Whenever the board deems it necessary for the district to incur a bonded indebtedness, the board shall, by resolution, so declare and state the purpose for which the proposed debt is to be incurred, the amount of debt to be incurred, the maximum term the bonds proposed to be issued shall run before maturity, which shall not exceed 40 years; the maximum rate of interest to be paid, which shall not exceed 8 percent per annum, and the measure to be submitted to the voters.
FinancesBonds
Section § 60270
This law section states that whenever a district's board believes the district needs to take on debt through bonds, they must issue a resolution. The resolution should detail why the debt is needed, how much debt will be incurred, the bond's term which can last up to 40 years, and the maximum interest rate, capped at 8% per year. The proposal to incur debt must then be presented to the voters for approval.
bonded indebtedness board resolution proposed debt
Section § 60271
This law section says that the board must set a specific date for an election where voters will decide whether to approve the incurring of bonded debt.
The board shall fix a date upon which an election shall be held for the purpose of authorizing said bonded indebtedness to be incurred.
board election date bonded indebtedness incur bond debt
Section § 60272
This law section states that the board has the responsibility to organize a special election on a specified day. The election should follow the rules outlined in the Elections Code, unless there are specific exceptions mentioned within this section.
It shall be the duty of the board to provide for holding such special election on the day so fixed and in accordance with the provisions of the Elections Code so far as the same shall be applicable, except as herein otherwise provided.
special election board responsibilities organizing elections
Section § 60273
This section says that the board responsible for organizing an election must provide a notice. This notice should include the text of the approved resolution by the district board. It should also specify the voting precincts, where people can vote, and the names of the election officers at each precinct - one judge, one inspector, and two clerks.
Such board shall give notice of the holding of such election, which notice shall contain the text of the resolution adopted by the board of the district, the designation of precincts, the location of polling places, and the names of the officers selected to conduct the election, who shall consist of one judge, one inspector and two clerks in each precinct.
election notice resolution text voting precincts
Section § 60274
This law states that if an election is combined with a state or county election, the same precincts, polling places, and election officers will be used for both. It's enough for the resolution and notice to indicate this arrangement.
In case such election is consolidated with a state or county election, the precincts, polling places, and election officers shall be the same as provided for such state or county election, and it shall be sufficient if the resolution and notice so state.
election consolidation precincts polling places
Section § 60275
This law says that a notice must be published in a newspaper chosen by the board if the district has one. If not, it should be posted in three public places within each affected county. This notice has to be made public between 14 and 28 days before the election date.
The notice shall be published in such district pursuant to Section 6066 of the Government Code in a newspaper or newspapers designated by the board. If there is no newspaper published in such district, then such notice shall be posted in three public places in such district in each affected county. Publication or posting shall be complete at least 14, but not more than 28, days prior to the date of the election.
notice publication district elections newspaper designation
Section § 60276
The district is responsible for paying all the costs associated with conducting the election.
All the expenses of holding such election shall be borne by the district.
election expenses district responsibility costs of election
Section § 60277
After an election, the board has seven days to finalize and announce the results. They must follow procedures similar to those in the Elections Code unless stated otherwise in this specific act.
The returns of such election shall be made, the votes canvassed by said board within seven days following said election, and the results thereof ascertained and declared in accordance with the provisions of the Elections Code, so far as they may be applicable, except as in this act otherwise provided.
election returns vote canvassing results declaration
Section § 60278
As soon as the results are announced, the board's secretary is responsible for recording these results in the board's official records.
The secretary of the board, as soon as the result is declared, shall enter in the records of such board a statement of such results.
board secretary responsibilities recording results result declaration
Section § 60279
This law section states that if an election is generally fair, small mistakes or informalities in how it's conducted won't make the election invalid.
No irregularities or informalities in conducting such election shall invalidate the same, if the election shall have otherwise been fairly conducted.
election irregularities informalities fair election
Section § 60280
If you want to challenge the validity of certain bonds or the related processes, you must start your legal action within three months after the election date. If you don't, the bonds and their proceedings will be assumed to be completely legal and beyond question.
Any action or proceeding, wherein the validity of any such bonds or of the proceedings in relation thereto is contested, questioned or denied, shall be commenced within three months from the date of such election; otherwise, said bonds and all proceedings in relation thereto shall be held to be valid and in every respect legal and incontestable.
bond validity challenge three-month deadline contest bond proceedings
Section § 60281
If more than two-thirds of the votes are in favor of taking on new debt, the board can decide when and how to create and sell bonds. These bonds can be sold for cash or its equivalent as deemed beneficial to the public interest.
If from such returns it appears that more than two-thirds of the votes cast at such election held pursuant to the provisions of this chapter were in favor of and assented to the incurring of such indebtedness, then the board may, by resolution, at such time or times as it deems proper, provide for the form and execution of such bonds and for issuance of any part thereof, and may sell or dispose of the bonds so issued at such times or in such manner, either for cash in lawful money of the United States or its equivalent, as it may deem to be to the public interest.
bond issuance incurring indebtedness voter approval
Section § 60282
This law states that any bonds issued by a district in California are treated the same as bonds issued by a city. They are also exempt from all taxes within the state.
Any bonds issued by any district are hereby given the same force, value and use as bonds issued by any city and shall be exempt from all taxation within the State of California.
district bonds city bonds tax exemption
