California Government Code ARTICLE 4 - Limited Obligation Bonds

• Section 50665.1.
  As used in this article:(a) “Local agency” means any county, city, or city and county, including a chartered city, or special district, including a school district.(b) “Legislative...
• Section 50665.2.
  Limited obligation bonds may be issued for the acquisition, installation, construction, or improving of any or all public works or improvements which the local agency...
• Section 50665.3.
  In determining the amount of bonds to be issued, the legislative body may include:(a) All costs and estimated costs incidental to or connected with the acquisition,...
• Section 50665.4.
  Proceedings are initiated when the legislative body passes an initiating resolution by a majority vote of all its members.(Added by Stats. 1985, Ch. 320, Sec.
• Section 50665.5.
  For all local agencies, the initiating resolution shall recite each of the following:(a) That the initiating resolution is being adopted pursuant to the powers granted by...
• Section 50665.6.
  The initiating resolution shall be published once in a newspaper of general circulation in the local agency. If there is no such newspaper, it shall...
• Section 50665.7.
  The bonds and the resolution providing for their issuance shall state that the bonds are limited obligation bonds payable solely from revenues of the local...
• Section 50665.8.
  The proposition for incurring a bonded debt shall be submitted to the qualified voters of the local agency at an election held for that purpose....
• Section 50665.9.
  A proposition to be submitted to the voters of a local agency for approval of the issuance of limited obligation bonds shall state that the...
• Section 50665.10.a.
  Except as otherwise provided in the initiating resolution, any election required under this article shall be conducted as other elections of the local agency.(Added by...
• Section 50665.11.
  When two or more propositions for incurring indebtedness are submitted at the same election, the votes cast for and against each proposition shall be counted...
• Section 50665.12.
  If two-thirds of the voters voting on a proposition initiated pursuant to this article vote for it, the legislative body may, by majority vote, adopt...
• Section 50665.13.
  The bonds shall bear interest at a rate or rates not exceeding the maximum rate authorized by Section 53531, may be payable at the time...
• Section 50665.14.
  The bonds are special obligations of the local agency and shall be a charge against and are secured by a lien upon and shall be...
• Section 50666.
  By resolution, the legislative body may pledge, place a charge upon, and assign all or any part of the revenues for the security of the...
• Section 50666.1.
  The payment of interest on and principal of the bonds and any premiums upon the redemption of any thereof are secured by an exclusive pledge,...
• Section 50666.2.
  The revenues and any interest earned on the revenues constitute a trust fund for the security and payment of the interest on and principal of...
• Section 50666.3.
  So long as any bonds or interest thereon are unpaid following their maturity, the revenues and interest thereon shall not be used for any other...
• Section 50666.4.
  If the interest and principal of the bonds and all charges to protect or secure them are paid when due, an amount or amounts for...
• Section 50666.5.
  Bonds of the same issue shall be equally secured by a pledge, charge, and lien upon the revenues specified in the resolution authorizing the issuance...
• Section 50666.6.
  The general fund of a local agency is not liable for the payment of the bonds or their interest.(Added by Stats. 1985, Ch. 320, Sec.
• Section 50666.7.
  The general credit or taxing power of the local agency, other than the revenues pledged, is not liable for the payment of the bonds or...
• Section 50666.8.
  The holder of the bonds shall not compel the exercise of the taxing power by the local agency, other than the revenues pledged, or the...
• Section 50666.9.
  The principal of, and interest on, the bonds and any premiums upon the redemption of any thereof are not a debt of the local agency,...
• Section 50667.
  Every bond shall recite in substance that the principal of, and interest on, the bond are payable solely from the revenues pledged to the payment...
• Section 50667.1.
  The bonds and, any interest on, or income from, the bonds are exempt from taxation in this state, except from bank and corporation franchise, gift,...
• Section 50667.2.
  In the resolution authorizing the bonds, the legislative body may insert any of the provisions authorized by this article, which shall become a part of...
