The City of Alhambra shall be restricted from incurring, directly or indirectly, any indebtedness by reason of its power to enter into “Joint Powers Agreements” as authorized by Chapter 5, Division 7, Title-I (commencing with Section 6500) and any sections amendatory or supplementary thereto of the Government Code of the State of California, unless -
1. The aggregate principal amount of revenue bonds to be issued shall not exceed twenty-five thousand dollars ($25,000.00) unless the proposition of issuing such revenue bonds in excess of said amount shall have been submitted to the electors of the city and shall have been approved by a two-thirds (2/3) majority of voters voting upon the proposition at a prior General or Special Municipal Election;
2. Every Joint Powers Agreement presented to the electors for its consent shall recite, in detail, the specific projects to be financed;
3. Every Joint Powers Agreement presented to the electors for its consent shall recite a specific financial obligation limit (debt ceiling) to be committed, and, for which amount only (or lesser amount) the authorized revenue bonds shall be issued and sold. Said debt ceiling shall restrict the city from incurring additional indebtedness without the further consent of the electors as stated above per Subsection 1;
4. Such Joint Powers Agreement shall be with other entities for the purpose of providing liability insurance for the City of Alhambra against public liability for damages.
Editor's note: This section was added by Senate Concurrent Resolution No. 99, which was ratified by the qualified electors of the city June 2, 1979; and amended as approved by the voters of the city at a general municipal election held November 4, 1986. This section was further amended by the voters of the city on March 26, 1996.