California Government Code

§ 53365.7

GOV § 53365.7 Effective Jul 3, 1984Div. 2 · Title 5 · Part 1 · Ch. 2.5 · Art. 5

Statute text

(a)The legislative body may, by resolution and without the necessity of calling and holding an election, borrow money in anticipation of the sale of bonds which have been authorized pursuant to this article, but which have not been sold and delivered, issue negotiable bond anticipation notes therefor, and renew the notes from time to time. The maximum maturity of any such notes, including the renewals thereof, shall not exceed five years from the date of delivery of the original notes.

(b)The principal and interest on the notes may be paid from any money available for their payment. Any portion of the principal or interest which is due and payable shall be paid from the proceeds of the next sale of bonds in anticipation of which the notes were issued.

(c)The proceeds of notes issued pursuant to this section may be used for any purpose for which the bonds in anticipation of which the notes were issued may be used.

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Legislative history

Added by Stats. 1984, Ch. 269, Sec. 42. Effective July 3, 1984.