50665.1. As used in this article: (a) “Local agency” means any county, city, or city and county, including a chartered city, or special district, including a school district. (b) “Legislative body” means the city council in the case of a city, and the board of supervisors in the case of a county. (c) “Revenues” means the funds received […]
50665.10. Except as otherwise provided in the initiating resolution, any election required under this article shall be conducted as other elections of the local agency. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50665.11. When two or more propositions for incurring indebtedness are submitted at the same election, the votes cast for and against each proposition shall be counted separately. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50665.12. If two-thirds of the voters voting on a proposition initiated pursuant to this article vote for it, the legislative body may, by majority vote, adopt a resolution approving the issuance, sale, and delivery of the bonds. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50665.13. The bonds shall bear interest at a rate or rates not exceeding the maximum rate authorized by Section 53531, may be payable at the time or times, may be in one or more series, may bear a date or dates, may mature at a time or times not exceeding 31 years from their respective […]
50665.14. The bonds are special obligations of the local agency and shall be a charge against and are secured by a lien upon and shall be payable, as to the principal thereof and interest thereon, and any premiums upon the redemption thereof, from the revenues and such funds as are described in the resolution authorizing […]
50665.2. Limited obligation bonds may be issued for the acquisition, installation, construction, or improving of any or all public works or improvements which the local agency is otherwise authorized to acquire, install, construct, or improve, and for the acquisition of lands and easements therefor. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50665.3. In determining the amount of bonds to be issued, the legislative body may include: (a) All costs and estimated costs incidental to or connected with the acquisition, construction, improving, or financing of the public works or improvements. (b) All engineering, inspection, legal, and fiscal agent’s fees, all costs of the bond election and of the issuance […]
50665.4. Proceedings are initiated when the legislative body passes an initiating resolution by a majority vote of all its members. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50665.5. For all local agencies, the initiating resolution shall recite each of the following: (a) That the initiating resolution is being adopted pursuant to the powers granted by this article. (b) The object and purpose of incurring the indebtedness. (c) The estimated cost of the public improvements. (d) The maximum amount of the indebtedness. (e) A maximum rate of interest […]
50665.6. The initiating resolution shall be published once in a newspaper of general circulation in the local agency. If there is no such newspaper, it shall be posted in a public place within the jurisdiction of the local agency. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50665.7. The bonds and the resolution providing for their issuance shall state that the bonds are limited obligation bonds payable solely from revenues of the local agency pledged for that purpose. In addition, the resolution of the legislative body providing for the issuance of limited obligation bonds shall specify the amount and source of revenue […]
50665.8. The proposition for incurring a bonded debt shall be submitted to the qualified voters of the local agency at an election held for that purpose. The election may be consolidated with any other election of the local agency. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50665.9. A proposition to be submitted to the voters of a local agency for approval of the issuance of limited obligation bonds shall state that the bonds are limited obligation bonds to be paid solely from pledged revenue, and shall specify the source and amount of the pledged revenue. (Added by Stats. 1985, Ch. 320, […]
50666. By resolution, the legislative body may pledge, place a charge upon, and assign all or any part of the revenues for the security of the bonds. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50666.1. The payment of interest on and principal of the bonds and any premiums upon the redemption of any thereof are secured by an exclusive pledge, charge, and lien upon all of the revenues. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50666.2. The revenues and any interest earned on the revenues constitute a trust fund for the security and payment of the interest on and principal of the bonds. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50666.3. So long as any bonds or interest thereon are unpaid following their maturity, the revenues and interest thereon shall not be used for any other purpose. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50666.4. If the interest and principal of the bonds and all charges to protect or secure them are paid when due, an amount or amounts for other purposes may be apportioned from the revenues. (Added by Stats. 1985, Ch. 320, Sec. 2.)
50666.5. Bonds of the same issue shall be equally secured by a pledge, charge, and lien upon the revenues specified in the resolution authorizing the issuance of the bonds, without priority for number, date of bonds, of sale, of execution, or of delivery pursuant to this article and the resolution authorizing the issuance of the […]