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HomePublic Utilities CodeDiv. 10Pt. 2Ch. 8Art. 1§ 29159 Special Election Bond Resolution

§ 29159 Special Election Bond Resolution

Public Utilities Code·California
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AI SummaryVerified

§ 29159 Special Election Bond Resolution

Key Takeaways

  • •Before borrowing money for big projects, the government must tell people why they need the money and how much it will cost.
  • •They must say how long they will take to pay back the money (up to 50 years) and how much extra (interest) they will pay (up to 6% per year).
  • •If they want to borrow money for the same thing again and people already said no, they have to wait 6 months before asking again.
  • •They must explain how they will get the money to pay back what they borrow, like through taxes.

Example

A city wants to build a new park and needs to borrow $1,000,000 to do it.

The city must tell everyone why the park is needed, how much it will cost, how long they will take to pay back the money, and how much extra they will pay each year. They also have to explain if they will use taxes to pay it back. If people vote no, the city can't ask again for 6 months.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 29159 Special Election Bond Resolution

The resolution calling the special election shall contain: (a) A statement of the general object and purpose of incurring the indebtedness. (b) Statement of the estimated cost of the proposed work and improvements. (c) The amount of the principal of the indebtedness to be incurred therefor. (d) The maximum term, which shall not exceed fifty (50) years, that the bonds proposed to be issued shall run before maturity. (e) The maximum rate of interest to be paid on said indebtedness, which shall not exceed six (6) percent per annum. (f) A statement declaring whether interest, to be paid upon such bonds during the estimated period of construction of the works of the district and for three years thereafter, or less, shall be a capital charge, and shall be payable out of the principal sum realized from the sale of bonds, and, if so, to what extent. (g) An estimate of the taxes required to be levied for all district purposes, the sources from which such taxes shall be obtained, and the proportion or amount to be derived from each source. (h) The date on which the special bond election will be held, the hours during the day which the polls will be open, and the manner of voting for and against the incurring of such indebtedness; provided, however, the district shall have no power or authority, within six (6) months after an election at which a proposition submitted to the qualified electors of the district failed to receive the requisite number of votes as provided in Section 29168, to call or order another election for incurring any indebtedness for purposes substantially the same as voted upon at such prior election. If the special bond election is consolidated with any other election, the hours during which the polls shall be kept open in each county shall be the same as those provided for the election with which the election called pursuant to this part is consolidated and reference to that effect in the resolution shall be sufficient without specifying the particular hours. (Amended by Stats. 1961, Ch. 1967.)

Last verified: January 23, 2026

Key Terms

special electionindebtednessbondsmaximum termmaximum rate of interestcapital chargetaxesqualified electors

Related Statutes

  • § 101283 Voter Bond Issuance Petition
  • § 101290 Special Bond Election Requirements
  • § 101291 Multiple Purpose Bond Propositions
  • § 13661 Annexed Territory Debt Liability
  • § 26402 City Annexation Agreement Terms

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Public Utilities Code. Section 29159.
View Official Source