§ 240308
268 words·~1 min read·
/ca/public-utilities-code/240308A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)If requested to do so by the commission in its resolution calling for an election, the board of supervisors, as part of the ballot proposition to approve the imposition of a retail transactions and use tax, may seek authorization to issue bonds for capital outlay expenditures as may be provided for in the ordinance expenditure plan payable from the proceeds of the tax.
(b)The maximum bonded indebtedness that may be outstanding at any one time shall be an amount equal to the sum of the principal of, and interest on, the bonds, but not to exceed the estimated proceeds of the tax, as determined by the plan. The amount of bonds outstanding at any one time does not include the amount of bonds, refunding bonds, or bond anticipation notes for which funds necessary for the payment thereof have been set aside for that purpose in a trust or escrow account.
(c)The proposition shall set forth each of the following:
(1)The actual percent of the tax.
(2)The duration of the tax if the plan specifies a time limit.
(3)The amount of bonds, if any, payable from the proceeds of the tax.
(4)The commission as the agency imposing the tax.
(5)The appropriations limit of the commission, pursuant to Section 4 of Article XIII B of the California Constitution.
(d)The sample ballot to be mailed to the voters, pursuant to Section 13303 of the Elections Code, shall be the full proposition, as set forth in the ordinance calling the election, and the voter information handbook shall include the entire ordinance expenditure plan.