SECTIONS 72062-72064.1 - California Statutes

WATER CODE

SECTION 72062-72064.1

72062. Whenever the board deems it necessary for the district to
incur a bonded indebtedness for the acquisition, construction,
completion, or repair of any or all improvements, works, or property
mentioned in this division, the board shall, by resolution, so
declare and call an election to be held in the district for the
purpose of submitting to the voters thereof the proposition of
incurring indebtedness by the issuance of the bonds of the district
pursuant to the provisions of this chapter.

72063. The resolution calling the bond election shall state all of
the following:
(a) The purpose for which the proposed debt is to be incurred,
which may include expenses of all proceedings for the authorization,
issuance, and sale of bonds.
(b) The amount of debt to be incurred by the district, and the
initial percentage of the debt service on the debt to be incurred
which is to be paid by each improvement district, subject to annual
adjustment of such amount pursuant to Water Code Sections 72073
through 72076 hereof.
(c) The full amount of the authorized bonds may be divided into
two or more series and different dates fixed for the bonds of each
series. The maximum term, which the bonds of any series shall run
before maturity shall not exceed 40 years from the date of the
series.
(d) The bonds shall bear interest at a rate or rates not to exceed
8 percent per year, payable semiannually, except that interest for
the first year may be payable at the end of that year.
(e) The measure to be submitted to the voters, which measure shall
state that the bonds are to be issued and paid for in the manner set
forth in this chapter and in the resolution calling the bond
election.
(f) The principal of, or interest on, the bonded debt shall be
paid from taxes levied and collected in the entire district as
provided in Part 9 (commencing with Section 72090) of this division,
except to the extent revenues of the district, or revenues raised by
the alternative methods provided by this chapter in the improvement
districts established pursuant to Article 3 (commencing with Section
72065) of this chapter are sufficient to pay the amount of such
principal and interest that will become due before the proceeds of a
tax levied at the next general tax levy will be available.
(g) The date upon which an election shall be held for the purpose
of authorizing the bonded indebtedness to be incurred.
(h) The designation of precincts and the location of polling
places.

72064. If, from the bond election returns, it appears that more
than one-half of the votes cast in such election were in favor of,
and assented to, the incurring of the indebtedness, the board may, by
resolution, at such time or times as it deems proper, issue bonds of
the district for the whole or any part of the amount of the
indebtedness so authorized, and may from time to time provide for the
issuance of such amounts as the necessity therefor may appear, until
the full amount of such bonds authorized has been issued.

72064.1. Except as provided otherwise herein, such election,
issuance, and sale of bonds shall be governed by the provisions of
this division.