CHAPTER 5. The University of California Revenue Bond Act of 1947 [92400. - 92571.]

Chapter 5 enacted by Stats. 1976, Ch. 1010.

§§ 92400–92571 · 89 sections

1. ARTICLE 1. General Provisions §§ 92400–92411 · 12 sections

   • § 92400 This chapter may be cited as “the University of California Dormitory Revenue Bond Act of 1947.”
   • § 92401 Wherever used or referred to in this chapter, or in any indenture entered into pursuant to this chapter, the definitions set forth in this article govern the…
   • § 92402 “Bonds” or “revenue bonds” means the written evidence of any obligation issued by the regents, payment of which is secured by a pledge of revenues or any part…
   • § 92403 “Holder of bonds” or “bondholder” or any similar term means any person who shall be the bearer of any outstanding revenue bond or bond registered to bearer or…
   • § 92404 “Indenture” means an agreement entered into by the regents pursuant to which revenue bonds are issued regardless of whether such agreement is expressed in the…
   • § 92405 “Person” includes any individual, firm, corporation, association, copartnership, trust, business trust, or receiver or trustee or conservator for any…
   • § 92406 “Project” means any one or more dormitories, other housing facilities, boarding facilities, student union facilities, vehicle parking facilities, or any other…
   • § 92407 “Regents” means the existing corporation known as “the Regents of the University of California,” as such corporation is constituted by the provisions of…
   • § 92408 “Revenues” means and includes any and all fees, rates, rentals, and other charges received or receivable in connection with, and any and all other incomes and…
   • § 92409 “University of California” means the public trust created by Section 9 of Article IX of the Constitution, and each and all of the campuses of the university…
   • § 92410 The provisions of this chapter shall be liberally construed to carry out the objectives and purposes and the declared policy of the state expressed in this…
   • § 92411 The provisions of this chapter are severable. If any provision of this chapter or its application is held invalid, that invalidity shall not affect other…
2. ARTICLE 2. Powers of Regents §§ 92430–92450 · 22 sections

   • § 92430 In addition to, and in amplification of, all other powers conferred upon the regents by the Constitution or by any statute of this state, the regents shall…
   • § 92431 The regents may acquire by grant, purchase, gift, devise, lease, or by the exercise of the right of eminent domain, and may hold, use, sell, lease, or dispose…
   • § 92432 The regents may construct, own, operate, and control any project.
   • § 92433 The regents may fix rates, rents, or other charges for the use of any facilities acquired, constructed, equipped, furnished, operated, or maintained by the…
   • § 92434 The regents may enter into covenants to increase rates or charges from time to time as may be necessary pursuant to any contract or agreement with the holders…
   • § 92435 The regents may at any time and from time to time issue revenue bonds in order to raise funds for the purpose of establishing any project or of acquiring lands…
   • § 92436 The regents may contract with any department or agency of the United States or of this state upon such terms and conditions as the regents find are for the…
   • § 92437 The regents may make contracts, leases, and agreements with any person or public corporation, political subdivision, city, county, district, or any agency of…
   • § 92438 The regents may sell, lease, convey, or otherwise dispose of any of its rights, interest, or properties, subject to any contractual obligation which may be…
   • § 92439 The regents may exercise the right of eminent domain for the condemnation of private property, or of any right or interest in private property.
   • § 92440 The regents may adopt such rules and regulations as may be necessary to enable the regents to exercise the powers and to perform the duties conferred or…
   • § 92440.5 (a) Notwithstanding any other provision of law, to the extent that the regents adopt or amend a rule or regulation pertaining to the governance and maintenance…
   • § 92441 The regents have full charge of the acquisition, construction, and completion of all projects authorized by the regents and may proceed with such work…
   • § 92442 The regents may construct any project and acquire all property necessary for a project in such manner and at such location and on such terms and conditions as…
   • § 92443 Title to all property acquired by the regents, and the revenues and income from such property, is in the regents. The title to any moneys, revenues, sinking…
   • § 92444 At all times the operation, maintenance, control, repair, construction, reconstruction, alteration, and improvement of any project are vested in the regents.
   • § 92445 The regents may use for the payment of the costs of acquisition, construction, or completion of any project any funds made available to the regents by the…
   • § 92446 The regents may insure against loss of revenues from any cause whatsoever and the proceeds of any such insurance shall be used solely for the payment of bonds…
   • § 92447 The regents may insure against public liability or property damage and against loss by fire or other hazards. The regents may provide in an indenture for the…
   • § 92448 The regents may authorize any officer or officers of the regents to prepare and procure the printing or engrossing of bonds, coupons, indentures, or other…
   • § 92449 The regents shall fix rents, charges, and fees for all projects acquired, constructed, or completed under the terms of this chapter for the use of such…
   • § 92450 Nothing in this article or elsewhere in this chapter shall be construed directly or by implication to be in any way in derogation of, or in limitation of,…
3. ARTICLE 3. Revenue Bonds §§ 92470–92496 · 29 sections

