Los Angeles County Flood Control District: finances.

Existing law, the Los Angeles County Flood Control Act, establishes the Los Angeles County Flood Control District and authorizes the district to control and conserve the flood, storm, and other wastewaters of the district. Existing law authorizes the district to borrow money from certain entities for any flood control work authorized under the act and to repay the same, in annual installments, over a period not to exceed 20 years with an interest at a rate not to exceed 4.25% per annum. Existing law requires the district to annually levy a tax upon the taxable real property of the district clearly sufficient to pay the interest and installments of principal for those loans. Existing law limits the total amount the district may borrow not to exceed in the aggregate the sum of $4,500,000. Existing law also limits the total amount of bonds or other evidence of indebtedness in the aggregate that the district may issue and sell to not exceed $4,500,000. This bill would instead authorize the district to borrow money or obtain loan guarantees from those entities and to repay the same over a period not to exceed 35 years with interest at a rate not to exceed 5.5% annually. The bill would instead authorize the district to levy a tax, in compliance with the applicable provisions of Article XIIIC of the California Constitution, clearly sufficient to pay the interest and installments of principal for those loans. The bill would also delete the limits on the amount the district may borrow and the total amount of bonds or other evidence of indebtedness that the district may issue and sell. This bill would make legislative findings and declarations as to the necessity of a special statute for the Los Angeles County Flood Control District.