On or after January 1, 2001, any local bond measure that is subject to voter approval that would provide for the sale of bonds by a local agency shall provide accountability measures that include, but are not limited to, all of the following:
(a) A statement indicating the specific single purpose of the bond.
(b) A requirement that the proceeds be applied only to the specific purpose identified pursuant to subdivision (a).
(c) The creation of an account into which the proceeds shall be deposited.
(d) An annual report pursuant to Section 53411.
(Added by Stats 2000, Ch. 535, Sec. 5)