California Health and Safety Code 6651 – The outstanding bonds of the district shall not at any one time …
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The outstanding bonds of the district shall not at any one time exceed 15 percent of the assessed value of the real and personal property of the district, except where the board elects to use the county assessor‘s tax roll pursuant to Article 6 (commencing with Section 6780) of Chapter 7 of this part, in which case the outstanding bonds of the district may equal an amount not to exceed 20 percent of the assessed value of the real and personal property of the district.
Within the meaning of this section the term “bonds” means only bonds payable from the proceeds of taxes levied upon taxable property in the district.
Terms Used In California Health and Safety Code 6651
- Assessor: as used in this part , means the assessor of a district. See California Health and Safety Code 6403
- County: includes city and county. See California Health and Safety Code 14
- District: as used in this part , means a district formed pursuant to this part or pursuant to any law which it supersedes. See California Health and Safety Code 6400
- Personal property: All property that is not real property.
(Amended by Stats. 1965, Ch. 1881.)