Section 99100.

Whenever the legislative body of any city, or the board of supervisors of any city and county owns, a municipal transportation system, either by means of an independent transit authority established by charter or otherwise, and the legislative body or board of supervisors finds that areas adjacent to any station of the transportation system or along the route or lines of the transportation system, exclusive of any right-of-way of a common carrier, receive special benefit by reason of the operation thereof and the legislative body or board of supervisors deems it necessary to incur a bonded indebtedness for the acquisition, construction, completion or repair of any or all improvements, works, property or facilities for such system, or convenient or necessary to carry out the purposes of the system, and to provide for such bonded indebtedness to be payable from a special assessment levied upon less than all the real property of the city or city and county, it shall, by a resolution adopted by a vote of two-thirds of all members of the legislative body or board of supervisors, 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 legislative body or board of supervisors intends to form a special benefit district of a portion of the territory of the city or city and county which in the opinion of the legislative body or board of supervisors will be benefited, the exterior boundaries of which portion are set forth on a map on file with the clerk of the legislative body or the clerk of the board of supervisors, which map shall govern for all details as to the extent of the proposed benefit district, and to call an election in such proposed benefit district on a date to be fixed, for the purpose of submitting to the qualified voters thereof the proposition of incurring indebtedness by the issuance of bonds of the city or city and county for said benefit district;

(d) That assessments for the payment of said bonds and the interest thereon shall be levied exclusively upon the taxable land in the benefit district, except for any right-of-way of a common carrier;

(e) The extent to which, if at all, all or a portion of the revenues of the city or city and county 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;

(f) That a general description of the proposed construction area, together with a map showing the exterior boundaries of said proposed benefit district with relation to the territory immediately contiguous thereto and to the proposed improvement is on file with the clerk of the legislative body or the clerk of the board of supervisors and is available for inspection by any person or persons interested;

(g) The time and place for a hearing by the legislative body or the board of supervisors 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;

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

(i) 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 legislative body of any city, or the board of supervisors of any city and county shall levy and collect upon all land in 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 system'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 system's agreements with holders of bonds issued for the benefit district.

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