No district shall incur any funded indebtedness which in the aggregate exceeds 20 percent of the assessed valuation of all real and personal property situated within the district.
Cal. Pub. Util. Code § 16573
Indebtedness and Financing
Known as the The Public Utility District Act
The act spans §§ 15501–18055 (309 sections).
Applied in 2 court decisions — leading case 135 Cal. App. 2d 463 - Pacific Gas & Electric Co. v. Shasta Dam Area Public Utility District (1955)
Most recently applied in 250 Cal. App. 2d 320 - Trumbo v. Crestline Lake Arrowhead Water Agency (April 1967)
Added by Stats. 1953, Ch. 72.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.