CHAPTER 8. Bonds and Other Evidences of Indebtedness [29150. - 29293.]

Chapter 8 added by Stats. 1957, Ch. 1056.

§§ 29150–29293 · 80 sections

1. ARTICLE 1. Authorization of General Obligation Bonds §§ 29150–29168 · 20 sections

   • § 29150 The district may borrow money, incur a bonded indebtedness in respect thereto, and levy taxes for the payment of principal and interest thereon, in the manner…
   • § 29151 Before submitting a proposal to incur any bonded indebtedness, the district shall employ such engineers, economists, fiscal experts and others as is necessary…
   • § 29152 Such engineers, economists, fiscal experts and others shall make reports to the district, which shall include: (a) A general description of the facilities to…
   • § 29153 After receiving such reports, the board shall determine and declare by resolution whether or not the proposed plan of work is feasible and whether or not the…
   • § 29154 After adoption by the board of the reports made pursuant to Section 29152 the board shall refer such reports to the boards of supervisors of the counties…
   • § 29155 After receiving the reports, each board of supervisors shall fix a time and place for a public hearing to consider the reports. The time fixed for the hearing…
   • § 29156 Within 15 days from the date of the public hearing held pursuant to Section 29155, each board of supervisors shall, by a resolution adopted by a majority vote…
   • § 29157 If a majority of any board of supervisors does not approve the reports, the district may make additional studies and changes and may refer the amended reports…
   • § 29157.1 Whenever it appears to the board that bonded indebtedness heretofore authorized pursuant to the provisions of this article is insufficient to cover all costs…
   • § 29158 When the district has received unanimous approval from the boards of supervisors of the counties comprising the district pursuant to Section 29156 of this…
   • § 29159 The resolution calling the special election shall contain: (a) A statement of the general object and purpose of incurring the indebtedness. (b) Statement of…
   • § 29160 The provisions of Section 37.5 of Chapter 1239 of the Statutes of 1949, the San Francisco Bay Area Metropolitan Rapid Transit District Act, relating to the…
   • § 29161 Any election submitting the proposition of incurring indebtedness and the issuance of bonds called pursuant to this part, may be held separately, or may be…
   • § 29162 Whenever a special bond election is called pursuant to this part and is not consolidated with any other election the board shall in its resolution calling such…
   • § 29163 Notice of a special bond election shall be given by publication of the text of the resolution calling the election and except as provided below the text…
   • § 29164 All the expenses of holding the election shall be borne by the district, except when the election is consolidated with another election pursuant to Part 3…
   • § 29165 No error, irregularity or omission in the calling, holding or conducting of any special bond election which does not affect the substantial rights of the…
   • § 29166 (a) The returns of the election shall be made and the votes shall be canvassed by the county elections official in each county contained in the district,…
   • § 29167 At any special bond election called pursuant to this part, all residents of the district who are qualified electors possessing the qualifications prescribed by…
   • § 29168 At any special bond election two or more propositions for incurring indebtedness may be submitted at the same election in which event the votes cast for and…
2. ARTICLE 2. Form and Terms of General Obligation Bonds §§ 29169–29184 · 16 sections

