California Public Utilities Code

§ 131108

PUC § 131108 Effective Jan 1, 1995Div. 12.5 · Ch. 3

Statute text

(a)The board of supervisors, as part of the ballot proposition to approve the imposition of a retail transactions and use tax, may seek authorization to issue bonds as may be provided for in the adopted county transportation expenditure plan payable solely from the proceeds of the tax.

(b)The maximum bonded indebtedness which may be authorized shall be an amount equal to the sum of the principal of, and interest on, the bonds, but not to exceed the estimated proceeds of the tax, as determined by the plan.

(c)The proposition shall set forth the actual percent of the tax.

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Legislative history

Amended by Stats. 1994, Ch. 923, Sec. 214. Effective January 1, 1995.