Election approval required before issuance of bonds.
No public agency or assignee of a public agency may issue or sell bonds to finance the cost of construction or the cost of acquisition of a major public energy project, or any portion thereof, unless it has first obtained authority for the expenditure of the funds to be raised by the sale of such bonds for that project at an election conducted in the manner provided in this chapter.
[ 1981 2nd ex.s. c 6 s 4 (Initiative Measure No. 394, approved November 3, 1981).]