TITLE 11. CALIFORNIA PASSENGER RAIL FINANCING COMMISSION ACT [92000. - 92354.]
Title 11 added by Stats. 1982, Ch. 1553, Sec. 2.
§§ 92000–92354 · 69 sections
CHAPTER 1. General Provisions and Definitions §§ 92000–92017 · 11 sections
ARTICLE 1. General Provisions §§ 92000–92002 · 3 sections
- § 92000 This title may be cited as the California Passenger Rail Financing Commission Act.
- § 92001 The Legislature hereby finds that it is necessary and essential that the state use all means and measures to promote rapid rail transit systems within the…
- § 92002 It is the purpose of this title to carry out and make effective the findings of the Legislature and, to that end, to provide an alternative method of financing…
ARTICLE 2. Definitions §§ 92010–92017 · 8 sections
- § 92010 Unless the context otherwise requires, the definitions in this article govern the construction of this title.
- § 92011 “Commission” means the California Passenger Rail Financing Commission established pursuant to Section 92100 and any board, commission, department, or officer…
- § 92012 “Cost,” as applied to a project or portion thereof financed under this title, embraces all or any part of the cost of construction and acquisition of all…
- § 92013 “Participating party” means any person, company, corporation, partnership, firm, or other entity, or group of entities, engaged in operations within this state…
- § 92014 “Rapid rail transit” means the rapid rail transportation of passengers and their incidental luggage at peak speeds exceeding 120 miles per hour.
- § 92015 “Rapid rail transit system” or “project” means land, buildings, all improvements thereto, work, property, or structures, real or personal, rolling stock,…
- § 92016 “Public agency” means any state agency, department, board, or commission, any county, city and county, city, regional agency, district, or other political…
- § 92017 “Revenues” means all rents, receipts, purchase payments, and all other income or receipts derived by the commission from the sale, lease, or other disposition…
CHAPTER 2. Organization of Commission §§ 92100–92111 · 12 sections
- § 92100 There is in the state government the California Passenger Rail Financing Commission. The commission constitutes a public instrumentality and a political…
- § 92101 The commission shall consist of the Treasurer and three appointed members, one each by the Governor, the Senate Rules Committee, and the Speaker of the…
- § 92102 The first meeting of the commission shall be convened by the Treasurer, who shall be the chairman.
- § 92103 All members of the commission shall serve thereon without compensation.
- § 92104 The Treasurer shall have and is hereby vested with all powers reasonably necessary to carry out the administrative responsibilities expressly granted or…
- § 92105 The commission shall maintain an office in the City of Sacramento.
- § 92106 The Treasurer may employ an executive secretary and other persons as are necessary to enable him to perform properly the duties imposed upon him by this title.…
- § 92107 The commission shall, in accordance with Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2, adopt all necessary rules and…
- § 92108 The Attorney General shall be the legal counsel for the commission, but with the approval of the Attorney General, the commission may employ legal counsel as,…
- § 92109 The Treasurer shall be the treasurer for the commission.
- § 92110 On behalf of the commission, the Treasurer may employ and fix the compensation of bond counsel, financial consultants, and advisers as may be necessary, in his…
- § 92111 The commission may do all of the following: (a) Adopt an official seal. (b) Sue and be sued in its own name. (c) Do all things generally necessary or…
CHAPTER 3. Projects §§ 92150–92154 · 5 sections
- § 92150 The commission may charge reasonable application and project fees to reimburse the commission for costs incurred in administering applications for financing…
- § 92151 The commission may determine the projects to be financed under this title; lend financial assistance to any participating party to construct, reconstruct,…
- § 92152 The commission may issue bonds, notes, bond anticipation notes (including commercial paper), and other obligations of the commission for any of its corporate…
- § 92153 The commission may do all of the following: (a) Fix fees and charges for project facilities and revise, from time to time, those fees and charges. (b) Collect…
- § 92154 The commission may contract for engineering, architectural, accounting, or other services of appropriate agencies as may be necessary, in its judgment, for the…
CHAPTER 4. General Powers and Duties §§ 92200–92203 · 4 sections
- § 92200 All expenses incurred in carrying out the provisions of this title shall be payable solely from funds provided under the authority of this title, and no…
- § 92201 (a) The commission is authorized to acquire by deed, purchase, lease, contract, gift, devise, or otherwise, any real or personal property, structures, rights,…
- § 92202 When the principal of, and interest on, bonds of the commission issued to finance the cost of a particular project for a participating party, including any…
- § 92203 (a) No project, or portion thereof, is eligible for financing under this title for which, at the time an application is submitted to the commission, financing…
CHAPTER 5. Bonds and Notes §§ 92250–92270 · 21 sections
- § 92250 The commission may incur indebtedness and issue securities of any kind or class, and renew them, if all indebtedness is payable solely from revenues of the…
- § 92251 (a) At times that the commission desires to issue bonds, as defined in Section 92252, it shall adopt a resolution specifying the total amount of bonds proposed…
