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 54511.

54511. Such performance is of the essence of the local agency’s contract with the bondholders. (Added by Stats. 1949, Ch. 81.)

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.)

Section 54514.

54514. Subject to the provisions of Section 54516.1, the local agency shall prescribe, revise, and collect such charges that the services, facilities or water of the enterprise are furnished at the lowest possible cost consistent with sound economy, and prudent management, and the security and payment of the principal and interest of the bonds. (Amended […]

Section 54515.

54515. After making allowances for contingencies and error in the estimates, the charges, together with any other funds which under this chapter can legally be, and which are, pledged or otherwise made available for the respective purposes hereinafter set forth, shall be at least sufficient to pay the following amounts in the order set forth: […]

Section 54516.

54516. Subject to the provisions of Section 54516.1, the local agency shall operate, maintain and preserve the enterprise in good repair and working order. (Amended by Stats. 1953, Ch. 811.)

Section 54516.1.

54516.1. Subject to the provisions and limitations of any resolution authorizing the issuance of bonds and to the conditions specified in Section 54516.2 of this code, the local agency may contract, upon such terms and conditions as it may determine, with any person, firm or corporation, for the operation or management of an enterprise. Each […]

Section 54516.2.

54516.2. The local agency shall let contracts made by it pursuant to Section 54516.1 to the lowest qualified responsible bidder after the publication of a notice inviting bids two or more times, not less than five days apart, in a newspaper of general circulation printed and published in the city. If there is no newspaper […]

Section 54516.3.

54516.3. If the enterprise is a hospital, the local agency may provide for the administration, operation and maintenance of the whole or any part of the enterprise and for such purpose may enter into any lease agreement or contract which it believes will best serve the interest of the local agency by publication of notice […]

Section 54517.

54517. The local agency shall preserve and protect the security of the bonds and the rights of the bondholders and warrant and defend their rights against all claims and demands of all persons. (Added by Stats. 1949, Ch. 81.)

Section 54518.

54518. In order to fully preserve and protect the priority and security of the bonds the local agency shall pay and discharge all lawful claims for labor, materials, and supplies, which if unpaid may become a lien or charge upon the revenues prior or superior to the lien of the bonds or impair the security […]

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 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 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 […]