55800. (a) (1) As part of the ballot proposition to approve the imposition of a retail transactions and use tax pursuant to Chapter 2 (commencing with Section 7285) of Part 1.7 of Division 2 of the Revenue and Taxation Code, an authority established pursuant to Section 7285.5 of the Revenue and Taxation Code may seek authorization to […]
55802. (a) The bonds authorized by the voters pursuant to Section 55800 may be issued at any time by the authority and shall be payable from the proceeds of the tax. The bonds shall be referred to as “limited tax bonds.” The bonds may be secured by a pledge of revenues from the proceeds of the […]
55803. Limited tax bonds issued under this chapter may be used only for the following purposes: (a) To finance the capital outlay expenditures to carry out the purposes of the retail transactions and use tax imposed by the authority. (b) To pay costs incurred in the issuance of the limited tax bonds. (c) To fund a reserve fund […]
55804. Limited tax bonds shall be issued pursuant to a resolution adopted at any time, and from time to time, by a two-thirds vote of the governing board of the authority, provided voter approval authorizing the issuance of bonds by the authority has been obtained by a majority vote, except as provided in paragraph (2) […]
55805. (a) A resolution providing for the issuance of bonds pursuant to this chapter shall state all of the following: (1) The purposes for which the proposed debt is to be incurred, which may include all costs and estimated costs incidental to, or connected with, the accomplishment of those purposes, including without limitation, engineering, inspection, legal, fiscal […]
55806. The authority may provide for the limited tax bonds to bear a variable or fixed interest rate, for the manner and intervals in which the rate shall vary, and for the dates on which the interest shall be payable. (Added by Stats. 1991, Ch. 384, Sec. 1. Effective September 9, 1991.)
55807. (a) In the resolution authorizing the issuance of the bonds, the authority may also provide for the call and redemption of the bonds prior to maturity at the times and prices and upon other terms as specified. (b) Notwithstanding the provisions of subdivision (a), no bond is subject to call or redemption prior to maturity, unless […]
55808. The principal of, and interest on, the bonds, shall be payable in lawful money of the United States at the office of the treasurer or auditor-controller of the authority, or at other places as may be designated, or at both the office and other places at the option of the holders of the bonds. […]
55809. (a) The bonds, or each series thereof, shall be signed by the chairperson or vice chairperson of the governing board of the authority or the treasurer or auditor-controller of the authority, and the official seal, if any, of the authority shall be attached. (b) The interest coupons, if any, of the bonds shall be signed by […]
55810. The bonds may be sold as the authority determines by resolution, and the bonds may be sold at a price above or below par, whether by negotiated or public sale. (Added by Stats. 1991, Ch. 384, Sec. 1. Effective September 9, 1991.)
55811. Delivery of any bonds issued pursuant to this chapter may be made at any place either inside or outside the state, and the purchase price may be received in cash or bank credits. (Added by Stats. 1991, Ch. 384, Sec. 1. Effective September 9, 1991.)
55812. All accrued interest and premiums received on the sale of the bonds shall be placed in the fund to be used for the payment of the principal of, and interest on, the bonds, and the remainder of the proceeds of the bonds shall be placed in the treasury of the authority or deposited with […]
55813. (a) The authority may provide for the issuance, sale, or exchange of refunding bonds to redeem or retire any bonds issued by the authority upon the terms, at the times and in the manner which it determines. (b) The proceeds of any bonds issued for the purpose of refunding outstanding bonds may, in the discretion of […]
55814. Refunding bonds may be issued in a principal amount sufficient to pay all, or any part of, the principal of the outstanding bonds, the premiums, if any, due upon call and redemption thereof prior to maturity, all expenses of the refunding, and either of the following: (a) The interest upon the refunding bonds from the […]
55815. (a) The authority may borrow money in anticipation of the sale of bonds which have been authorized pursuant to this chapter, but which have not been sold or delivered, and may issue negotiable bond anticipation notes therefor and may renew the bond anticipation notes from time to time. However, the maximum maturity of any bond […]
55816. Any limited tax bonds issued pursuant to this chapter are a legal investment for all trust funds, for the funds of insurance companies, commercial and savings banks, and trust companies, and for state school funds. Whenever any money or funds may, by any law now or hereafter enacted, be invested in bonds of cities, […]
55817. Notwithstanding any other provision of law: (a) The authority and its revenues are exempt from all taxes on, or measured by, income. (b) Bonds issued by the authority are exempt from all property taxation, and the interest on the bonds is exempt from all taxes on income. (c) All property owned by the agency is exempt from […]
55818. (a) Bonds issued pursuant to this chapter do not constitute a debt or liability of the state or of any other public agency, other than the authority issuing the bonds, or a pledge of the faith and credit of the state or of any other public agency, other than the issuing authority, but shall be […]
55819. Any action or proceeding wherein the validity of the adoption of the retail transactions and use tax ordinance provided for in this chapter or the issuance of any bonds thereunder or any of the proceedings in relation thereto is contested, questioned, or denied, shall be commenced pursuant to Chapter 9 (commencing with Section 860) […]
55820. The authority has no power to impose any tax other than the transactions and use tax imposed upon approval of the voters in accordance with this chapter. (Added by Stats. 1991, Ch. 384, Sec. 1. Effective September 9, 1991.)
