125716

125700. The district may issue bonds, payable from revenue of anyfacility or enterprise to be acquired or constructed by the district,in the manner provided by the Revenue Bond Law of 1941 (Chapter 6(commencing with Section 54300) of Part 1 of Division 2 of Title 5 ofthe Government Code), and all of the provisions of that law areapplicable to the district.125701. The district is a local agency within the meaning of theRevenue Bond Law of 1941 (Chapter 6 (commencing with Section 54300)of Part 1 of Division 2 of Title 5 of the Government Code). The term"enterprise," as used in the Revenue Bond Law of 1941, for allpurposes of this chapter, includes the transit system or any or alltransit facilities and all additions, extensions, and improvementsthereto authorized to be acquired, constructed, or completed by thedistrict. The district may issue revenue bonds under the Revenue Bond Law of1941 for any one or more transit facilities authorized to beacquired, constructed, or completed by the district or for transitequipment described in Section 125702 authorized to be acquired bythe district or, in the alternative, the district may issue revenuebonds under the Revenue Bond Law of 1941 for the acquisition,construction, and completion of any one of those transit facilitiesor for transit equipment described in Section 125702 authorized to beacquired by the district. Nothing in this chapter prohibits the district from availingitself of, or making use of, any procedure provided in this chapterfor the issuance of bonds of any type or character for any of thetransit facilities authorized hereunder, and all proceedings may becarried on simultaneously or, in the alternative, as the district maydetermine.125702. The district may purchase transit equipment such as cars,trolley buses, motorbuses, light rail vehicles, or rolling equipment,and may execute agreements, leases, and equipment trust certificatesin the forms customarily used by private corporations engaged in thetransit business appropriate to effect the purchase and leasing oftransit equipment, and may dispose of the equipment trustcertificates upon the terms and conditions that the district may deemappropriate. Payment for transit equipment, or rentals therefor, may be made ininstallments, and the deferred installments may be evidenced byequipment trust certificates that are or will be legally available tothe district. Title to the equipment may not vest in the districtuntil the equipment trust certificates are paid.125703. The agreement to purchase or lease transit equipment maydirect the vendor or lessor to sell and assign or lease the transitequipment to a bank or trust company duly authorized to transactbusiness in the state as trustee for the benefit and security of theequipment trust certificates, and may direct the trustee to deliverthe transit equipment to one or more designated officers of thedistrict and may authorize the district to simultaneously therewithexecute and deliver an installment purchase agreement or a lease ofthat equipment to the district.125704. The agreements and leases shall be duly acknowledged beforea person authorized by law to take acknowledgments of deeds and inthe form required for acknowledgment of deeds. The agreements, leases, and equipment trust certificates shall beauthorized by resolution of the board and shall contain covenants,conditions, and provisions that may be deemed necessary orappropriate to insure the payment of the equipment trust certificatesfrom any legally available source or sources of funds as may bespecified in the certificates.125705. The covenants, conditions, and provisions of theagreements, leases, and equipment trust certificates may not conflictwith any trust agreement or similar document securing the payment ofbonds, notes, or certificates of the district.125706. An executed copy of each agreement and lease shall be filedin the office of the Secretary of State, for a fee of one dollar($1) for each copy filed. The filing constitutes notice to any subsequent judgment creditoror any subsequent purchaser.125707. The Improvement Act of 1911 (Division 7 (commencing withSection 5000) of the Streets and Highways Code), the Improvement BondAct of 1915 (Division 10 (commencing with Section 8500) of theStreets and Highways Code), and the Municipal Improvement Act of 1913(Division 12 (commencing with Section 10000) of the Streets andHighways Code), are applicable to the district.125708. Chapter 1 (commencing with Section 99000) of Part 11 ofDivision 10 is applicable to the district.125709. The district shall be considered a "local agency," asdefined in subdivision (h) of Section 53317 of the Government Code,and the provisions of Chapter 2.5 (commencing with Section 53311) ofPart 1 of Division 2 of Title 5 of the Government Code are applicableto the district.125710. The district shall be considered to be a "local agency" asdefined in subdivision (f) of Section 6585 of the Government Code,and Article 4 (commencing with Section 6584) of Chapter 