California Revenue and Taxation Code

§ 437

RTC § 437Div. 1 · Part 2 · Ch. 3 · Art. 1.7

Statute text

Whenever the debt limit of a taxing agency is based wholly or in part on the assessed value of the agency, there shall be added to such assessed value the assessed valuation equivalents of revenue amounts certified pursuant to Section 27423 of the Government Code. The assessed valuation equivalents for revenue amounts certified pursuant to Section 27423 of the Government Code shall be derived by multiplying such amounts by a factor of 100 and dividing the product by the secured tax rate for the prior year.

Legislative history

Amended by Stats. 1984, Ch. 678, Sec. 23.