Pub. Util. Code, § 240311 · Chapter 4. Transactions and Use Tax
Pub. Util. Code, § 240311
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) A resolution authorizing the issuance of bonds shall state all of the following:
(1) The purposes for which the proposed debt is to be incurred, which may include all costs and estimated costs incidental to, or connected with, the accomplishment of those purposes, including, without limitation, engineering, inspection, legal, fiscal agents, financial consultant and other fees, bond and other reserve funds, working capital, bond interest estimated to accrue during the construction period and for a period not to exceed three years thereafter, and expenses of all proceedings for the authorization, issuance, and sale of the bonds.
(2) The estimated cost of accomplishing those purposes.
(3) The amount of the principal of the indebtedness.
(4) The maximum term the bonds proposed to be issued shall run before maturity, which shall not be beyond the date of termination of the imposition of the retail transactions and use tax.
(5) The maximum rate of interest to be paid, which shall not exceed the maximum allowable by law.
(6) The denomination or denominations of the bonds, which shall not be less than five thousand dollars ($5,000).
(7) The form of the bonds, including, without limitation, registered bonds and coupon bonds, to the extent permitted by federal law, and the form of any coupons to be attached thereto, the registration, conversion, and exchange privileges, if any, pertaining thereto, and the time when all of, or any part of, the principal becomes due and payable.
(b) The resolution may also contain any other matters authorized by this chapter or any other law.
Notes and commentary — not statutory text
History
Added by Stats. 1987, Ch. 270, Sec. 2. Effective July 28, 1987.
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=PUC§ionNum=240311.
- Text hash
- sha256 1b5728b602f59303de0c70042063d20c8d655f8a8b0adb2d2412eb68a3e8339c
- 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.