CHAPTER 12. Metropolitan Transportation Commission [8500. - 8526.]

Chapter 12 added by Stats. 1997, Ch. 878, Sec. 1.

§§ 8500–8526 · 27 sections

§ 8500 Except when the context otherwise requires, the definitions given in this chapter govern the construction of this chapter.
§ 8501 As used in this chapter, the following definitions have the following meanings: (a) “Commission” means the Metropolitan Transportation Commission created by…
§ 8502 The commission may impose, in addition to any other tax authorized by this division, a tax on the privilege of selling within the region, motor vehicle fuel,…
§ 8503 (a) Prior to imposing the tax, the commission shall adopt a regional transportation expenditure plan for the revenues derived from the tax. The regional…
§ 8504 (a) Following the adoption by the commission of a regional transportation expenditure plan, the board of supervisors of each county and city and county in the…
§ 8505 Upon approval of the measure by the margin of voters within the region voting at a local election as determined necessary by the California Constitution or…
§ 8506 The commission shall contract with the State Board of Equalization for the administration of any tax imposed under this chapter, and the board shall be…
§ 8507 The State Board of Equalization shall adopt the necessary rules and regulations to administer the tax.
§ 8508 After deducting its cost of administering the tax, the State Board of Equalization shall periodically transmit the net revenues to the commission as promptly…
§ 8509 The net revenues received by the commission shall be expended only in accordance with the regional transportation expenditure plan adopted pursuant to Section…
§ 8510 In order to be eligible for funds derived from the tax, project sponsors shall comply with all applicable commission rules and regulations including, but not…
§ 8511 The commission’s regional transportation expenditure plan shall include a process of ensuring periodic public review of the progress of the regional…
§ 8512 The commission may, by a two-thirds vote, amend the regional transportation expenditure plan after a minimum of two public hearings in accordance with Section…
§ 8513 (a) If requested to do so by the commission in its resolution calling for an election, the board of supervisors, as part of the ballot proposition to approve…
§ 8514 (a) The bonds authorized by the voters concurrently with the approval of the tax may be issued at any time by the commission and shall be payable from the…
§ 8515 Limited tax bonds shall be issued pursuant to a resolution adopted at any time by a two-thirds vote of the commission. Each resolution shall provide for the…
§ 8516 (a) A resolution authorizing the issuance of bonds shall state all of the following: (1) The purposes for which the proposed debt is to be incurred, which may…
§ 8517 The bonds shall bear interest at a rate or rates not exceeding the maximum allowable by law, payable at intervals determined by the commission, except that the…
§ 8518 In the resolution authorizing the issuance of the bonds, the commission may also provide for the call and redemption of the bonds prior to maturity at the…
§ 8519 The principal of, and interest on, the bonds shall be payable in lawful money of the United States at the office of the treasurer of the commission, or at…
§ 8520 The bonds, or each series thereof, shall be dated and numbered consecutively and shall be signed by the chairperson or vice chairperson of the commission and…
§ 8521 The bonds may be sold as the commission determines by resolution, and the bonds may be sold at a price below par, whether by negotiated or public sale.
§ 8522 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.
§ 8523 All accrued interest and premiums received on the sale of the bonds shall be placed in the fund to be used for the payment of the principal of, and interest…
§ 8524 (a) The commission may provide for the issuance, sale, or exchange of refunding bonds to redeem or retire any bonds issued by the commission upon the terms, at…
§ 8525 (a) The commission may borrow money in anticipation of the sale of bonds which have been authorized pursuant to this chapter, but which have not been sold or…
§ 8526 Any bonds issued under this chapter are legal investment for all trust funds; for the funds of insurance companies, commercial and savings banks, and trust…