Sts. & Hy. Code, § 27220 · Chapter 12. Authority for Issuance and Sale of District Bonds
Sts. & Hy. Code, § 27220
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
Whenever the board deems it necessary for the district to incur a bonded indebtedness it shall, by resolution so declare. The resolution shall contain:
(a) A statement of the proposition to be submitted to the electors, including the purpose for which the proposed debt is to be incurred.
(b) The amount of debt to be incurred, which shall not exceed 15 per cent of the assessed value of all taxable property in the district.
(c) The maximum term, which shall not exceed 40 years, that the bonds proposed to be issued shall run before maturity.
(d) The maximum rate of interest to be paid, which shall not exceed 6 per cent per annum.
(e) A statement that interest, to be paid upon such bonds, during the period of construction of the works of the district and before any revenue is obtained therefrom shall be a capital charge, and shall be payable out of the principal sum realized from the sale of the bonds.
Notes and commentary — not statutory text
History
Added by Stats. 1943, Ch. 286.
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=SHC§ionNum=27220.
- Text hash
- sha256 f55e99db09344fff48307153d65e23aed632faef27b2dcd980159681937d0b8d
- 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.