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Ad Valorem Property Taxes for GO Bonds <br />17 <br />REQUIREMENTS <br />Date of Election Any Tuesday (except within 45 days of a State-wide election unless <br />at the same time) <br />Eligible Issuers Any local governmental entity with statutory authority and the power <br />to tax real property <br />Eligible Purposes Acquisition and improvement of real property <br />Governing Board Approval Two -thirds vote for cities <br />Voter Approval Two -thirds <br />AD VALOREM PROPERTY TAX Only mechanism for increasing tax rate is <br />with two-thirds voter approval and only to acquire or improve real property <br />through the issuance of General Obligation Bonds <br />»Article XVI, Section 18 (Second California Constitution, 1879): two-thirds <br />favorable vote required for bonds of cities, counties, and school districts <br />»Article XIIIA, Section 1(b) (Proposition 46, 1986): exception from 1% real <br />property tax limit for taxes to pay voter-approved general obligation bonds <br />Property tax revenue is levied and used to pay debt service on the GO Bonds