Chapter 1.20
FULL DISCLOSURE OF
BONDED INDEBTEDNESS

Sections:

1.20.010    Generally.

1.20.010 Generally.

For the purpose of fully informing the electorate incident to voter approval of any bond issue requiring submittal to the voters, the City Council, when submitting ordinances authorizing voter approval of any bond issue except for those authorizing the sale of bonds to finance a local improvement district, shall, as a part of such bond approval ordinance, contain a statement therein showing the City’s then current outstanding bonded indebtedness, the then current tax rate levy applicable to such indebtedness, the proposed amount of new bonded indebtedness by reason of the proposed bond issue, and the probable tax rate levy applicable to the newly proposed bond issue if approved by the voters. (Ord. 1502 § 1, 1981).