53800. The following terms whenever used in this article have the meanings given in this section except where the context clearly indicates otherwise: (a) “Local agency” means any county, city, or city and county. (b) “Board” means the legislative body of the local agency. (c) “Investing agency” means the Public Employees’ Retirement System, as defined by Section 20004. […]
53801. The board may issue certificates to the investing agency pursuant to this article to obtain funds to pay the cost of public buildings, secure the payment of certificates and interest thereon by pledging all or part of its revenues, rentals, and receipts, and provide for the security of the certificates and the rights of […]
53802. Certificates issued pursuant to this article are negotiable instruments and are transferable between local agencies and state agencies or between such agencies and other persons having jurisdiction over special or trust funds at a price mutually agreed upon by the agencies or by such agencies and other persons. (Amended by Stats. 1976, Ch. 391.)
53803. The board has no power at any time or in any manner to pledge the credit or taxing power of the local agency. (Added by Stats. 1959, Ch. 2070.)
53804. The preparation of plans and specifications of any public building constructed pursuant to this article shall be the responsibility of the board. (Added by Stats. 1959, Ch. 2070.)
53805. The local agency shall be responsible for the maintenance and repair of all public buildings constructed, acquired or operated by the board. (Added by Stats. 1959, Ch. 2070.)
53806. The certificates shall be authorized by resolutions of the board, and shall bear such dates, mature at such time or times not exceeding 25 years from their respective dates, bear interest at such rate or rates agreed upon between the board and the investing agency, not exceeding 6 percent per year, payable semiannually, be […]
53807. The certificates shall be sold by the board at their face value to the investing agency. Such certificates are a legal investment by the investing agency notwithstanding any provision of law limiting the investment which may be made by the investing agency. Payment of the purchase price of certificates may be made in accordance […]
53808. Any resolutions authorizing the issue of certificates may contain provisions which are part of the contract with the investing agency as to: (a) Pledging all or any of the revenues, rentals, or receipts of the local agency from specific properties. (b) The construction or acquisition of any public building and the duties of the board with […]
53809. The board may provide, by resolution, for the issuance of refunding certificates for the purpose of refunding any certificates of the board issued pursuant to this article and then outstanding, either by voluntary exchange with the holders of the outstanding certificates, or to provide funds to redeem and retire the outstanding certificates, with accrued […]
53810. The treasurer of the local agency shall act as trustee for the board and the holders of the certificates issued under this article and the board may authorize the trustee to act on behalf of the holders of the certificates, or any stated percentage thereof, and to exercise and prosecute on behalf of the […]
53811. The rights and remedies conferred by this article upon or granted to certificate holders are in addition to and not in limitation of any rights and remedies lawfully granted to such certificate holders by the resolutions providing for the issuance of certificates. If the board defaults in the payment of principal or interest on […]
53812. A trustee, appointed pursuant to Section 53811, or acting under a deed of trust, indenture, or other agreement, whether or not all certificates have been declared due and payable, may have a receiver appointed. The receiver may, to the same extent that the board itself could do, enter and take possession of the public […]
53813. In addition to all other rights and all other remedies the holder of certificates of the board may by an action at law enforce his rights against the board, including the right to require the board to collect fees, rentals, and other charges adequate to carry out any agreement as to fees, rentals, or […]
53814. All money received by the board from whatever source derived, shall be transmitted by the board at least once in every calendar month to the county treasurer, and shall be deposited in the county treasury to the credit of the public buildings construction fund, which fund shall be created for the purpose hereinafter provided. […]
