California Public Utilities Code

§ 240308

PUC § 240308 Effective Jan 1, 2010Div. 25 · Ch. 4

Statute text

(a)If requested to do so by the commission in its resolution calling for an election, the board of supervisors, as part of the ballot proposition to approve the imposition of a retail transactions and use tax, may seek authorization to issue bonds for capital outlay expenditures as may be provided for in the ordinance expenditure plan payable from the proceeds of the tax.

(b)The maximum bonded indebtedness that may be outstanding at any one time shall be an amount equal to the sum of the principal of, and interest on, the bonds, but not to exceed the estimated proceeds of the tax, as determined by the plan. The amount of bonds outstanding at any one time does not include the amount of bonds, refunding bonds, or bond anticipation notes for which funds necessary for the payment thereof have been set aside for that purpose in a trust or escrow account.

(c)The proposition shall set forth each of the following:

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Legislative history

Amended by Stats. 2009, Ch. 140, Sec. 170. (AB 1164) Effective January 1, 2010.