Section 130409 Of Article 9. Transaction And Use Taxes In The County Of Orange From California Public Utilities Code >> Division 12. >> Chapter 4. >> Article 9.
130409
. An amended expenditure plan adopted pursuant to Section
130407 may include a provision to reduce a tax rate to percentages
lower than that approved by the voters and may further provide for an
increase of the tax rate if it has previously been lowered; but the
tax rate may not be increased to a rate above the tax rate approved
by the voters. Any revised tax rate may be adopted only if the
commission determines, by a two-thirds vote, that the proceeds of the
taxes with the altered tax rate will be sufficient to provide for
the payment of principal and interest of any limited tax bonds and
any other indebtedness incurred by the commission which was to be
payable from the proceeds of the retail transactions and use tax.