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 § 25842
Indebtedness
Known as the Transit District Law
The act spans §§ 24501 to 27509 (308 sections).
Added by Stats. 1955, Ch. 1036.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.