   • § 29169 Whenever three-fifths of the votes cast at any special bond election or on any proposition submitted thereat are in favor of incurring the indebtedness set…
   • § 29170 Bonds may be issued in form payable to bearer, with coupons attached for payment of interest and, if so issued, may be made subject to registration. Bonds…
   • § 29171 Coupon bonds may be issued in denominations of one thousand dollars ($1,000), or multiples thereof, as the district may determine. Coupon bonds of different…
   • § 29172 Registered bonds may be issued without limitation as to principal amount, as may be determined by the district, except that registered bonds shall be in…
   • § 29173 Bonds shall bear interest at a rate of not to exceed 8 percent per annum, payable semiannually, except that interest for the first year or any fraction thereof…
   • § 29174 The district may provide for redemption of bonds prior to maturity, on such notice and at such time or times and with such redemption provisions, including…
   • § 29175 The district may provide for the payment of the principal and interest of bonds at any place within the State of California, or at any other place within the…
   • § 29176 Bonds shall bear dates prescribed by the district.
   • § 29177 Bonds may be serial or sinking fund bonds, or in part serially and in part sinking fund bonds, with such maturities and in such amounts annually, semiannually…
   • § 29178 No bond by its terms shall mature in more than fifty (50) years from its own date, and in the event any authorized issue is divided into two or more series or…
   • § 29179 The district may divide any authorized issue into one or more series or division and fix different dates and different maturity dates for the bonds of each…
   • § 29180 The district may prescribe the form of bonds issued pursuant to this chapter, and of the interest coupons attached to those bonds. Bonds shall be signed by the…
   • § 29181 Pending the actual issuance or delivery of bonds, the district may issue temporary or interim bonds, certificates, or receipts, of any denomination whatsoever,…
   • § 29182 The district may provide that interest on bonds may be paid out of the proceeds of the sale of the bonds during the actual construction of any project, for the…
   • § 29183 The district shall provide for the payment of the principal of and interest on the bonds by the levy and collection of taxes upon all property in the district…
   • § 29184 Any general obligation bonds which shall be issued under the provisions of this part shall be legal investment for all trust funds; for the funds of insurance…
3. ARTICLE 3. Issuance and Sale of General Obligation Bonds §§ 29200–29202 · 3 sections

   • § 29200 The district may by resolution at any time, or from time to time, provide for the authorization and issuance of any bonds authorized pursuant to this part and…
   • § 29201 Before making a sale of any of the bonds, notice shall be given by publication once a week, for two weeks, in a newspaper of general circulation in the…
   • § 29202 The published notice of sale shall describe the bonds and set forth the terms and conditions of sale.
4. ARTICLE 4. Refunding Bonds §§ 29210–29225 · 16 sections

   • § 29210 The district may provide for the funding or refunding of outstanding general obligation indebtedness pursuant to this article, if any of the following…
   • § 29211 The district by a two-thirds vote of the board may fund or refund its general obligation indebtedness at, after, or before maturity and issue refunding bonds…
   • § 29212 Refunding general obligations may be issued and may be sold in accordance with Articles 2 (commencing with Section 29169) and 3 (commencing with Section…
   • § 29213 Refunding bonds issued pursuant to this article will have the same weight and force and may be used in the same manner as the bonds to be refunded.
   • § 29214 The proceeds of any sale of refunding bonds for cash shall be deposited with the chief financial officer or depositary, as determined by the district, to the…
   • § 29215 Any proceeds of the refunding bonds remaining after the indebtedness has been paid shall be deposited in the fund established for the payment of principal and…
   • § 29216 At the time of making the general tax levy after incurring the bonded indebtedness and annually thereafter until the refunding bonds are paid or until there is…
   • § 29217 If the earliest maturity of the refunding bonds is more than one year after the date of issuance, the board shall levy and collect annually a tax sufficient to…
   • § 29218 The taxes shall be levied and collected as other district taxes, and are in addition to all other taxes. They shall be used only for the payment of the bonds…
   • § 29219 Refunding bonds may be issued in a principal amount sufficient to provide funds for (a) the payment of the principal of and interest on the bonds, notes or…
   • § 29220 When sufficient money is in the Funding Fund to redeem one or more outstanding past due bonds, notes, or other evidences of indebtedness, or to redeem one or…
   • § 29221 At the same time, the chief financial officer shall deposit in the post office a copy of the notice, enclosed in a sealed envelope, postage prepaid, addressed…
   • § 29222 When any outstanding bonds, notes, or other evidences of indebtedness are surrendered and paid, the chief financial officer shall cancel them by endorsing on…
   • § 29223 The chief financial officer shall keep a record of bonds, notes, or other evidences of indebtedness redeemed, and report the redemption to the board. At the…
   • § 29224 Any money remaining in the Funding Fund, after all outstanding bonds, warrants, judgments, notes, or other evidences of indebtedness proposed to be refunded…
   • § 29225 Refunding of revenue bonds of the district may be accomplished in the manner provided by the Revenue Bond Law of 1941, all of the provisions of which are…
5. ARTICLE 5. Temporary Borrowing §§ 29230–29236 · 7 sections

