A proposition to be submitted to the voters of a local agency for approval of the issuance of limited obligation bonds shall state that the bonds are limited obligation bonds to be paid solely from pledged revenue, and shall specify the source and amount of the pledged revenue.

(Added by Stats. 1985, Ch. 320, Sec. 2.)

Terms Used In California Government Code 50665.9

  • 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
  • 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.
  • Pledged revenue: means a specified annual dollar amount from a specified source or combination of sources of revenue, which the legislative body of a local agency, in a resolution providing for the issuance of limited obligation bonds, has designated and pledged as security for the bonds in accordance with Section 50665. See California Government Code 50665.1
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
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