CHAPTER 5. Bond Issues [9400 - 9405]
( Chapter 5 enacted by Stats. 1994, Ch. 920, Sec. 2. )
Notwithstanding any other provision of law, this chapter applies to all bond issues proposed by a county, city and county, city, district, or other political subdivision, or by any agency, department, or board thereof, the security for which constitutes a lien on the property for ad valorem taxes within the jurisdiction and the proposal for which is required to be submitted to the voters for approval.
(Amended by Stats. 2006, Ch. 289, Sec. 7. Effective January 1, 2007.)
(a) In connection with each bond issue specified in Section 9400, a statement shall be mailed to the voters with the sample ballot for the bond election. The statement required by this section shall be filed with the elections official conducting the election not later than the 88th day before the election, and shall include all of the following:
(1) The best estimate from official sources of the average annual tax rate that would be required to be levied to fund that bond issue over the entire duration of the bond debt service, based on assessed valuations available at the time of the election or a projection based on experience within the same jurisdiction or other demonstrable factors. The estimate shall also identify the final fiscal year in which the tax is
anticipated to be collected.
(2) The best estimate from official sources of the highest tax rate that would be required to be levied to fund that bond issue, and an estimate of the year in which that rate will apply, based on assessed valuations available at the time of the election or a projection based on experience within the same jurisdiction or other demonstrable factors.
(3) The best estimate from official sources of the total debt service, including the principal and interest, that would be required to be repaid if all the bonds are issued and sold. The estimate may include information about the assumptions used to determine the estimate.
(b) In addition, the statement may contain a declaration of policy of the legislative or governing body of the applicable jurisdiction, proposing to use revenues other than
ad valorem taxes to fund the bond issue, and the best estimate from official sources of these revenues and the reduction in the tax rate levied to fund the bond issue resulting from the substitution of revenue.
(c) For purposes of this chapter, “tax rate” means tax rate per one hundred thousand dollars ($100,000) of assessed valuation on
all property to be taxed to fund a bond issue described in Section 9400.
(Amended by Stats. 2023, Ch. 720, Sec. 1. (SB 798) Effective January 1, 2024.)
All official materials, including any voter information guide prepared, sponsored, or distributed by the jurisdiction that has proposed the bond issue or that is financed in whole or part by funds furnished by that jurisdiction, directed at or including a bond issue proposal, but excluding a notice of election required by law to be posted or published, shall contain a statement of the tax rate data specified in Section 9401.
(Amended by Stats. 2016, Ch. 422, Sec. 54. (AB 2911) Effective January 1, 2017.)
Failure to comply with this chapter shall not affect the validity of any bond issue following the sale and delivery of the bonds.
(Enacted by Stats. 1994, Ch. 920, Sec. 2.)
The Legislature declares that the essence of compliance with this chapter is good faith in presenting to voters the most accurate available information for their use in effecting comparisons and exercising judgment in casting their ballots.
(Enacted by Stats. 1994, Ch. 920, Sec. 2.)
Whenever the elections official is required to mail a statement, as provided in Section 9401, only one copy of the statement shall be mailed to a postal address where two or more registered voters have the same surname and the same postal address.
This section shall only apply if the legislative body adopts this section and the election official conducting the election approves of the procedure.
(Enacted by Stats. 1994, Ch. 920, Sec. 2.)