(a) Whenever a board of directors determines that it is necessary to incur a general obligation bonded indebtedness for the acquisition or improvement of real property or for funding or refunding of any outstanding indebtedness, the board of directors shall adopt a resolution making determinations and calling an election on a proposition to incur indebtedness.
(b) The amount of the bonds to be issued shall not exceed the amount specified in the resolution calling the election.
(c) A district shall not incur bonded indebtedness that exceeds 10 percent of the assessed value of all taxable property in the district at the time the bonds are issued.
(Added by Stats. 2001, Ch. 15, Sec. 4. Effective January 1, 2002.)