California Government Code 50665.5 – For all local agencies, the initiating resolution shall recite each …
For all local agencies, the initiating resolution shall recite each of the following:
(a) That the initiating resolution is being adopted pursuant to the powers granted by this article.
Terms Used In California Government Code 50665.5
- Initiating resolution: means a resolution by which a legislative body determines that public interest or necessity demands the issuance of bonds. See California Government Code 50665.1
- Local agency: means any county, city, or city and county, including a chartered city, or special district, including a school district. See California Government Code 50665.1
- Resolution: means a resolution by which a legislative body authorizes the issuance, sale, and delivery of bonds. See California Government Code 50665.1
- Revenues: include the proceeds of ad valorem taxes on real property levied by, or allocated to, the local agency, and the proceeds of sales and use taxes. See California Government Code 50665.1
(b) The object and purpose of incurring the indebtedness.
(c) The estimated cost of the public improvements.
(d) The maximum amount of the indebtedness.
(e) A maximum rate of interest on the indebtedness.
(f) (1) A pledge by the local agency that any bonds issued pursuant to the initiating resolution shall be secured by all or part of the revenues received by the local agency.
(2) The local agency may restrict the pledge to the revenues received by the local agency from a specified geographical area that is within the local agency’s exterior boundaries. The legal description of the boundaries of the geographical area shall be contained in the resolution.
(g) The date of the election.
(h) The manner of holding the election and the procedure for voting for or against the proposition.
(Amended by Stats. 2007, Ch. 25, Sec. 1. Effective January 1, 2008.)