ARTICLE 5. Additional Powers to Secure Bonds
Article 5 added by Stats. 1949, Ch. 81.
§§ 54460–54478 · 19 sections
- § 54460 In the resolution authorizing the bonds, the legislative body may insert any of the provisions authorized by this article, which shall become a part of the…
- § 54461 The legislative body may provide limitations on: (a) The purpose to which the proceeds of sale of any issue of bonds may be applied. (b) The issuance of…
- § 54462 The legislative body may provide for the amount and kind of insurance on the enterprise including insurance against: (a) Accident to or destruction of any…
- § 54463 It may provide for other insurance carried by private companies on property or risks on the same or similar enterprises.
- § 54464 The legislative body may provide for the use and disposition of insurance money.
- § 54465 Without limiting the authority granted, the legislative body may specifically provide that money collected from insurance against accident to or destruction of…
- § 54466 The legislative body may also specifically provide that the proceeds of insurance against loss of revenue shall be used solely for the payment and retirement…
- § 54467 The legislative body may insert in the resolution covenants against the mortgaging or otherwise encumbering, selling, leasing, pledging, placing any charge…
- § 54468 It may insert covenants against the entering into any agreement which impairs the operation of the enterprise or any part of it necessary to secure adequate…
- § 54469 The legislative body may provide for events of default and terms upon which the bonds may be declared due before maturity and the terms upon which the…
- § 54470 The legislative body may provide for the rights, liabilities, powers, and duties arising upon the local agency’s breach of any covenants, conditions, or…
- § 54471 The legislative body may provide for the vesting in a trustee of the right to enforce covenants to secure payment of or in relation to the bonds and the…
- § 54472 The legislative body may provide for the terms upon which the bondholders or any percentage of them may enforce covenants or duties imposed by this chapter.
- § 54473 The legislative body may provide in the resolution for a procedure for amending or abrogating the terms of the resolution with the consent of the holders of a…
- § 54474 Any resolution containing such a procedure may also provide for meetings of bondholders or for their written assent without a meeting and the manner of…
- § 54475 The resolution shall specifically state the effect of amendment upon the rights of the holders of all of the bonds and attached or detached interest coupons…
- § 54476 The legislative body may provide for the purchase out of any available funds of any outstanding notes, bonds, or other obligations, and the price at which, and…
- § 54477 The legislative body may provide for any other acts and things necessary, convenient, or desirable to secure the bonds or tending to make them more marketable.
- § 54478 Except as hereinafter provided in this section, this chapter does not authorize any local agency to make any covenants, to perform any act, or to do anything…