Article 3. Calling Of Bond Election of California Water Code >> Division 21. >> Part 7. >> Chapter 1. >> Article 3.

If the board makes the final order approving the formation petition, it may, by resolution adopted by a majority of its members, call an election for the purpose of authorizing the incurring of a bonded indebtedness by the improvement district.

The resolution shall specify all of the following:
  (a) The purpose for which bonds are proposed to be issued.
  (b) The maximum rate of interest the bonds shall bear.
  (c) The number of years, not exceeding 25, the whole or any part of the bonds are to run until maturity.

The resolution shall further provide for submitting the question of the incurring of the indebtedness to the qualified electors of the improvement district at an election called for that purpose.