§ 13906 Property Acquisition Financing Limits

(a)  A district may acquire any necessary property by purchase or purchase on contract with money borrowed pursuant to this section. (b)  The amount of indebtedness to be incurred shall not exceed an amount equal to three times the actual income from property taxes received pursuant to Section 13896 for the fiscal year preceding the year in which the indebtedness is incurred. Any indebtedness shall be repaid within 10 years from the date on which it is incurred. An indebtedness shall bear interest at a rate which shall not exceed the rate permitted under Article 7 (commencing with Section 53530) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code. (c)  An indebtedness shall be authorized by resolution adopted by a two-thirds majority vote of the total membership of the district board. (Repealed and added by Stats. 1987, Ch. 1013, Sec. 11.)