The library district's board of trustees can decide to ask voters if they want to issue and sell bonds to raise funds. They must do this if at least 50 residents and taxpayers request it. The money from these bonds can be used for buying land, planning and building a library, furnishing it and enhancing its grounds, covering construction debts, or paying off current debts.
The board of trustees of any library district may, when in their judgment it is deemed advisable, and shall upon a petition of 50 or more taxpayers and residents of the library district, call an election and submit to the electors of the district the question of whether the bonds of the district shall be issued and sold for the purpose of raising money for any or all of the following:
(a)CA Education Code § 19720(a) The purchase of suitable lots.
(b)CA Education Code § 19720(b) Procuring plans and specifications and erecting a suitable building.
(c)CA Education Code § 19720(c) Furnishing and equipping the building, and fencing and ornamenting the grounds, for the accommodation of the public library.
(d)CA Education Code § 19720(d) Any or all of the purposes of this chapter.
(e)CA Education Code § 19720(e) Liquidating any indebtedness incurred for the purposes.
(f)CA Education Code § 19720(f) Refunding any outstanding valid indebtedness, evidenced by bonds or warrants of the district.
library district board of trustees bonds election taxpayers petition suitable lots building plans library construction furnishing library public library grounds ornamentation debt liquidation refund indebtedness bond issuance raising money
(Enacted by Stats. 1976, Ch. 1010.)
This law explains how an election must be announced in a district. It requires that notices signed by the board be posted in at least three public places for at least 20 days before the election. Additionally, the notice must be published in a local newspaper once a week for three weeks if there's a newspaper in the district, or in a county newspaper if there isn't one.
The election shall be called by posting notices, signed by the board, in three of the most public places in the district, for not less than 20 days before the election, and by publishing the notice not less than once a week for three successive weeks in a newspaper published in the district if there is one, or if there is none, in a newspaper published in the county.
election notice posting requirements public places newspaper publication district board notice period public announcement local newspaper county publication succession weeks election procedures public notification legal notice requirements
(Enacted by Stats. 1976, Ch. 1010.)
This section outlines what must be included in a notice for an election about bonds. The notice should specify when and where the election will be held, who the inspectors and judges are, the voting hours, and detailed information about the bonds, such as their amounts, interest rates, and maturity terms, which can be up to 40 years.
The notice shall contain:
(a)CA Education Code § 19722(a) Time and place of holding the election.
(b)CA Education Code § 19722(b) The names of inspectors and judges to conduct the election.
(c)CA Education Code § 19722(c) The hours during the day in which the polls will be open.
(d)CA Education Code § 19722(d) The amount and denomination of the bonds, the rate of interest, and the number of years, not exceeding 40, the whole or any part of the bonds are to be run.
election notice requirements bond election details polling hours bonds maturity terms interest rates inspectors and judges election location bonds denomination voting details bond election rules
(Enacted by Stats. 1976, Ch. 1010.)
When there is an election for bonds, it should follow the same rules as elections for trustees, as long as those rules apply.
The election shall be conducted in accordance with the provisions relating to the election of trustees, insofar as they are applicable to the election for bonds.
bond election election rules trustees applicable provisions conducting elections election process bond measures school bonds election procedures California Education Code trustee election rules election conformity applicable election laws voting for bonds school district elections
(Enacted by Stats. 1976, Ch. 1010.)
This section explains how voting on bond issues should be conducted, specifically saying that the vote should be by ballot with simplified options: 'Bonds—Yes' or 'Bonds—No.' Voters need to mark their choice with a cross and then hand the ballot to an inspector who places it in the ballot box while recording the voter's name on a poll list.
Voting shall be by ballot, without reference to the general election law in regard to form of ballot, or manner of voting, except that the words to appear on the ballot shall be, “Bonds—Yes,” and “Bonds—No.” Persons voting at the bond election shall put a cross (+) upon their ballots, with pencil or ink, after the words, “Bonds—Yes,” or “Bonds—No,” as the case may be, to indicate whether they have voted for or against the issuance of the bonds. The ballot shall be handed by the elector voting to the inspector, who shall then, in his presence, deposit the ballot in the ballot box, and the judges shall enter the elector’s name on poll list.
bond election ballot form Bonds—Yes Bonds—No voter cross mark inspector ballot box poll list bond issuance voting procedure
(Enacted by Stats. 1976, Ch. 1010.)
This law outlines the process for issuing bonds in a school district after an election. Once the votes are counted and more than half support the issuance of bonds, the board of trustees records this decision. They then inform the board of supervisors, who are responsible for issuing the bonds as detailed in the election process. These bonds are to be paid using the district's building fund.
On the seventh day after the election, at 8 o'clock p.m., the returns having been made to the board of trustees, the board shall meet and canvass the returns, and if it appears that more than one-half of the votes cast at the election are in favor of issuing the bonds, then the board shall cause an entry of the fact to be made upon its minutes and shall certify to the board of supervisors, all the proceedings had in the premises. Thereupon the board of supervisors shall issue the bonds of the district, to the number and amount provided in the proceedings, payable out of the building fund of the district, naming the district.
election results board of trustees bond issuance canvass returns school district bonds building fund board of supervisors vote majority bond proceedings district building fund
(Enacted by Stats. 1976, Ch. 1010.)
This section explains that money needed to pay off bonds and their interest will be collected through taxes on properties within the district.
The money shall be raised by taxation upon the taxable property in the district, for the redemption of the bonds and the payment of the interest thereon.
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(Enacted by Stats. 1976, Ch. 1010.)
