No district shall incur an indebtedness for public works which in the aggregate exceeds 20 percent of the assessed value of all the real and personal property within the district.
Cal. Pub. Util. Code § 12842
Indebtedness
Known as the Municipal Utility District Act
The act spans §§ 11501–14403 (486 sections).
Enacted by Stats. 1951, Ch. 764.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.