7.2.2 Local Issuer Bond Accountability

Government Code Sections 53410 and 53411 require a local agency that submits a bond measure for voter approval to provide accountability measures including but not limited to a statement indicating (1) the specific purposes of the bond, (2) a requirement that the proceeds be applied on the specific purposes identified, (3) the creation of an account into which the proceeds will be deposited, and (4) an annual report filed with the governing body describing the amount of funds collected and expended and the status of any projects required or authorized to be funded.