Section 99002.

Whenever the board of directors of any transit district or rapid transit district finds that areas adjacent to two or more transit stations of the district, exclusive of any right-of-way of a common carrier, receive special benefit by reason of the operation thereof and deems it necessary to form a special benefit district containing two or more zones, in order to incur a bonded indebtedness for the acquisition, construction, completion or repair of any or all improvements, works, property or facilities otherwise authorized by law for such district, or convenient or necessary to carry out the powers of the district, and in order to provide for such bonded indebtedness to be payable from a special assessment tax levied upon less than all the real property of the district, it shall, by a resolution adopted by a vote of two-thirds of all members of the board, declare and state:

(a) The purposes for which the proposed debt is to be incurred, which may include all costs and estimated costs incidental to or connected with the accomplishment of such purposes, including, without limitation, engineering, inspection, legal, fiscal agents, financial consultant, bond and other reserve funds, working capital, bond interest estimated to accrue during the construction period and for a period not to exceed three years thereafter, and expenses of all proceedings for the authorization, issuance and sale of the bonds;

(b) The estimated cost of accomplishing said purposes and the amount of the principal of the indebtedness to be incurred;

(c) That the board intends to form a special benefit district composed of a specified number of zones within a portion of the territory of the district, which in the opinion of the board will be benefited, and that the exterior boundaries of each such zone within the special benefit district are set forth on a map on file with the secretary of the district, which map shall govern for all details as to the extent of the zones within the proposed benefit district;

(d) That the board intends to call an election in all zones of the proposed benefit district on a date to be fixed for the purpose of submitting to the qualified voters of the proposed benefit district the proposition of incurring indebtedness by the issuance of bonds of the district for the special benefit district, which shall be deemed for all purposes to be a single election;

(e) That assessments for the payment of the bonds and the interest thereon shall be levied exclusively upon the taxable land in all zones of the benefit district, except for any right-of-way of a common carrier, at a uniform rate to pay the indebtedness of the entire special benefit district;

(f) The extent to which, if at all, all or a portion of the revenues of the district are to be used to pay the principal of, interest on, and sinking fund payments for, said bonds, including the establishment and maintenance of any reserve fund therefor;

(g) That a general description of each proposed construction area, together with a map showing the exterior boundaries of each zone of the benefit district with relation to the territory contiguous thereto and to the proposed improvements, is on file with the secretary of the district and is available for inspection by any person or persons interested;

(h) The time and place for a hearing by the board on the questions of the formation of said proposed benefit district, the extent thereof, the proposed construction, the estimated cost and the amount of debt to be incurred;

(i) That at the time and place specified in the resolution any person interested, including all persons owning property in the district or in the proposed benefit district, will be heard; and

(j) That at the same time as the board of supervisors is required by law to fix the general tax levy and in the manner provided for such general tax levy, the board of directors shall levy and collect upon all land in each zone of the proposed benefit district, except for any right-of-way of a common carrier, an ad valorem assessment at a uniform rate which is sufficient, together with revenues already collected and available therefor, to pay the interest on the said bonds as the same will become due and such part of the principal thereof, including any sinking fund installments required by any of the district's agreements with holders of bonds issued for the benefit district, as will become due before the proceeds of an assessment levied at the time of the next general tax levy will be available for such purposes, and sufficient to provide or to restore such reserve fund to the amount required by any of the district's agreements with holders of bonds issued for the benefit district.

(Added by Stats. 1968, Ch. 1325.)