§ 6077 District Bond Issuance Limits

It may borrow money and incur indebtedness and issue bonds or other evidence of indebtedness. All bond elections called by the board shall be conducted and held pursuant to Article 1 (commencing with Section 43600) of Chapter 4 of Division 4, Title 4 of the Government Code. When in that article, the word “city” is used it includes the district and whenever the words “legislative body” are used they mean the board. The purposes for which bonded indebtedness may be incurred by the district are described in Section 6075. All bonds issued shall be signed by the board and a district shall not incur a bonded indebtedness which in the aggregate exceeds 15 percent of the assessed value of all the real and personal property in the district. (Amended by Stats. 1959, Ch. 530.)