§ 6550.2

The formation of an improvement district shall be initiated by a resolution of the district board which shall contain all of the following:

(a) A description of the proposed boundaries of the improvement district proposed to be formed.

(b) A brief general description of the project proposed to be undertaken within such improvement district.

(c) A statement that the proposed project will be a special benefit to such improvement district.

(d) A statement of the district board’s intention to undertake the project.

(e) An estimate of the cost of the proposed project.

(f) The method by which the proposed project is proposed to be financed, including the amount of bonded debt, if any, to be incurred; and, to the extent that the project is to be financed by taxes levied in such improvement district for purposes other than the payment of the principal of, and interest on, bonds, the proposed maximum amount of such tax which may be levied in any year, which maximum shall not exceed one dollar ($1) per one hundred dollars ($100) of the assessed value of the taxable property in such improvement district.

(g) The time, place, and date for a hearing by the district board on the matters stated in such resolution, which shall be not less than 15 nor more than 60 days after the date of adoption of the resolution initiating formation proceedings.

(Added by Stats. 1968, Ch. 1055.)