Parks and recreation: districts: repayment of indebtedness.

(1) Existing law provides for the creation and powers and duties of regional park districts, regional park and open-space districts, and regional open-space districts. Existing law authorizes those districts to acquire all necessary and proper lands and facilities by means of a plan to borrow money or by purchase on contract. Existing law requires indebtedness that is incurred in that manner to bear interest at a rate not exceeding 10% per annum, or if higher, not exceeding the rate provided under provisions governing issuance of local general obligation bonds. Under existing law, indebtedness that is incurred in that manner on or after July 1, 1982, is generally required to be repaid during a period that does not exceed 20 years from the date on which it is incurred. The bill would modify the rate at which any indebtedness incurred by all regional park districts, regional park and open-space districts, and regional open-space districts in that manner is required to bear interest by deleting the requirement that it not exceed 10% per annum, and instead authorizing a rate not exceeding the rate allowable under provisions governing issuance of local general obligation bonds. (2) Existing law requires each indebtedness to be authorized by a resolution of a district board, as provided. This bill would require indebtedness that is incurred in that manner by the Midpeninsula Regional Open Space District, on or after January 1, 2012, to be repaid during a period that does not exceed 30 years. The bill would make conforming changes. This bill would require, with regard to this indebtedness incurred by the Midpeninsula Regional Open Space District, that the resolution specify the revenue pledged by the district to repay the indebtedness, among other things.