§ 26207 Special Bond Election Requirements

• •This law is about a special vote (election) to decide if a city or town can borrow money (take on debt) for big projects like building buses, trains, or roads.
• •The vote must say exactly what the money will be used for, how much it will cost, and how much interest the city will pay (no more than 6% per year).
• •The city must tell people when the vote will happen and how they can vote yes or no.
• •The city can only borrow money if most people vote yes.

A city wants to build a new subway line to help people get around faster.

The city must hold a vote where everyone can say yes or no to borrowing money for the subway. They have to explain how much the subway will cost, how much they’ll borrow, and that the interest on the loan won’t be more than 6% per year. If most people vote yes, the city can borrow the money.