Whenever the board deems it necessary for the VTA to incur a bonded indebtedness for the acquisition, construction, or repair of any or all improvements, works, property, or facilities, authorized by this part or necessary or convenient for the carrying out of the powers of the VTA, or for any other purpose authorized by this part, the board shall, by ordinance, adopted by a vote of two-thirds of all members of the board, so declare and call an election to be held within the boundaries of the VTA for the purpose of submitting to the qualified voters thereof the proposition of incurring indebtedness by the issuance of bonds of the VTA, if the total amount of bonds issued and outstanding pursuant to this article do not exceed 15 percent of the assessed value of the taxable property of the VTA as shown by the last equalized assessment roll of the County of Santa Clara. The ordinance shall state:
(a) The purposes for which the proposed debt is to be incurred, which may include all costs and estimated costs incidental to or connected with the accomplishment of those purposes, including, without limitation, engineering, inspection, legal, fiscal agents, financial consultant, and other fees; bond and other reserve funds; working capital; bond interest estimated to accrue during the construction period and for a period not to exceed three years thereafter; and expenses of all proceedings for the authorization, issuance, and sale of the bonds.
(b) The estimated cost of accomplishing those purposes.
(c) The amount of the principal of the indebtedness.
(d) The maximum term the bonds proposed to be issued shall run before maturity, which shall not exceed 50 years from the date thereof or the date of each series thereof.
(e) The maximum rate of interest to be paid, which shall not exceed 7 percent per annum.
(f) The proposition to be submitted to the voters, which may include one or more purposes.
(g) The date of the election.
(h) The manner of holding the election and the procedure for voting for or against the measure.
(i) The ordinance may also contain a statement that the retail transaction and use tax mentioned in Article 9 (commencing with Section 100250) of Chapter 5, or a stated portion thereof, shall be levied, or continued to be levied, and used to the extent required to pay principal of and interest on the bonds as they become due, to provide for any sinking fund payments required therefor, or to create or maintain any reserve fund required therefor.
(j) The ordinance may also contain any other matters authorized by this part or any other law.
(Amended by Stats. 2016, Ch. 381, Sec. 85. (AB 2196) Effective January 1, 2017.)