Sec. 1.4.)
Terms Used In California Government Code 53852
- 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.
- local agency: means a county, city and county, city, school district of any type, community college district, county board of education, or any other municipal or public corporation or district. See California Government Code 53850
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.