SECTIONS 54380-54387 - California Statutes

GOVERNMENT CODE

SECTION 54380-54387

54380. By resolution of its legislative body to take effect upon
adoption, a local agency may submit to its qualified voters, at an
election held for that purpose, the proposition of issuing bonds
pursuant to this chapter to provide funds for the acquisition,
construction, improving or financing of an enterprise, including any
or all expenses incidental thereto or connected therewith or any
combination of two or more of such purposes.

54381. By a majority of all members, the legislative body may adopt
the resolution at a regular or special meeting and at the same
meeting at which it is introduced.

54382. The resolution shall:
(a) State the purpose for which the bonds are proposed to be
issued.
(b) State the estimated cost of the acquisition, construction,
improvement and financing.
(c) State the principal amount of the bonds.
(d) State the maximum rate of interest on the bonds, which shall
not exceed the maximum rate specified in Section 53531. That rate may
be either fixed or variable, and shall be payable at the times and
in the manner specified in the resolution.
(e) Fix the election date.
(f) Fix the manner of holding the election.
(g) Fix the manner of voting on the issuance of the bonds.
(h) State that in all other particulars the election shall be held
and the votes canvassed pursuant to law for general municipal
elections in such local agencies.

54383. The proposition may be submitted at an election for other
propositions.

54384. The resolution shall state that the bonds are to be revenue
bonds, payable exclusively from the revenues of the enterprise and
from such of the other funds referred to in Section 54478 as shall be
specified in the resolution, and the resolution shall also state
that the bonds are not to be secured by the taxing power of the local
agency.

54385. The resolution shall be published once a day for at least
seven days in a newspaper published at least six days a week in the
local agency or published once a week for two succeeding weeks in a
newspaper published less than six days a week in the local agency. If
there are no such newspapers, the resolution shall be posted in
three public places in the local agency for two succeeding weeks.

54386. The votes of a majority of all the voters voting on the
proposition are required to authorize the issuance of the bonds.

54387. If the issuance of the bonds is authorized at the election,
the legislative body shall provide for their issuance and sale by
resolution to take effect upon adoption.