• Section 50667.3.
  The legislative body may provide limitations on:(a) The purpose to which the proceeds of sale of any issue of bonds may be applied.(b) The issuance of additional...
• Section 50667.4.
  The legislative body may provide for events of default and terms upon which the bonds may be declared due before maturity and the terms upon...
• Section 50667.5.
  The legislative body may provide for the rights, liabilities, powers, and duties arising upon the local agency’s breach of any covenants, conditions, or obligations.(Added by...
• Section 50667.6.
  The legislative body may provide for the vesting in a trustee of the right to enforce covenants to secure payment of, or in relation to,...
• Section 50667.7.
  The legislative body may provide for the terms upon which the bondholders or any percentage of the bondholders may enforce covenants or duties imposed by...
• Section 50667.8.
  The legislative body may provide in the resolution authorizing issuance of the bonds for a procedure for amending or abrogating the terms of the resolution...
• Section 50667.9.
  Any resolution containing a procedure specified in Section 50667.8 may also provide for meetings of bondholders or for their written assent without a meeting and...
• Section 50668.
  The resolution shall specifically state the effect of amendment upon the rights of the holders of all of the bonds and shall be binding upon...
• Section 50668.1.
  The legislative body may provide for any other acts and things necessary, convenient, or desirable to secure the bonds or tending to make them more...
• Section 50668.2.
  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...
• Section 50668.3.
  A separate, distinct, and special fund shall be created at or before the issuance of the bonds, which shall be maintained continuously during the time...
• Section 50668.4.
  All pledged revenue shall be deposited in the special fund and payments shall be made therefrom in the order specified in subdivisions (a) to (c),...
• Section 50668.5.
  The local agency shall preserve and protect the security of the bonds and the rights of the bondholders and shall warrant and defend the rights...
• Section 50668.6.
  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...
• Section 50668.7.
  The local agency shall hold in trust the revenues pledged to the payment of the principal of and interest on the bonds for the benefit...
• Section 50668.8.
  The local agency may invest funds held in reserve, or in any sinking fund, or funds not required for immediate disbursement, in property or securities...
• Section 50668.9.
  The local agency shall keep proper books of record and accounts of the revenues, separate from all other records and accounts, in which complete and...
• Section 50669.
  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...
• Section 50669.1.
  The local agency shall cause to be published a summary statement showing the amount of revenues collected which are required as security for payment of...
• Section 50669.2.
  The statement shall be published annually, not more than 120 days after the close of each fiscal year. The local agency shall furnish a copy...
• Section 50669.3.
  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...
• Section 50669.4.
  The duties set forth in this article do not require the local agency to expend any funds other than revenues pledged to secure payment of...
• Section 50669.5.
  A fiscal or paying agent may be appointed as now, or hereafter, provided in Article 7 (commencing with Section 54550) of Chapter 6 of Division...
• Section 50669.6.
  A validating proceeding may be conducted as now, or hereafter, provided in Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of...
• Section 50669.7.
  Bondholders shall have the remedies as now, or hereafter, provided in Article 10 (commencing with Section 54640) of Chapter 6 of Division 2 of Title...
• Section 50669.8.
  The bonds may be refunded in the manner now, or hereafter, provided in Article 11 (commencing with Section 54660) of Chapter 6 of Division 2...
• Section 50670.
  All bonds issued in pursuance of the provisions of this article shall by their issuance be conclusive evidence of the regularity, validity, and legal sufficiency...
• Section 50670.1.
  Any action, suit, or proceeding of any kind or nature in which the validity of any of the proceedings taken under the provisions of this...
• Section 50670.3.
  This article provides an alternative authority and procedure for the subject to which it relates but does not affect any other law relating to the...
• Section 50670.4.
  This article and all of its provisions shall be liberally construed to the end that the purposes of this article may be effective. If any...

Last modified: October 22, 2018