CHAPTER 7. Bonds and Other Evidences of Indebtedness [102500. - 102603.]
Chapter 7 added by Stats. 1971, Ch. 1374.
§§ 102500–102603 · 31 sections
ARTICLE 1. Authorization and Issuance of General Obligation Bonds §§ 102500–102513 · 14 sections
- § 102500 The district may exercise its powers under this article only with respect to territory in cities and counties in which the voters have authorized the district…
- § 102501 Whenever the board deems it necessary for the district to incur a bonded indebtedness for the acquisition, construction, or repair of any or all improvements,…
- § 102502 Notice of the holding of such election shall be given by publishing, pursuant to Section 6066 of the Government Code, the ordinance calling the election in at…
- § 102503 If any proposition is defeated by the electors, the board shall not call another election on a substantially similar proposition to be held within six months…
- § 102504 If a majority of the electors voting on the proposition vote for it, then the board may, by resolution, at such time or times as it deems proper, issue bonds…
- § 102505 The bonds shall bear interest at a rate or rates not exceeding 8 percent per annum, payable semiannually, except that the first interest payable on the bonds…
- § 102506 The bonds may be sold as the board determines by resolution, but for not less than par. Before selling the bonds, or any part thereof, the board shall give…
- § 102507 Delivery of any bonds may be made at any place either inside or outside the state, and the purchase price may be received in cash or bank credits.
- § 102508 All accrued interest and premiums received on the sale of bonds shall be placed in the fund to be used for the payment of principal of and interest on the…
- § 102509 After the expiration of three years after a bond election, the board may determine, by ordinance adopted by a two-thirds vote of the board, that any or all of…
- § 102510 Whenever the board deems that the expenditure of money for the purposes for which the bonds were authorized by the voters is impractical or unwise, it may, by…
- § 102511 The board may provide for the issuance, sale, or exchange of refunding bonds to redeem or retire any bonds issued by the district upon the terms, at the times…
- § 102512 The provisions of Article 4 (commencing with Section 53500), Chapter 3, Part 1, Division 2, Title 5 of the Government Code are applicable to the district.
- § 102513 Any bonds which shall be issued under the provisions of this article shall be legal investment for all trust funds; for the funds of insurance companies,…
ARTICLE 2. Revenue Bonds §§ 102530–102531 · 2 sections
- § 102530 The district may issue bonds, payable in whole or in part from revenue of any facility or enterprise acquired or constructed or to be acquired or constructed…
- § 102531 The district is a local agency within the meaning of the Revenue Bond Law of 1941, Chapter 6 (commencing with Section 54300) of Part 1 of Division 2 of Title 5…
ARTICLE 3. Equipment Trust Certificates §§ 102550–102554 · 5 sections
- § 102550 The district shall have power to purchase transit equipment such as cars, trolley buses and motorbuses, or rolling equipment, and may execute agreements,…
- § 102551 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…
- § 102552 The agreements and leases shall be duly acknowledged before a person authorized by law to take acknowledgments of deeds and in the form required for…
- § 102553 The covenants, conditions, and provisions of the agreements, leases, and equipment trust certificates shall not conflict with any of the provisions of any…
- § 102554 An executed copy of each such agreement and lease shall be filed in the office of the Secretary of State, who will be entitled to receive one dollar ($1) for…
ARTICLE 4. Improvement Acts and Special Benefit Districts §§ 102570–102571 · 2 sections
ARTICLE 5. Temporary Borrowing §§ 102581–102584 · 4 sections
- § 102581 At any time prior to the first receipt by the district of revenues from taxation or other sources, any city or county may lend any available money to the…
- § 102582 The district may borrow money in accordance with the provisions of Article 7 (commencing with Section 53820), Article 7.4 (commencing with Section 53835),…
- § 102583 The district may borrow money in anticipation of the sale of bonds which have been authorized to be issued pursuant to Article 1 (commencing with Section…
- § 102584 In addition to, and as an alternative to, the borrowing authority in Section 102582, the district may seek and obtain a short-term revolving line of credit for…
ARTICLE 6. Miscellaneous §§ 102600–102603 · 4 sections
- § 102600 The district may bring an action to determine the validity of any of its bonds, equipment trust certificates, warrants, notes or other evidences of…
- § 102601 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…
- § 102602 Notwithstanding any other provisions of this part or any other law, the provisions of all ordinances, resolutions and other proceedings in the issuance by the…
- § 102603 The district shall not incur a total indebtedness under the provisions of this chapter which exceeds 15 percent of the assessed value of all taxable property…