Article 3 (commencing with Section 54380) of Chapter 6 of Part 1 of Division 2 of Title 5 of the Government Code, the limitations on the rate of interest set forth in subdivision (b) of Section 54402 of the Government Code and on the discount set forth in Section 54418 of the Government Code, and the requirements for refunding revenue bonds set forth in Sections 53573, 53583, 54388, and 54661 of the Government Code do not apply to the issuance and sale of bonds pursuant to this article. Whenever a district proposes to exercise the power to issue bonds pursuant to this article, the board shall adopt a preliminary resolution declaring its intention to authorize the issuance of bonds, which resolution shall specify all of the following:
(a) The purpose for which the proposed bonds are to be issued.
(b) The maximum principal amount of the bonds then proposed to be issued.
(c) The maximum term for which any of the bonds are to run.
(d) The maximum rate of interest to be payable upon the bonds which rate shall be determined by the board.
(e) The maximum discount, which shall be determined by the board.
(Amended by Stats. 1984, Ch. 984, Sec. 1. Effective September 11, 1984.)
Last modified: October 25, 2018