5 of Division7 of Title 1 of the Government Code is applicable to the district.125711. The district may borrow money in accordance with Article 7(commencing with Section 53820), Article 7.6 (commencing with Section53850), or Article 7.7 (commencing with Section 53859) of Chapter 4of Part 1 of Division 2 of Title 5 of the Government Code.125712. The district may borrow money in anticipation of the saleof bonds that have been authorized to be issued, but that have notbeen sold and delivered, and may issue negotiable bond anticipationnotes therefor, and may renew the bond anticipation notes from timeto time, but the maximum maturity of any bond application notes,including the renewals thereof, may not exceed five years from thedate of delivery of the original bond anticipation notes. The bond anticipation notes may be paid from any money of thedistrict available therefor and not otherwise pledged. If notpreviously otherwise paid, the bond anticipation notes shall be paidfrom the proceeds of the next sale of the bonds of the district inanticipation of which they were issued. The bond anticipation notesmay not be issued in any amount in excess of the aggregate amount ofbonds that the district has not been authorized to issue, less theamount of any bonds of the authorized issue previously sold, and alsoless the amount of other bond anticipation notes therefor issued andthen outstanding. The bond anticipation notes shall be issued and sold in the samemanner as the bonds. The bond anticipation notes and the resolutionor resolutions authorizing them may contain any provisions,conditions, or limitations that a resolution of the board of thedistrict authorizing the issuance of bonds may contain.125713. The district may issue negotiable promissory notes pursuantto this section to acquire funds for any district purposes. Thematurity of the promissory notes may not be later than five yearsfrom the date thereof. Those notes shall bear interest at a rate notto exceed 12 percent per year. Those notes shall be payable from anysource of revenue available to the district.125714. The district may bring an action to determine the validityof any of its bonds, equipment trust certificates, warrants, notes,or other evidences of indebtedness pursuant to Chapter 9 (commencingwith Section 860) of Title 10 of Part 2 of the Code of CivilProcedure.125715. All bonds and other evidences of indebtedness issued by thedistrict under this chapter, and the interest thereon, are free andexempt from all taxation within the state, except for transfer,franchise, inheritance, and estate taxes.125716. Notwithstanding any other provisions of this division or ofany other law, the provisions of all ordinances, resolutions, andother proceedings in the issuance by the district of any bonds, bondswith a pledge of revenues, bonds for any and all evidences ofindebtedness or liability constitute a contract between the districtand the holders of the bonds, equipment trust certificates, notes, orevidences of indebtedness or liability, and the provisions thereofare enforceable against the district or any or all of its successorsor assigns, by mandamus or any other appropriate suit, action, orproceeding in law or in equity in any court of competentjurisdiction. Nothing in this division or in any other law relieves the districtor the territory included within it from any bonded or other debt orliability contracted by the district. Upon dissolution of thedistrict or upon withdrawal of territory therefrom, that territoryformerly included within the district, or withdrawn therefrom, shallcontinue to be liable for the payment of all bonded and otherindebtedness or liabilities outstanding at the time of thedissolution or withdrawal as if the district had not been sodissolved or the territory withdrawn therefrom, and it shall be theduty of the successors or assigns to provide for the payment of thebonded and other indebtedness and liabilities. Except as may be otherwise provided in the proceedings for theauthorization, issuance, and sale of any revenue bonds, bonds securedby a pledge of revenues, or bonds for improvement districts securedby a pledge of revenues, revenues of any kind or nature derived fromany revenue-producing improvements, works, facilities, or propertyowned, operated, or controlled by the district shall be pledged,charged, assigned, and have a lien thereon for the payment of thebonds as long as they are outstanding, regardless of any change inownership, operation, or control of the revenue-producingimprovements, works, facilities, or property and it shall, in anylater event or events, be the duty of the successors or assigns tocontinue to maintain and operate the revenue-producing improvements,works, facilities, or property as long as bonds are outstanding.Disclaimer: These codes may not be the most recent version. California may have more current or accurate information. 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125716

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