(a)  Whenever a board of trustees determines that it is necessary to incur a general obligation bond indebtedness for the acquisition or improvement of real property, the board of trustees may proceed pursuant to Article 11 (commencing with Section 5790) of Chapter 4 of Division 5 of the Public Resources Code. For the purposes of that article, the board of trustees shall be considered the board of directors of the district.

(b)  Notwithstanding subdivision (a), a district shall not incur indebtedness that exceeds 2 percent of the assessed value of all taxable property in the district at the time the bonds are issued.

Terms Used In California Health and Safety Code 9082

  • Board of trustees: means the legislative body of a district. See California Health and Safety Code 9002
  • District: means a public cemetery district created pursuant to this part or any of its statutory predecessors. See California Health and Safety Code 9002
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(Added by Stats. 2003, Ch. 57, Sec. 5. Effective January 1, 2004.)

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