Assembly Bill 2224 - Sonoma Marin Area Rail Transit - Home Page

AB 2224 — 28 —12345678910111213141516171819202122232425262728293031323334353637383940issued or sold. When the ordinance takes effect, the authorizationto issue these bonds shall become void.105209. Whenever the board deems that the expenditure ofmoney for the purposes for which the bonds were authorized by thevoters is impractical or unwise, it may, by ordinance adopted bya vote of two-thirds of all members of the board, so declare and callan election to be held in the district for the purpose of submittingto the qualified voters thereof the proposition of incurringindebtedness by the issuance of these bonds for some otherpurposes or, in the case where bonds have been sold, theproposition to use the proceeds for some other purposes. Theprocedure, so far as applicable, shall be the same as when a bondproposition is originally submitted.105210. The board may provide for the issuance, sale, orexchange of refunding bonds to redeem or retire any bonds issuedby the district upon the terms, at the times, and in the manner whichit determines. Refunding bonds may be issued in a principalamount sufficient to pay all or any part of the principal of theoutstanding bonds, the interest thereon, and the premiums, if any,due upon call and redemption thereof prior to maturity and allexpenses of the refunding. The provisions of this article forissuance and sale of bonds apply to the issuance and sale of therefunding bonds, except that (a) no election need be called or heldfor the purpose of authorizing the issuance of refunding bonds, and(b) when refunding bonds are to be exchanged for outstandingbonds, the method of exchange shall be determined by the board.105211. The provisions of Article 4 (commencing withSection 53500) of Chapter 3 of Part 1 of Division 2 of Title 5 ofthe Government Code are applicable to the district.105212. Any bonds that are issued under the provisions of thisarticle shall be legal investment for all trust funds; for the funds ofinsurance companies, banks, both commercial and savings, andtrust companies; and for state school funds. Whenever any moneyor funds may, by any law now or hereafter enacted, be invested inbonds of cities, cities and counties, counties, school districts, orother districts within the state, the money or funds may be investedin the bonds issued under this part. Whenever bonds of cities, citiesand counties, counties, school districts, or other districts withinthis state may, by any law now or hereafter enacted, be used assecurity for the performance of any act or the deposit of any public93