Harbors and Navigation Code section 7202

The total aggregate amount of said notes outstanding at any one time shall not exceed a limit of 2 percent of the assessed valuation of the taxable property in the district or, if the assessed valution is not obtainable, 2 percent of the county auditor’s estimate of the taxable property in the district evidenced by his certificate, provided:

(a)

A district which has been formed for less than 18 months may exceed said limit and in the event may borrow an aggregate amount of not to exceed thirty-five thousand dollars ($35,000).

(b)

No district shall borrow more than an aggregate amount of one hundred fifty thousand dollars ($150,000).

Source: Section 7202, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=HNC§ionNum=7202.­ (updated Jan. 1, 1959; accessed Jun. 30, 2025).

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Verified:
Jun. 30, 2025

§ 7202's source at ca​.gov