Notes shall not be issued pursuant to this article in any fiscal year in an amount which, when added to the interest payable thereon, shall exceed 85 percent of the estimated amount of the then uncollected taxes, income, revenue, cash receipts, and other moneys of the local agency which will be available for the payment of said notes and the interest thereon; provided, however, that to the extent that any principal of or interest on such notes is secured by a pledge of the amount in any inactive or term deposit of the local agency, the term of which will terminate during said fiscal year, such principal and interest may be disregarded in computing said limit.

For the purposes of this section, “revenue” includes, but is not limited to, revenue from the state and federal governments.

Terms Used In California Government Code 53858

  • 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
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18

(Amended by Stats. 1982, Ch. 274, Sec. 2. Effective June 16, 1982.)