SECTIONS 74800-74804 - California Statutes

WATER CODE

SECTION 74800-74804

74800. The board, whenever the interest of the district shall
require it, may cause a report to be made to the effect that the
acquisition of certain property or works or the construction of such
works is convenient or necessary to serve or fulfill the purposes of
the district and that the cost thereof cannot be paid for out of the
annual revenue of the district. The report shall be in such detail
and shall be accompanied by such exhibits as will disclose the
purpose sought to be accomplished and the means to be employed
therefor. The report shall be printed in convenient form for
distribution to the electors of the district.

74801. After the printing of the report the board, by resolution
adopted by a majority of its members, may call an election to be held
in the district for the purpose of authorizing the incurring of a
bonded indebtedness by the district.

74802. The resolution shall specify all of the following:
(a) The purpose for which the indebtedness is to be incurred.
(b) The amount of bonds proposed to be issued.
(c) The maximum rate of interest the bonds shall bear.
(d) The number of years, not exceeding 40, the whole or any part
of the bonds are to run until maturity.

74803. The resolution shall further provide for submitting the
question of the incurring of the indebtedness to the qualified
electors of the district at an election called for that purpose.

74804. In determining the amount of bonded indebtedness to be
incurred, the board may include all costs and estimated costs
incidental to or connected with the acquisition, construction or
financing of the works or property set forth in the report required
by Section 74800, and all engineering, inspection, legal and fiscal
agent's fees, costs of the bond election and of the issuance of the
bonds, and bond interest estimated to accrue during the construction
period and for a period of not to exceed 12 months after completion
of construction.