Stockton Municipal Code Art. XXIII Acquisition of Public Utilities

Notwithstanding any other provision of this Charter, neither the City of Stockton, nor any agency thereof, shall issue any bonds, the proceeds of which are to be used to acquire any facility of any public utility, without first obtaining the approval of the electors of the City voting on the question or the approval of the public utility.

(Added Election 10/9/73 effective 1/17/74; Amended Election 11/8/94 effective 5/22/95)

For purposes of this article:

(a) An "agency" of the City of Stockton shall include, without limitation, any improvement or assessment district formed, created, organized or approved, directly or indirectly, by the City of Stockton or the City Council of the City of Stockton;

(b) "Issue" shall include, without limitation, the direct or indirect creation, sale, or guaranty of any bond;

(c) "Bonds" shall include, without limitation, general obligation, revenue, and assessment bonds and all other bonds of whatsoever nature which the City of Stockton or any agency thereof may now or hereafter be authorized to issue;

(d) "Facility" shall include, without limitation, any utility system or part of a utility system;

(e) "Approval of the electors of the City" shall be established when 2/3 or more of the electors voting on the question vote in favor of issuance of such bonds, except in the case of revenue bonds "approval of the electors of the City" shall be established when a majority of the electors voting on the question vote in favor of issuance of such revenue bonds.

(Added Election 10/9/73 effective 1/17/74; Amended Election 11/8/94 effective 5/22/95)