§ 4806 Bond Issuance For Sewer Projects

Key Takeaways

•The district can borrow money by selling bonds to pay for big sewer projects, but not for small local sewer lines.
•Only people who own property in the area that will benefit from the project get to vote on whether to borrow the money.
•If the vote passes, the money to pay back the bonds comes from a yearly tax on the property in that area.
•Before the vote, there’s a meeting where people can ask questions or share their thoughts about the project.

Example

A neighborhood needs a new big sewer pipe to stop flooding, but the city doesn’t have the money right now.

The city can ask the neighborhood if they want to borrow money by selling bonds to build the pipe. Only the people in that neighborhood vote, and if they say yes, their property taxes will go up a little each year to pay it back. Before the vote, there’s a meeting where people can ask questions like, 'Will this really stop the flooding?'

As an alternative method of issuing bonds the district board may, after the approval and adoption of an engineer’s report for a portion of the district, if it deems it necessary to incur a bonded indebtedness to obtain funds with which to acquire the property and do the work set forth in the report, by resolution so declare and state: (a) the general objects and purposes for which the proposed debt is to be incurred; provided, however, that such general objectives and purposes shall not include the acquisition or construction of new local street sewers or laterals as distinguished from main trunk, interceptor and outfall sewers; (b) the amount of debt to be incurred; (c) that the district board intends to form an improvement district of that portion of the district which in the opinion of said board will be benefited, the exterior boundaries of which portion are set forth on a map on file with said board, which map shall govern for all details as to the extent of the proposed improvement district, and to call an election in such improvement district on a date to be fixed, for the purpose of submitting to the qualified voters thereof the proposition of incurring indebtedness by the issuance of bonds of the district for said improvement district; (d) that taxes for the payment of said bonds and the interest thereon shall be derived exclusively from an annual tax upon the real property in the improvement district; (e) that the engineer’s report, together with a map showing the exterior boundaries of said proposed improvement district with relation to the territory immediately contiguous thereto and to the proposed improvement, are on file with the district board and are available for inspection by any person interested; (f) the time and place for a hearing by the board on the questions of the formation of said proposed improvement district, the extent thereof, the proposed improvement and the amount of debt to be incurred; and (g) that at the time and place specified in the resolution any person interested, including any persons owning property in the district or in the proposed improvement district, will be heard. (Added by Stats. 1955, Ch. 707.)

Key Takeaways

•The district can borrow money by selling bonds to pay for big sewer projects, but not for small local sewer lines.
•Only people who own property in the area that will benefit from the project get to vote on whether to borrow the money.
•If the vote passes, the money to pay back the bonds comes from a yearly tax on the property in that area.
•Before the vote, there’s a meeting where people can ask questions or share their thoughts about the project.

Example

A neighborhood needs a new big sewer pipe to stop flooding, but the city doesn’t have the money right now.

Key Takeaways

Example

Key Terms

References

§ 4806 Bond Issuance For Sewer Projects

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References