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 1 percent of the assessed value of the taxable property of the district as shown by the last equalized assessment roll of the County of Santa Cruz.
BondsIssuance
Section § 98310
This law allows a district to take on debt by issuing bonds to fund projects like constructing or improving transit facilities. The amount of bonds they can issue cannot surpass 1% of the assessed value of all taxable property within the district, based on the most recent property tax assessments in Santa Cruz County.
bonded indebtedness transit facilities funding assessed property value
Section § 98311
If the board decides that it's necessary to acquire or improve transit facilities, and it would cost too much to pay with regular funds, they can propose borrowing money through bonds. This proposal must be approved by two-thirds of the board and then voted on by the district's voters in a special election.
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 meetings 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.
board resolution public interest transit facilities
Section § 98312
This law requires that when a special bond election is called, the ordinance must specify the election date, how the election will be conducted, and how citizens can vote on whether to approve the debt. The ordinance should clearly explain why the debt is needed, estimate costs of the proposed public transit projects, state the total debt amount, and specify the interest rate, which cannot be more than 6% per year, payable either semiannually or annually in the first year and thereafter semiannually.
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.
special bond election debt approval public transit projects
Section § 98313
This law allows voters to consider multiple proposals to take on debt for different projects or goals during the same election.
Propositions for incurring indebtedness for more than one object or purpose may be submitted at the same election.
propositions incurring indebtedness multiple objects
Section § 98314
This law explains how a special bond election can either be run on its own or combined with another election. If it's combined, the normal rules for organizing the special bond election must still be followed, except for detailing election precincts, polling places, and election officers. These details can be borrowed from the other election's plan by referencing its ordinance or notice.
Any special bond election may be held separately, or may be 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 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.
special bond election election consolidation ordinance
Section § 98315
This law states that once an ordinance is published, there is no need to provide any additional notice about an election.
The ordinance shall be published, and no other notice of election need be given.
ordinance publication election notice publication requirement
Section § 98316
This section explains how specific terms from the Elections Code are adapted for use in bond elections managed by a board. Essentially, it instructs replacing the titles like 'county clerk' with 'secretary of the board', 'board of supervisors' with 'board of directors', and 'district attorney or county counsel' with 'attorney for the district'. This is for any bond election conducted under this article, following the guidelines of Article 3 of the Elections Code.
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. Wherever the words “county clerk” or “county elections official” appear in the Elections Code the words “secretary of the board” shall be substituted, for the purposes of this article, and wherever the words “board of supervisors” appear in the Elections Code, the words “board of directors” shall be substituted, and wherever the words “district
attorney or county counsel” appear in the Elections Code, the words “attorney for the district” shall be substituted.
bond election board of directors secretary of the board
Section § 98317
This law states that to approve the issuance of bonds, at least two-thirds of all voters participating in the election need to vote in favor of the proposal.
The votes of two-thirds (2/3) of all voters voting on the proposition at the election are required to authorize the issuance of bonds under this chapter.
two-thirds voter approval bond issuance election
Section § 98318
If a special bond election doesn't get enough votes, the board can't hold another similar election for six months unless 15% of voters from the last statewide election sign a petition requesting it.
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.
special bond election requisite number of votes petition by voters
