The district shall not incur an indebtedness which exceeds in the aggregate 15 percent of the assessed value of all real and personal property in the district. Within the meaning of this section, “indebtedness” includes, without limitation, any and all forms thereof which the district is authorized to issue by this part or by any other law.
Cal. Pub. Util. Code § 30704
Indebtedness
Known as the Southern California Rapid Transit District Law
The act spans §§ 30000–33021 (249 sections).
Added by Stats. 1964, 1st Ex
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.