CHAPTER 5. Los Angeles County Transportation Commission Revenue Bond Act [130500. - 130553.]

Chapter 5 added by Stats. 1984, Ch. 1646, Sec. 2.

§§ 130500–130553 · 37 sections

1. ARTICLE 1. General Provisions §§ 130500–130502 · 3 sections

   • § 130500 This chapter shall be known and may be cited as the Los Angeles County Transportation Commission Revenue Bond Act.
   • § 130501 The Legislature finds that alternative methods of financing provided in this chapter are needed to finance the cost of acquiring, constructing, and developing…
   • § 130502 It is the purpose of this chapter to carry out and make effective the findings of the Legislature and, to that end, to provide an alternative method of…
2. ARTICLE 2. Definitions §§ 130510–130519 · 10 sections

   • § 130510 Unless the context otherwise requires, the definitions in this article govern the construction of this chapter.
   • § 130511 “Bonds” means indebtedness and securities of any kind or class, including bonds, notes, bond anticipation notes, commercial paper, and other obligations.
   • § 130512 “Commission” means the Los Angeles County Transportation Commission created pursuant to Section 130050 and any board, commission, department, or officer…
   • § 130513 “Cost,” as applied to a project or portion thereof financed under this chapter, means all or any part of the cost of construction and acquisition of all real…
   • § 130514 “Notes” means notes and agreements relating thereto, bond anticipation notes, and commercial paper.
   • § 130515 “Transit project” or “project” means real and personal property, including, but not limited to, land, structures and all improvements thereto, works, vehicles,…
   • § 130516 “Public agency” means any state agency, department, board, or commission, any county, city, regional agency, district, or other political subdivision.
   • § 130517 “Public transit purposes,” as used in this chapter and in Section 130354, includes a pledge of transactions and use tax revenues to secure any bonds issued…
   • § 130518 “Revenues” means all rents, receipts, purchase payments, and all other income or receipts derived by the commission, whether from fares, the sale, lease, or…
   • § 130519 (a) The “Los Angeles Metro Rail project” means an 18.6 mile rail line and necessary support facilities and equipment as described in the June 1983…
3. ARTICLE 3. General Powers and Duties §§ 130520–130522 · 3 sections

   • § 130520 The commission may incur indebtedness and obligations as provided by this chapter.
   • § 130521 The commission may acquire by deed, purchase, lease, contract, gift, devise, or otherwise, any real or personal property, structures, rights, rights-of-way,…
   • § 130522 The commission may do all of the following: (a) Fix, collect, and revise from time to time, rates, rents, fees, fares, and charges for the use of, and for any…
4. ARTICLE 4. Bonds and Notes §§ 130530–130545 · 17 sections

   • § 130530 The commission may issue bonds for purposes authorized by this chapter, and to fund or refund them, pursuant to this chapter.
   • § 130531 Notwithstanding any other provision of law: (a) The commission and its revenues are exempt from all taxes on, or measured by, income. (b) Bonds issued by the…
   • § 130532 The commission may from time to time issue or renew notes in anticipation of the sale of bonds or otherwise. The commission may also issue notes partly to…
   • § 130533 (a) Except as provided in this subdivision and as may be otherwise expressly provided by the commission, all issues of its bonds are special obligations of the…
   • § 130534 (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…
   • § 130535 (a) At times that the commission desires to issue bonds, it shall adopt a resolution specifying the total amount of bonds proposed to be issued. (b) Any…
   • § 130536 Neither the members of the commission, nor any person executing the bonds, are liable personally on the bonds, or are subject to any personal liability or…
   • § 130537 The commission may, from any funds available therefor, purchase its bonds. The commission may hold, pledge, cancel, or resell the bonds, subject to, and in…
   • § 130538 (a) At the discretion of the commission, any bonds issued under this chapter may be secured by a trust agreement by and between the commission and a trustee,…
   • § 130538.5 The commission shall take no action which will materially impair the security pledged for any bonds which it has previously issued.
   • § 130539 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.
   • § 130540 (a) Bonds issued under this chapter do not constitute a debt or liability of the state or of any other public agency, other than the commission, or a pledge of…
   • § 130541 The commission may provide for the issuance of bonds of the commission for the purpose of refunding any bond then outstanding, including the payment of any…
   • § 130542 (a) The proceeds of any bonds issued for the purpose of refunding outstanding bonds may, in the discretion of the commission, be applied to the purchase or…
   • § 130543 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,…
   • § 130544 Bonds issued pursuant to Section 130542 are subject to this chapter in the same manner and to the same extent as other bonds issued pursuant to this chapter.
   • § 130545 The bonds issued pursuant to this chapter are legal investments for all trust funds, the funds of all insurance companies, commercial or savings banks, trust…
5. ARTICLE 5. Supplemental Provisions §§ 130550–130553 · 4 sections

   • § 130550 This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes thereof.
   • § 130551 (a) This chapter provides a complete, additional, and alternative method for the doing of the things authorized thereby, and is supplemental and additional to…
   • § 130552 The State of California does hereby pledge to, and agree with, the holders of any bonds issued under this chapter and with those parties who may enter into…
   • § 130553 To the extent that the provisions of this chapter, with respect to the financing of transit systems or facilities, are inconsistent with the provisions of any…