ARTICLE 7. Limited Obligation Bonds [99320. - 99383.]

Article 7 added by Stats. 1971, Ch. 1400.

§§ 99320–99383 · 65 sections

§ 99320 This article is not applicable in a county where the transit district has been provided bonding authority by statute.
§ 99320.5 If the transportation planning agency determines that the cost of an approved claim for capital expenditures for public transportation purposes, excluding…
§ 99321 For purposes of this article, “limited obligation bonds” are bonds payable solely from the local transportation fund of the county. The money, or portion…
§ 99322 In determining the amount of bonds to be issued, the transportation planning agency may include: (a) All costs and estimated costs incidental to or connected…
§ 99323 The bonds and the resolution providing for their issuance shall state that they are limited obligation bonds payable solely from the revenues.
§ 99324 The term of bonds issued shall not exceed 31 years.
§ 99325 The bonds shall be sold as the transportation planning agency shall determine but for not less than a price which will produce a net interest cost that will…
§ 99326 The bonds are special obligations of the county and shall be a charge against and are secured by a lien upon and shall be payable, as to the principal thereof…
§ 99327 By resolution, the board of supervisors shall pledge, place a charge upon, and assign all or any part of the revenues for the security of the bonds.
§ 99328 The payment of interest on and principal of the bonds and any premiums upon the redemption of any thereof are secured by an exclusive pledge, charge, and lien…
§ 99329 The revenues and any interest earned on the revenues constitute a trust fund for the security and payment of the interest on and principal of the bonds.
§ 99330 So long as any bonds or interest thereon are unpaid following their maturity, the revenues or the designated portion and interest thereon shall not be used for…
§ 99331 If the interest and principal of the bonds and all charges to protect or secure them are paid when due, an amount or amounts for other purposes may be…
§ 99332 Bonds of the same issue shall be equally secured by a pledge, charge, and lien upon the revenues specified in the resolution authorizing the issuance of the…
§ 99333 The general fund or any other fund of the county shall not be liable for the payment of the bonds or their interest.
§ 99334 The general credit or taxing power of the county, other than the sales and use tax as herein provided, shall not be liable for the payment of the bonds or…
§ 99335 The holder of the bonds or coupons shall not compel the exercise of the taxing power by the county, other than the sales and use tax as herein provided, or the…
§ 99336 The principal of and interest on the bonds and any premiums upon the redemption of any thereof are not a debt of the county, nor a legal or equitable pledge,…
§ 99337 Every bond shall recite in substance that the principal of and interest on the bond are payable solely from the revenues pledged to its payment and that the…
§ 99338 The bonds and interest or income from the bonds are exempt from taxation in this state, except from gift, inheritance, and estate taxes.
§ 99339 In the resolution authorizing the bonds, the board of supervisors may, with the consent of the transportation planning agency, insert any of the provisions…
§ 99340 The transportation planning agency may provide for limitations on: (a) The purpose to which the proceeds of sale of any issue of bonds may be applied. (b) The…
§ 99341 The transportation planning agency may provide for events of default and terms upon which the bonds may be declared due before maturity and the terms upon…
§ 99342 The transportation planning agency may provide for the rights, liabilities, powers, and duties arising upon the county’s breach of any covenants, conditions,…
§ 99343 The transportation planning agency may provide for the vesting in a trustee of the right to enforce covenants to secure payment of or in relation to the bonds,…
§ 99344 The transportation planning agency may provide for the terms upon which the bondholders or any percentage of them may enforce covenants or duties imposed by…
§ 99345 The transportation planning agency may require the board of supervisors to provide in the resolution for a procedure for amending or abrogating the terms of…
§ 99346 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…
§ 99347 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…
§ 99348 The transportation planning agency may provide for any other acts and things necessary, convenient or desirable to secure the bonds or tending to make them…
§ 99349 The county shall pay or cause to be paid the principal and interest of the bonds on the date, at the place, and in the manner mentioned in the bonds and…
§ 99350 During the period that any of the bonds and the interest thereon are unpaid, the county shall prescribe, revise and collect taxes in the manner provided by…
§ 99351 After making allowances for contingencies and error in the estimates, the taxes, for the respective purposes hereinafter set forth, shall be at least…