This law states that the total value of bonds a district can issue must not be more than 5% of the value of all taxable property in that district, according to the most recent county assessment records.
The total amount of bonds issued shall not exceed 5 percent of the taxable property of the district, as shown by the last equalized assessment book of the county.
bonds taxable property district 5 percent limit equalized assessment book county records financial limits bond issuance cap property value assessment tax assessment limits
(Enacted by Stats. 1976, Ch. 1010.)
This law states that the board of supervisors needs to decide how the bonds and attached interest coupons will look and officially record the decision. They also set the deadline for when the bond's main amount must be paid back, but it can't be longer than 40 years from when the bond is issued.
The board of supervisors by an order entered upon its minutes shall prescribe the form of the bonds and of the interest coupons attached thereto, and shall fix the time when the whole or any part of the principal of the bonds shall be payable, which shall not be more than 40 years from the date thereof.
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(Enacted by Stats. 1976, Ch. 1010.)
This law states that bonds can be issued with an interest rate of up to 6%, payable once or twice a year. These bonds must be sold at least at their face value, and the money from sales goes into the county's treasury specifically for the library district’s building fund. The funds are then used according to library funding procedures.
The bonds shall not bear a greater amount of interest than 6 percent, to be payable annually or semiannually. The bonds shall be sold in the manner prescribed by the board of supervisors, but for not less than par, and the proceeds of the sale thereof shall be deposited in the county treasury to the credit of the building fund of the library district, and shall be drawn out for the purposes for which the bonds were issued as other library moneys are drawn out.
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(Enacted by Stats. 1976, Ch. 1010.)
This law states that when county supervisors decide on local taxes, they need to set a tax to pay off bonds. This tax must be enough to cover both the interest on the bonds and part of the principal amount over the year. For the first half of the bond period, the tax should cover all the interest. For the second half, it should cover both the interest and a portion of the principal, calculated by dividing the total bond amount by the remaining years.
The board of supervisors, at the time of making the levy of taxes for county purposes, shall levy a tax for that year upon the taxable property in the district, at the equalized assessed value thereof for that year, for the interest and redemption of the bonds. The tax shall not be less than sufficient to pay the interest of the bonds for that year, and such portion of the principal as is to become due during the year. In any event the tax shall be high enough to raise, annually, for the first half of the term the bonds have to run, a sufficient sum to pay the interest thereon, and during the balance of the term, high enough to pay the annual interest and to pay, annually, a proportion of the principal of the bonds equal to a sum produced by taking the whole amount of the bonds outstanding and dividing it by the number of years the bonds then have to run.
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(Enacted by Stats. 1976, Ch. 1010.)
All the money collected from taxes for a library district goes into the county treasury. This money can only be used to pay off bonds, which are a type of loan, and the interest on those bonds. The county treasurer handles these payments with approval from the county auditor. Once a bond or its interest is paid, the auditor cancels and files them with the treasurer.
All money levied, when collected, shall be paid into the county treasury to the credit of the library district, and shall be used for the payment of principal and interest on the bonds, and for no other purpose. The principal and interest on the bonds shall be paid by the county treasurer, upon the warrant of the county auditor, out of the fund provided therefor. The county auditor shall cancel and file with the county treasurer the bonds and coupons as rapidly as they are paid.
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(Enacted by Stats. 1976, Ch. 1010.)
If bonds for a library district remain unsold for six months after being offered for sale, the library district's board can ask the board of supervisors to take those unsold bonds off the market and cancel them.
Whenever any bonds issued under this article remain unsold for the period of six months after having been offered for sale in the manner prescribed by the board of supervisors, the board of trustees of the library district for or on account of which the bonds were issued, or of any library district composed wholly or partly of territory which, at the time of holding the election authorizing the issuance of the bonds, was embraced within the district for or on account of which the bonds were issued, may petition the board of supervisors to cause the unsold bonds to be withdrawn from market and canceled.
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(Enacted by Stats. 1976, Ch. 1010.)
When the board of trustees wants something done, and most members agree, they can submit a petition to the supervisors. The supervisors have to schedule a hearing within 30 days and publish a notice about when and where the hearing will happen, along with what the petition is about. This notice must be published for 10 days before the hearing in a local newspaper, or if there's no local paper, in a newspaper where the county government is located.
Upon receiving the petition, signed by a majority of the members of the board of trustees, the supervisors shall fix a time for hearing the petition, which shall be not more than 30 days thereafter, and shall cause a notice, stating the time and place of hearing, and the object of the petition in general terms, to be published for 10 days prior to the day of hearing, in some newspaper published in the library district, if there is one, and if there is no newspaper published in the library district, then in a newspaper published at the county seat of the county in which the library district or part thereof is situated.
petition hearing board of trustees supervisors hearing schedule notice publication library district county seat local newspaper notice petition process majority signature
(Enacted by Stats. 1976, Ch. 1010.)
This law says that when there's a hearing about canceling unsold library district bonds, the board of supervisors will listen to arguments for and against it. If they decide that canceling the bonds is best for the library district, they'll record the decision to cancel them. Once they do, the bonds and the vote that approved them will no longer be valid.
At the time and place designated in the notice for hearing the petition, or at any subsequent time to which the hearing is postponed, the supervisors shall hear any reasons that are submitted for or against the granting of the petition, and if they deem it for the best interests of the library district that the unsold bonds be canceled, they shall make and enter an order in the minutes of their proceedings that the unsold bonds be canceled. Thereupon the bonds, and the vote by which they were authorized to be issued, shall cease to be of any validity whatever.
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(Enacted by Stats. 1976, Ch. 1010.)
