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Measure V (June 21, 2016)

Chapter 3.35 of Title 3 of the Municipal Code is added to read:

3.35 VOTER APPROVAL PRIOR TO ISSUANCE OF PUBLIC DEBT SECURED BY FEES OR CHARGES ON SERVICES

(a) No ordinance or resolution authorizing the issuance of bonds or other forms of public debt in an amount exceeding ten million dollars ($10,000,000) to provide funds for the acquisition, construction, improving, or financing of an enterprise, secured by revenues derived from the operation of the enterprise, shall become effective unless approved by the voters, as provided herein.

(b) For purposes of this Section:

(1) The terms bonds, enterprise, charges, and revenues shall have the same meaning as provided for the in the Revenue Bond Law of 1941 (Chapter 6 of Division 2 (commencing with Section 54300) of the Government Code);

(2) The term public debt includes, but is not limited to, certificates of participation, or public leaseback, secured by revenues derived from the operation of the enterprise, or lease payments made by or to advance the purpose of the enterprise.

(c) The election required shall comply with the provisions of Article 3 of Chapter 6 of Division 2 (commencing with section 54380) of the Government Code.

(d) No ordinance or resolution that authorized the issuance of bonds or public debt that would have been subject to the voter approval requirement of this section. enacted by the council after the date the notice of intent to circulate petitions was filed by the proponents proposing enactment of this section, but before its adoption by the voters, shall be implemented or enforced unless and until the voters approve that ordinance or resolution pursuant to this section.

(e) If any provision of this section, or any part thereof, is for any reason held to be invalid or unconstitutional, the remaining provisions shall not be affected, but shall remain in full force and effect, and to this end, the provisions of this section are severable.