§ 414-408. Indebtedness; short-term borrowing
(a) The Board of Supervisors may borrow money through the issuance of notes of the District for the purpose of paying current expenses of the District. However, the notes must mature within the fiscal year in which they were issued.
(b) The Board of Supervisors may also borrow money in anticipation of taxes in an amount not to exceed 90 percent of the amount of taxes assessed for each year and may issue notes of the District that must mature within the fiscal year in which they were issued.
(c) The Board of Supervisors may also borrow money in anticipation of any revenues other than taxes through the issuance of notes of the District. However, the notes must mature within the fiscal year in which they were issued. (Added 2019, No. M-2, § 2, eff. April 19, 2019.)
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