   • § 92470 The regents shall issue revenue bonds in the name of the regents and as obligations of the regents, but neither the principal of, nor interest on, any bond…
   • § 92471 The regents shall determine the time, form, and manner of the issuance of revenue bonds.
   • § 92472 The validity of the authorization and issuance of any revenue bonds by the regents is not dependent on nor affected in any way by any of the following: (a)…
   • § 92473 Before issuing any bond or bonds pursuant to this chapter, the regents shall by resolution declare the purpose for which the proceeds of the bonds proposed to…
   • § 92474 The regents may provide for one or several issues of bonds and may issue bonds in series or may divide any issue into one or more divisions and fix different…
   • § 92475 Bonds may be issued as coupon bonds or as registered bonds. The regents may provide for the interchange of coupon bonds for registered bonds and registered…
   • § 92476 Bonds shall bear interest at a rate of not to exceed 12 percent per annum, payable annually or semiannually, or in part annually and in part semiannually.
   • § 92477 Bonds may be callable upon such terms, conditions, and upon such notice as the regents may determine, and upon the payment of such premium as may be fixed by…
   • § 92478 The regents may provide for the payment of the principal and interest of bonds at any place within or without the state, and in specified coin or currency of…
   • § 92479 The regents may provide for the execution and authentication of bonds by the manual, lithographed, or printed facsimile signature of officers of the regents…
   • § 92480 Bonds shall bear dates prescribed by the regents. Bonds may be serial bonds or sinking fund bonds with such maturities as the regents may determine. No bond by…
   • § 92481 Bonds may be sold at either public or private sale. The regents may fix terms and conditions for the sale or other disposition of any authorized issue of…
   • § 92482 The regents may provide for the security of bonds. The regents may use and expend all or any part of any funds or proceeds of any property owned by it, whether…
   • § 92483 All costs and expenses incident to the issuance and sale of bonds may be paid out of the proceeds of the sale of the bonds. Interest on bonds may be paid out…
   • § 92484 The regents may provide that the bonds and the interest on the bonds shall be secured by all or by part of revenues of a project upon the basis of which…
   • § 92485 Pending the actual issuance or delivery of revenue bonds, the regents may issue temporary or interim bonds, certificates, or receipts of any denominations…
   • § 92486 The regents may provide for the replacement of lost, destroyed, or mutilated bonds, or coupons.
   • § 92487 Bonds issued pursuant to this chapter and the interest or income from such bonds, are exempt from all taxation in this state other than gift, inheritance, and…
   • § 92488 The regents may designate a bank or trust company, qualified to do business in this state, as a trustee for the regents and the holders of bonds issued…
   • § 92489 The regents may fix and determine the conditions upon which any trustee shall receive, hold, or disburse any or all revenues deposited with it by or by…
   • § 92490 All bonds issued pursuant to this chapter are negotiable instruments, except when registered in the name of a registered owner.
   • § 92491 Except as provided otherwise in any indenture, the holder of any bond issued pursuant to this chapter may, by mandamus or other appropriate proceeding, require…
   • § 92492 Notwithstanding any other provision of law, all bonds sold and delivered pursuant to this chapter are legal investments for all trust funds and for the funds…
   • § 92493 (a) (1) The University of California may pledge, along with its other revenues, its annual General Fund support appropriation less the amount of that…
   • § 92494 (a) The University of California may fund pay-as-you-go capital outlay projects from its General Fund support appropriation pursuant to Sections 92495 and…
   • § 92495 (a) (1) Commencing with the 2013–14 fiscal year and for each fiscal year thereafter, if the University of California plans to use any of its support…
   • § 92495.5 The university shall manage its general revenue bond program and the payments referenced in Section 92493, in a manner so that not more than 15 percent of its…
   • § 92495.6 Notwithstanding Sections 13332.11 and 13332.19 of the Government Code or any other law, the University of California may proceed with capital expenditures and…
   • § 92496 If the university is able to reduce annual debt service costs by refunding, defeasing, or retiring general obligation bonds or State Public Works Board lease…
4. ARTICLE 4. Indentures §§ 92510–92533 · 24 sections

