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California Code, Health and Safety Code - HSC § 6550.9

Current as of January 01, 2025 | Updated by Findlaw Staff

When the district board has made its determinations as provided in Section 6550.8, and if the board deems it necessary to incur a bonded indebtedness to finance the project for which the improvement district was formed, the board shall by resolution call a special election in such improvement district for the purpose of submitting to the qualified voters thereof, the proposition of incurring such indebtedness by the issuance of bonds of the district for such improvement district. Such resolution shall state:

(a) That the board deems it necessary to incur the bonded indebtedness.

(b) The purpose for which the bonded indebtedness will be incurred.

(c) The amount of debt to be incurred.

(d) The name of the improvement district to be benefited by such indebtedness, and that a map showing the exterior boundaries of such improvement district is on file with the district board, which map shall govern for all details as to the extent of the improvement district.

(e) That taxes for the payment of such bonds and the interest thereon shall be derived exclusively from an annual tax upon the taxable property in such improvement district.

(f) The maximum term the bonds proposed to be issued shall run before maturity, which shall not exceed 40 years.

(g) The maximum rate of interest to be paid, which shall not be more than the rate specified in this part for bonds of the district, payable at the times specified in this chapter for bonds of the district.

(h) The measure to be submitted to the voters.

(i) The date of the election.

(j) The election precincts, polling places and election officers.

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Cite this article: FindLaw.com - California Code, Health and Safety Code - HSC § 6550.9 - last updated January 01, 2025 | https://codes.findlaw.com/ca/health-and-safety-code/hsc-sect-6550-9/

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