JurisdictionCaliforniaCode PUCPublic Utilities Code - PUC
Div. 10.DIVISION 10. TRANSIT DISTRICTS
Part 3.PART 3. SOUTHERN CALIFORNIA RAPID TRANSIT DISTRICT
Ch. 7.CHAPTER 7. Bonds and Other Evidences of Indebtedness
Art. 5.ARTICLE 5. Improvement Districts
This text of California § 30968. (30968. (Amended by Stats. 1983, Ch. 497, Sec. 28.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
After the board has made its determination of the matters required to be determined by resolution pursuant to Section 30966, and if the board deems it necessary to incur the bonded indebtedness, the board shall, by a further resolution, call a special election in the improvement district or districts for the purpose of submitting to the qualified voters thereof the proposition of incurring indebtedness by the issuance of bonds of the district for the improvement district or districts. The resolution shall state all of the following:
(a)That the board deems it necessary to incur the
bonded indebtedness.
(b)The purposes for which the bonded indebtedness will be incurred.
(c)The estimated cost of accomplishing those purposes.
(d)The amount of the principal of the indebtedness to be
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After the board has made its determination of the matters required to be determined by resolution pursuant to Section 30966, and if the board deems it necessary to incur the bonded indebtedness, the board shall, by a further resolution, call a special election in the improvement district or districts for the purpose of submitting to the qualified voters thereof the proposition of incurring indebtedness by the issuance of bonds of the district for the improvement district or districts. The resolution shall state all of the following:
(a)
That the board deems it necessary to incur the
bonded indebtedness.
(b)
The purposes for which the bonded indebtedness will be incurred.
(c)
The estimated cost of accomplishing those purposes.
(d)
The amount of the principal of the indebtedness to be incurred.
(e)
The improvement district or districts to be benefited by those indebtedness, as set forth in the resolution making determinations, and that a map showing the exterior boundaries of the improvement district or districts is on file with the secretary of the district, which map shall govern for all details as to the extent of the improvement district or districts.
(f)
That taxes for the payment of those bonds and the interest thereon shall be levied exclusively upon the taxable
property in the improvement district or districts; and that revenues of the district shall be used only to the extent set forth in the resolution declaring the necessity.
(g)
The maximum term the bonds proposed to be issued shall run before maturity, which shall not exceed 50 years from the date thereof or the date of each series thereof.
(h)
The maximum rate of interest to be paid, which shall not exceed the maximum rate allowed by law.
(i)
The proposition to be submitted to the voters which may include one or more purposes.
(j)
The date of the election.
(k)
The manner of holding the election and the procedure for voting for and against the measure.