   • § 92510 The regents may enter into indentures providing for the aggregate principal amount, date or dates, maturities, interest rates, denominations, form,…
   • § 92511 An indenture pursuant to which bonds are issued may include any and all such convenants and agreements on the part of the regents as the regents deems…
   • § 92512 An indenture shall provide the means by which payments of principal and interest of bonds shall be secured.
   • § 92513 An indenture may include a clause relating to the bonds issued pursuant to the indenture requiring the regents to pay or cause to be paid punctually the…
   • § 92514 The regents may include in an indenture such limitations as to competitive projects, both as to location and comparative rentals, as may be deemed necessary or…
   • § 92515 The regents may also include in an indenture a covenant that no project acquired, constructed, or completed from the proceeds of revenue bonds issued by the…
   • § 92516 An indenture may include a clause relating to the bonds issued pursuant to the indenture, requiring the regents to operate the project continuously, to the…
   • § 92517 An indenture may include a clause relating to the bonds issued pursuant to the indentures requiring the regents to make all necessary repairs, renewals, and…
   • § 92518 An indenture may include a clause relating to the bonds issued pursuant to the indenture requiring the regents to preserve and protect the security of the…
   • § 92519 An indenture may include a clause relating to the bonds issued pursuant to the indenture requiring the regents to pay and discharge, or cause to be paid and…
   • § 92520 An indenture may include a clause relating to the bonds issued pursuant to the indenture which limits, restricts, or prohibits any right, power, or privilege…
   • § 92521 An indenture may include a clause relating to the bonds issued pursuant to the indenture requiring the regents to fix, prescribe, and collect rates, rentals,…
   • § 92522 An indenture may include a clause relating to the bonds issued pursuant to the indenture requiring the regents to hold, or cause to be held, in trust the…
   • § 92523 An indenture may include a clause defining the power of the regents in applying the proceeds of the sale of any issue of bonds for the acquiring, constructing,…
   • § 92524 An indenture may include a clause limiting the power of the regents to issue additional bonds for the purpose of acquiring, constructing, or completing any…
   • § 92525 An indenture may include a clause requiring, specifying, or limiting the kind, amount, and character of insurance to be maintained by the regents on any…
   • § 92526 An indenture may include a clause providing the events of default and the terms and conditions upon which any or all of the bonds of the regents then or…
   • § 92527 An indenture may include a clause designating the rights, limitations, powers, and duties arising upon breach by the regents of any of the covenants,…
   • § 92528 An indenture may include a clause prescribing procedure by which the terms and conditions of the indenture may be subsequently amended or modified with the…
   • § 92529 With respect to any clause providing for the modification or amendment of an indenture, the regents may agree that bonds held by the regents or by the state or…
   • § 92530 An indenture may include a clause or clauses providing for such other acts and matters as may be necessary or convenient or desirable in order better to secure…
   • § 92531 The regents may provide in an indenture that the proceeds from the sale of all revenue bonds authorized pursuant to this chapter shall be paid directly to any…
   • § 92532 Moneys in any construction fund may be invested as the regents in its sole discretion shall determine, subject only to such limitations as may be provided in…
   • § 92533 After all the revenue bonds shall have been fully paid and discharged, or provision for their payment and discharge irrevocably made, any surplus moneys in the…
5. ARTICLE 5. Funding or Refunding Bonds §§ 92570–92571 · 2 sections

   • § 92570 The regents may provide for the issuance, sale, or exchange of refunding bonds for the purpose of redeeming or retiring any revenue bonds issued by the…
   • § 92571 Funding or refunding bonds may be issued in a principal amount sufficient to provide funds for the payment of all bonds to be funded or refunded by such…