2016 California Code
Public Resources Code - PRC
DIVISION 11 - RESORT IMPROVEMENT DISTRICTS
CHAPTER 6 - Bonds
Section 13109.
13109. After the board has made its determination pursuant to Section 13105, if it deems it necessary to incur the bonded indebtedness, it shall by resolution state:
(a) That it deems it necessary to incur the bonded indebtedness.
(b) The purpose for which the bonded indebtedness will be incurred.
(c) Either of the following in accordance with its previous determination:
(1) That the whole of the district will be benefited by incurring the bonded indebtedness.
(2) That a portion of the district will be benefited by incurring the bonded indebtedness, which portion shall be described in the resolution of the board made pursuant to Section 13105.
(d) The amount of debt to be incurred.
(e) The maximum term the bonds to be issued shall run before maturity, which term shall not exceed 40 years.
(f) The annual rate of interest to be paid, which rate shall not exceed 7 percent, payable annually or semiannually, or in part annually and in part semiannually.
(g) The proposition to be submitted to the voters.
(h) The date of the special district election (which may be consolidated with a general election) at which such proposition shall be submitted to the voters; the hours between which the polls shall be open; the boundaries of voting precincts within the area or portion thereof benefited by incurring the bonded indebtedness; the location of polling places; and the names of the officers selected to conduct such election in each precinct, who shall consist of one judge, one inspector and two clerks.
(Added by Stats. 1961, Ch. 2069.)
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