   • § 29230 The district may borrow money for the purpose of defraying general administrative and preliminary expenses of the district, lawfully incurred, prior to the…
   • § 29231 At any time prior to the first receipt by the district of revenues from taxation, the counties within the district may loan any available money to the district…
   • § 29232 The treasurers of the counties within the district shall pay into the treasury of the district all funds held by them to the credit of the district.
   • § 29233 The district may borrow money in accordance with the provisions of Article 7 (commencing at Section 53820), Chapter 4, Part 1, Division 2, Title 5 of the…
   • § 29234 The district may borrow money in anticipation of the sale of bonds which have been authorized to be issued, but which have not been sold and delivered, and may…
   • § 29235 (a) The district may borrow money for the purchase of transit vehicles, as defined in subdivision (b) of Section 99501, transit equipment, or transportation…
   • § 29236 In addition to any other existing authority, the district may borrow money and incur indebtedness pursuant to Article 7.4 (commencing with Section 53835) of…
6. ARTICLE 6. Revenue Bonds §§ 29240–29241 · 2 sections

   • § 29240 As an alternative procedure for the raising of funds, the district is hereby authorized to issue bonds, payable from revenues of any facility or enterprise to…
   • § 29241 The district is hereby declared to be a local agency within the meaning of the Revenue Bond Law of 1941. The term “enterprise” as used in the Revenue Bond Law…
7. ARTICLE 7. Equipment Trust Certificates §§ 29250–29253 · 4 sections

   • § 29250 The district shall have power to purchase equipment such as cars, trolley buses and motor buses, rolling equipment, and may execute agreements, leases and…
   • § 29251 The agreement to purchase or lease may direct the vendor or lessor to sell and assign or lease the rolling equipment to a bank or trust company duly authorized…
   • § 29252 The agreements and leases shall be duly acknowledged before some person authorized by law to take acknowledgments of deeds and in the form required for…
   • § 29253 The covenants, conditions and provisions of the agreements, leases, and equipment trust certificates shall not conflict with any of the provisions of any trust…
8. ARTICLE 8. Special Assessment Bonds §§ 29260–29262 · 3 sections

   • § 29260 In addition to all other powers granted under this part, the district shall have the right to acquire, construct and complete any improvements authorized…
   • § 29261 An assessment district formed or proposed to be formed under this part, on the acquisition of any property or the construction of any improvement thereby,…
   • § 29262 An assessment district formed or proposed to be formed under this part, on the acquisition of any property or the construction of any improvement thereby,…
9. ARTICLE 9. Reissuance of Bonds, Notes, Coupon or Other Evidence of Indebtedness, Lost, Destroyed, Defaced or Mutilated §§ 29270–29271 · 2 sections

   • § 29270 If lost or completely destroyed, any bond, note, coupon, or other evidence of indebtedness may be reissued in the form and tenor of the lost or destroyed bond,…
   • § 29271 If defaced, mutilated, or partially destroyed, any bond, note, coupon, or other evidence of indebtedness may be reissued in the form and tenor of the defaced…
10. ARTICLE 10. Past Due Bonds §§ 29280–29282 · 3 sections

    • § 29280 When a bond, note, interest coupon, or other evidence of indebtedness payable from funds in the custody of the chief financial officer of the district is…
    • § 29281 Upon receipt of the first money in the treasury applicable to their payment, the chief financial officer shall set apart the amount necessary to pay the past…
    • § 29282 If the registered bonds, notes, coupons, and other evidences of indebtedness are not presented for payment within 30 days from mailing of the notice, the chief…
11. ARTICLE 11. General Provisions §§ 29290–29293 · 4 sections

    • § 29290 All bonds and other evidences of indebtedness issued by the district under the provisions of this part, and the interest thereon, are free and exempt from all…
    • § 29291 An action to determine the validity of bonds or other evidences of indebtedness may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10…
    • § 29292 Any person who, without probable cause, institutes in any court, state or federal, any action or proceeding contesting the validity of the issuance or sale by…
    • § 29293 Notwithstanding any other statutory provision to the contrary, the district may pledge all or any part of income received under Section 29123 to the payment of…