- § 92252 The commission may, from time to time, issue its negotiable bonds, notes, debentures, or other securities, collectively called “bonds” for any corporate…
- § 92253 In anticipation of the sale of the bonds as authorized by Section 92250, or as may be authorized pursuant to Section 92251, the commission may issue, may renew…
- § 92254 Except as may be otherwise expressly provided by the commission, every issue of its bonds, notes, or other obligation shall be general obligations of the…
- § 92255 (a) The bonds may be issued as serial bonds or as term bonds, or the commission, in its discretion, may issue bonds of both types. (b) The bonds shall be…
- § 92256 Any resolution or resolutions authorizing any bonds, or any issue of bonds, may contain provisions, which shall be a part of the contract with the holders of…
- § 92257 Neither the members of the commission, nor any person executing the bonds or notes shall be liable personally on the bonds or notes, or be subject to any…
- § 92258 The commission may, from any funds available therefor, purchase its bonds or notes. The commission may hold, pledge, cancel, or resell the bonds, subject to…
- § 92259 (a) All bonds, notes, and commercial paper issued by the commission under this chapter shall be issued only after a public hearing on the issuance thereof has…
- § 92260 (a) At the discretion of the commission, any bonds issued under this title may be secured by a trust agreement by and between the commission and a trustee or…
- § 92261 (a) The trust agreement or the resolution providing for the issuance of the bonds may pledge or assign the revenues to be received or proceeds of any contract…
- § 92262 Notwithstanding any other provision of law, the Treasurer shall not be deemed to have a conflict of interest by reason of acting as trustee pursuant to this…
- § 92263 All expenses incurred in carrying out the provisions of the trust agreement or resolution may be treated as a part of the cost of the operation of a project.
- § 92264 Bonds issued under this title shall not be deemed to constitute a debt or liability of the state or of any political subdivision thereof, other than the…
- § 92265 (a) The commission may provide for the issuance of bonds of the commission for the purpose of refunding any bond, notes, or other securities of the commission…
- § 92266 (a) The proceeds of any bonds issued for the purpose of refunding outstanding bonds, notes, or other securities may, in the discretion of the commission, be…
- § 92267 The proceeds of any bonds issued for the additional purpose of paying all or any part of the cost of constructing and acquiring additions, improvements,…
- § 92268 Bonds issued pursuant to Section 92265 are subject to this title in the same manner and to the same extent as other bonds issued pursuant to this title.
- § 92269 If, in the opinion of the Treasurer, any bonds issued by the commission under this title are adequately secured and the revenues and other funds applicable to…
- § 92270 No liability shall be incurred by the commission in excess of the amount of money which has been provided under this title, except that, for the purposes of…
CHAPTER 6. Construction and Lease of Facilities §§ 92300–92310 · 11 sections
- § 92300 The commission may contract with any participating party for the construction of a project by the participating party. All contracts for the construction of a…
- § 92301 The commission may agree to pay the cost of a project constructed by any participating party and to advance the costs from time to time in installments or…
- § 92302 The commission may, as lessor or lessee, enter into leases and agreements with any participating party relating to the acquisition, construction, and…
- § 92303 Any lease may provide the means or methods by which title shall vest in a participating party upon the termination of the lease and shall contain other terms…
- § 92304 The commission may fix, revise, charge, and collect rates, rents, fees, and charges for each project. The rates, rents, fees, and charges shall be fixed and…
- § 92305 The commission may enter into contracts of sale with any participating party covering any project financed by the commission. The purchase price pursuant to…
- § 92306 As an alternative to leasing or selling a project or part thereof to a participating party, the commission may finance the acquisition, construction, or…
- § 92307 All money received pursuant to this title, whether as proceeds from the sale of bonds, notes, or other evidences of indebtedness or as revenues, shall be…
- § 92308 Any holder of bonds, notes, or other obligations issued under this title, or any of the coupons appertaining thereto, and the trustee or trustees under any…
- § 92309 Notwithstanding any other provision of law: (a) The commission and its revenues, amounts for administration expenses, and any other income shall be exempt from…
- § 92310 Subject to Section 92352, the existence of the commission may be terminated at any time by the Legislature. Upon dissolution of the commission, the title to…
CHAPTER 7. Supplemental Provisions §§ 92350–92354 · 5 sections
- § 92350 This title, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes hereof.
- § 92351 This title shall be deemed to provide a complete, additional, and alternative method for the doing of the things authorized thereby, and shall be regarded as…
- § 92352 The State of California does hereby pledge to, and agree with, the holders of any obligations issued under this title, and with those parties who may enter…
- § 92353 To the extent that the provisions of this title, with respect to the financing of rapid rail systems, are inconsistent with the provisions of any general…
- § 92354 Any state agency whose support is provided for in the Budget Act shall require any railroad corporation proposing to construct or modify a rapid rail transit…