Section 54519.
54519. The local agency shall hold in trust the revenues and other funds pledged to the payment of the principal of and interest on the bonds for the benefit of the bondholders and shall apply the same pursuant to the resolution authorizing the issuance of the bonds or to the resolution as modified. The local […]
Section 54520.
54520. The local agency shall keep proper books of record and accounts of the enterprise, separate from all other records and accounts, in which complete and correct entries shall be made of all transactions relating to the enterprise. (Added by Stats. 1949, Ch. 81.)
Section 54521.
54521. At all times the books shall be subject to the inspection of the holders of not less than 10 percent of the outstanding bonds or their representatives authorized in writing. (Added by Stats. 1949, Ch. 81.)
Section 54522.
54522. The local agency shall cause to be published a summary statement showing the amount of gross revenues and the amount of all other funds collected which are required to be pledged or otherwise made available as security for payment of the principal of and interest on the bonds, the disbursements from such revenues and […]
Section 54510.
54510. The duties prescribed by this article shall be performed by the local agency or its proper officers, agents, or employees. (Added by Stats. 1949, Ch. 81.)
Section 54523.
54523. In the resolution authorizing the bonds, the local agency may agree that the statement shall be prepared or audited by an independent certified public accountant or public accountant and shall be in the form and contain the detail specified in the resolution. (Amended by Stats. 1959, Ch. 1936.)
Section 54511.
54511. Such performance is of the essence of the local agency’s contract with the bondholders. (Added by Stats. 1949, Ch. 81.)
Section 54524.
54524. The duties set forth in this article do not require the local agency to expend any funds other than revenues received or receivable from the enterprise and such other funds from any source as are legally available and as are made available for the enterprise or to secure payment of the principal of or […]
Section 54512.
54512. The local agency shall pay or cause to be paid the principal and interest of the bonds on the date, at the place, and in the manner mentioned in the bonds and coupons and in accordance with the resolution authorizing their issuance. (Added by Stats. 1949, Ch. 81.)
Section 54513.
54513. Subject to the provisions of Section 54516.1, the local agency shall operate the enterprise in an efficient and economical manner. (Amended by Stats. 1953, Ch. 526.)