Gov. Code, § 50665.5 · Article 4. Limited Obligation Bonds
Gov. Code, § 50665.5
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
For all local agencies, the initiating resolution shall recite each of the following:
(a) That the initiating resolution is being adopted pursuant to the powers granted by this article.
(b) The object and purpose of incurring the indebtedness.
(c) The estimated cost of the public improvements.
(d) The maximum amount of the indebtedness.
(e) A maximum rate of interest on the indebtedness.
(f) (1) A pledge by the local agency that any bonds issued pursuant to the initiating resolution shall be secured by all or part of the revenues received by the local agency.
(2) The local agency may restrict the pledge to the revenues received by the local agency from a specified geographical area that is within the local agency’s exterior boundaries. The legal description of the boundaries of the geographical area shall be contained in the resolution.
(g) The date of the election.
(h) The manner of holding the election and the procedure for voting for or against the proposition.
Notes and commentary — not statutory text
History
Amended by Stats. 2007, Ch. 25, Sec. 1. Effective January 1, 2008.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=50665.5.
- Text hash
- sha256 5d8b70813c17c00ea1bf27e5877a804c1cb775c8851ee4252c95e1f6817f3eea
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.