§ 99352 A separate, distinct and special account shall be created at or before the issuance of the bonds, which shall be maintained continuously in the local…
§ 99353 All designated revenues shall be deposited in the special account and payments shall be made therefrom as provided in Section 99351.
§ 99354 The county shall preserve and protect the security of the bonds and the rights of the bondholders and warrant and defend their rights against all claims and…
§ 99355 In order to fully preserve and protect the priority and security of the bonds, the county shall pay from the special account in the local transportation fund…
§ 99356 The county shall hold in trust the revenues pledged to the payment of the principal of and interest on the bonds for the benefit of the bondholders and shall…
§ 99357 The county may invest funds held in reserve, or in any sinking fund, or funds not required for immediate disbursement, in property or securities in which…
§ 99358 The county shall keep proper books of record and accounts of the revenues, separate from all other records and accounts, in which complete and correct entries…
§ 99359 At all times the books shall be subject to the inspection of the holders of not less than 10 percent of the outstanding bonds or their representatives…
§ 99360 The county shall cause to be published a summary statement showing the amount of revenues deposited which are required as security for payment of the principal…
§ 99361 The statement shall be published annually, not more than 120 days after the close of each fiscal year. The county shall furnish a copy of the statement to any…
§ 99362 In the resolution authorizing the bonds, the county may agree that the statement shall be prepared or audited by an independent certified public accountant and…
§ 99363 The duties set forth in this article do not require the county to expend any funds other than revenues pledged to secure payment of the principal of or…
§ 99364 A fiscal or paying agent may be appointed as now or as may hereafter be provided in Article 7 (commencing with Section 54550), Chapter 6, Part 1, Division 2,…
§ 99365 An action to determine the validity of bonds may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil…
§ 99366 Bondholders shall have the remedies as now or as may hereafter be provided in Article 10 (commencing with Section 54640), Chapter 6, Part 1, Division 2, Title…
§ 99367 The bonds may be refunded in the manner now or as may hereafter be provided in Article 11 (commencing with Section 54660), Chapter 6, Part 1, Division 2, Title…
§ 99368 Without the issuance of bonds hereunder, a pledge or allocation from revenues for the payment of bonds and interest issued or to be issued under any other law,…
§ 99369 All bonds issued in pursuance of the provisions of this article shall by their issuance be conclusive evidence of the regularity, validity and legal…
§ 99370 All bonds by their issuance in pursuance of the provisions of this article shall by their issuance be conclusive evidence of the regularity, validity and…
§ 99371 Any action, suit or proceeding of any kind or nature in which the validity of any of the proceedings taken under the provisions of this article is questioned…
§ 99372 This article and all of its provisions shall be liberally construed to the end that the purposes hereof may be effective. If any section, subsection, sentence,…
§ 99373 Proceedings are initiated to issue bonds within the meaning of this article when the board of supervisors, by majority vote, adopts a resolution in conformity…
§ 99374 At its next subsequent meeting, the board of supervisors shall pass an ordinance ordering the submission of the proposition of incurring a bonded debt for the…
§ 99375 Propositions for more than one object or purpose may be submitted at the same election.
§ 99376 The ordinance shall recite: (a) The object and purpose of incurring the indebtedness. (b) The estimated cost of the public improvements. (c) The amount of the…
§ 99377 The ordinance may provide that the estimated cost stated therein of the public improvements includes any or all of the following: (a) Legal or other fees…
§ 99378 The ordinance shall be published once a day for at least seven days in a newspaper published at least six days a week in the county, or once a week for two…
§ 99379 If an election called pursuant to this article is consolidated with any other election, the ordinance calling the bond election need not set forth the election…
§ 99380 Except as otherwise provided in the ordinance, the election shall be conducted as other county elections.
§ 99381 If two-thirds of the electors voting on the proposition vote for it, the bonds shall be issued.
§ 99382 When two or more propositions for incurring indebtedness are submitted at the same election, the votes cast for and against each proposition shall be counted…
§ 99383 If any proposition is defeated, the transportation planning agency shall reconsider the application pertaining thereto. Another election on a substantially…