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

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AB <strong>2224</strong> — 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
12345678910111213141516171819202122232425262728293031323334353637383940— 29 —AB <strong>2224</strong>moneys, the bonds issued under this part may be so used. Theprovisions of this article shall be in addition to all other lawsrelating to legal investments and shall be controlling as the latestexpression of the Legislature with respect thereto.105213. The board may enter into any covenants deemedproper to provide for issuance of additional parity bonds and thepriority and pledge of special taxes; and any other covenants thatare customary or desirable in the issuance of any bonds payable outof special funds or that are necessary, convenient, or desirable tosecure the bonds or tending to make them more marketable,subject to the provisions of the ordinance calling the bond election.Article 2.Revenue Bonds105220. The district may issue bonds, payable from revenueof any facility or enterprise to be acquired or constructed by thedistrict, in the manner provided by the Revenue Bond Law of 1941(Chapter 6 (commencing with Section 54300) of Part 1 of Division2 of Title 5 of the Government Code), all of the provisions of whichare applicable to the district, except that Article 3 (commencingwith Section 54380) of Chapter 6 of Part 1 of Division 2 of Title5 of the Government Code and the limitations set forth insubdivision (b) of Section 54402 and in Sections 54403 and 54418of the Government Code do not apply to the issuance and sale ofbonds pursuant to this article. As used in Section 54315 of theGovernment Code, ‘‘revenues’’ shall include, but not be limited to,the proceeds of, or any portion of the proceeds of, a sales and usetax imposed under Article 5 (commencing with Section 105125)105115) of Chapter 4 or under any other provisions of law, so longas the resolution authorizing the bonds contains no restriction thatwould provide that this tax shall not continue to be imposed untilthe bonds are fully paid or a provision has been made for theirpayment in full.105221. The district is a local agency within the meaning ofthe Revenue Bond Law of 1941, Chapter 6 (commencing withSection 54300) of Part 1 of Division 2 of Title 5 of the GovernmentCode. The term ‘‘enterprise’’ as used in the Revenue Bond Law of1941 shall, for all purposes of this part, include the system or anyor all rail transit facilities and all additions, extensions, andimprovements thereto authorized to be acquired, constructed, or93
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Assembly Bill 2224 - Sonoma Marin Area Rail Transit - Home Page

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