On or after the first day of any fiscal year a local agency may borrow money pursuant to this article, the indebtedness to be represented by a note or notes issued to the lender pursuant to this article. The money borrowed may be used and expended by the local agency for any purpose for which the local agency is authorized to use and expend moneys, including but not limited to current expenses, capital expenditures, investment and reinvestment, and the discharge of any obligation or indebtedness of the local agency.
Cal. Gov. Code § 53852
Temporary Borrowing
Applied in 1 court decision — leading case Alliance Capital Management L.P. v. County of Orange (In Re County of Orange) (1995)
Most recently applied in Alliance Capital Management L.P. v. County of Orange (In Re County of Orange) (March 1995)
Amended by Stats. 1987, Ch. 1388, Sec. 1.4.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.