Section 5860 Of Article 3. Election For Formation And Issuance Of Bonds From California Harbors And Navigation Code >> Division 8. >> Part 2. >> Chapter 1. >> Article 3.

. The board shall pass a resolution calling an election for the purpose of submitting to the qualified voters the proposition of the formation of the district and incurring a bonded debt and issuing and selling bonds, to pay the cost of the improvement or development work, in a sum not greater than the estimated cost, and the incidental expenses as found by the board.