Public Resources Code § 5790

ARTICLE 11. General Obligation Bonds

Current as of September 28, 2026Pub. Resources Code, § 5790Official source ↗

Added by Stats. 2001, Ch. 15, Sec. 4. Effective January 1, 2002.

(a) Whenever a board of directors determines that it is necessary to incur a general obligation bonded indebtedness for the acquisition or improvement of real property or for funding or refunding of any outstanding indebtedness, the board of directors shall adopt a resolution making determinations and calling an election on a proposition to incur indebtedness.

(b) The amount of the bonds to be issued shall not exceed the amount specified in the resolution calling the election.

(c) A district shall not incur bonded indebtedness that exceeds 10 percent of the assessed value of all taxable property in the district at the time the bonds are issued.