California Public Utilities Code 132308 – The commission may reduce a tax rate to percentages lower than that …
Current as of: 2024 | Check for updates
|
Other versions
The commission may reduce a tax rate to percentages lower than that approved by the voters and may further provide for an increase of the tax rate if it has previously been lowered. However, the tax rate may not be increased to a rate above the tax rate approved by the voters.
Any revised tax rate may be adopted only if the commission determines, by a two-thirds vote, that the proceeds of the taxes with the altered tax rate will be sufficient to provide for the payment of principal of, and interest on, any limited tax bonds and any other indebtedness incurred by the commission which was to be payable from the proceeds of the retail transactions and use tax.
Terms Used In California Public Utilities Code 132308
- Commission: means the Public Utilities Commission created by §. See California Public Utilities Code 20
(Added by Stats. 1985, Ch. 1576, Sec. 23.)