After the board has made its determination pursuant to Section 31387, if it deems it necessary to incur the bonded indebtedness, it shall by resolution state:
(a) That it deems it necessary to incur the bonded indebtedness.
(b) The purpose for which the bonded indebtedness will be incurred.
(c) Either of the following in accordance with its previous determination:
(1) That the whole of the district will be benefited by incurring the bonded indebtedness.
(2) That a portion of the district will be benefited by incurring the bonded indebtedness, which portion shall be described as it is described in the resolution of the board made pursuant to Section 31387.
(d) The amount of debt to be incurred.
(e) The maximum term the bonds to be issued shall run before maturity, which term shall not exceed 40 years from the date of the bonds or any series thereof.
(f) The annual rate of interest to be paid which rate shall not exceed 8 percent, payable annually or semiannually.
(g) The proposition to be submitted to the voters.
(Amended by Stats. 1975, Ch. 130.)
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