SECTIONS 70225-70237 - California Statutes

PUBLIC UTILITIES CODE

SECTION 70225-70237

70225. The district may from time to time incur a bonded
indebtedness as provided in this chapter to pay the cost of
acquiring, constructing or completing the whole or any portion of any
transit facilities, or for acquiring any works, lands, structures,
rights, equipment, or other property necessary or convenient to carry
out the objects, purposes, or powers of the district. The total
amount of bonds issued and outstanding shall not exceed twenty
percent (20%) of the assessed value of the taxable property of the
district as shown by the last equalized assessment roll of the County
of Marin.

70226. Whenever the board by resolution passed by vote of
two-thirds of all its members determines that the public interest or
necessity demands the acquisition, construction, or completion by the
district of any transit facilities or any works, lands, structures,
rights, equipment, or other property necessary or convenient to carry
out the objects, purposes, or powers of the district, the cost of
which will be too great to be paid out of the ordinary annual income
and revenue of the district, it may at any subsequent meeting of the
board provide by ordinance for the submission of the proposition of
incurring a bonded indebtedness for the purpose set forth in the
resolution to the voters of the district at a special bond election
held for that purpose.

70231. The ordinance calling a special bond election shall fix the
date on which the election will be held, and the manner of holding
the election and of voting for or against incurring the indebtedness.
It shall also recite the objects and purposes for which the
indebtedness is proposed to be incurred, the estimated cost of the
transit facilities, works, lands, structures, rights, equipment, or
other property proposed to be acquired, constructed, or completed,
the amount of the principal of the indebtedness to be incurred
therefor, and the maximum rate of interest to be paid on the
indebtedness, which shall not exceed 6 percent per annum, payable
semiannually or annually the first year and thereafter semiannually.

70232. Propositions for incurring indebtedness for more than one
object or purpose may be submitted at the same election.

70233. Any special bond election may be held separately, or may be
consolidated with any other election authorized by law at which the
voters of the district may vote. If a special bond election is
consolidated with any other election, the provisions of this chapter
setting forth the procedure for the calling and holding of the
special bond election shall be complied with, except that the
ordinance calling the election need not set forth the election
precincts, polling places, and officers of election, but may provide
that the precincts, polling places, and officers of election shall be
the same as those set forth in the ordinance, notice, or other
proceedings calling the election with which the special bond election
is consolidated, and shall refer to the ordinance, notice, or other
proceedings by number and title, or by other definite description.

70234. The ordinance shall be published, and no other notice of
election need be given.

70235. The board shall comply with Article 3 (commencing with
Section 9160) of Chapter 2 of Division 9 of the Elections Code, the
provisions of which are applicable to any bond election held pursuant
to this article.

70236. The votes of sixty percent (60%) of all voters voting on the
proposition at the election are required to authorize the issuance
of bonds under this chapter.

70237. If the proposition submitted at a special bond election
fails to receive the requisite number of votes, the board shall not
within six months after the election hold another special election
for the submission of a proposition of incurring a bonded
indebtedness substantially the same as the proposition voted upon at
the prior election unless a petition signed by voters within the
district equal in number to at least 15 percent of the total vote
cast at the last general statewide election is filed with the board,
requesting that the proposition, or a proposition substantially the
same, be submitted at an election to be called for that purpose.