California Revenue and Taxation Code CHAPTER 12 - Metropolitan Transportation Commission

• Section 8500.
  Except when the context otherwise requires, the definitions given in this chapter govern the construction of this chapter.(Added by Stats. 1997, Ch. 878, Sec. 1....
• Section 8501.
  As used in this chapter, the following definitions have the following meanings:(a) “Commission” means the Metropolitan Transportation Commission created by Title 7.1 (commencing with Section 66500)...
• Section 8502.
  The commission may impose, in addition to any other tax authorized by this division, a tax on the privilege of selling within the region, motor...
• Section 8503.
  (a) Prior to imposing the tax, the commission shall adopt a regional transportation expenditure plan for the revenues derived from the tax. The regional transportation expenditure...
• Section 8504.
  (a) Following the adoption by the commission of a regional transportation expenditure plan, the board of supervisors of each county and city and county in the...
• Section 8505.
  Upon approval of the measure by the margin of voters within the region voting at a local election as determined necessary by the California Constitution...
• Section 8506.
  The commission shall contract with the State Board of Equalization for the administration of any tax imposed under this chapter, and the board shall be...
• Section 8507.
  The State Board of Equalization shall adopt the necessary rules and regulations to administer the tax.(Added by Stats. 1997, Ch. 878, Sec. 1. Effective January...
• Section 8508.
  After deducting its cost of administering the tax, the State Board of Equalization shall periodically transmit the net revenues to the commission as promptly as...
• Section 8509.
  The net revenues received by the commission shall be expended only in accordance with the regional transportation expenditure plan adopted pursuant to Section 8503, except...
• Section 8510.
  In order to be eligible for funds derived from the tax, project sponsors shall comply with all applicable commission rules and regulations including, but not...
• Section 8511.
  The commission’s regional transportation expenditure plan shall include a process of ensuring periodic public review of the progress of the regional transportation expenditure plan and...
• Section 8512.
  The commission may, by a two-thirds vote, amend the regional transportation expenditure plan after a minimum of two public hearings in accordance with Section 8511....
• Section 8513.
  (a) If requested to do so by the commission in its resolution calling for an election, the board of supervisors, as part of the ballot proposition...
• Section 8514.
  (a) The bonds authorized by the voters concurrently with the approval of the tax may be issued at any time by the commission and shall be...
• Section 8515.
  Limited tax bonds shall be issued pursuant to a resolution adopted at any time by a two-thirds vote of the commission. Each resolution shall provide...
• Section 8516.
  (a) A resolution authorizing the issuance of bonds shall state all of the following:(1) The purposes for which the proposed debt is to be incurred, which may...
• Section 8517.
  The bonds shall bear interest at a rate or rates not exceeding the maximum allowable by law, payable at intervals determined by the commission, except...
• Section 8518.
  In the resolution authorizing the issuance of the bonds, the commission may also provide for the call and redemption of the bonds prior to maturity...
• Section 8519.
  The principal of, and interest on, the bonds shall be payable in lawful money of the United States at the office of the treasurer of...
• Section 8520.
  The bonds, or each series thereof, shall be dated and numbered consecutively and shall be signed by the chairperson or vice chairperson of the commission...
• Section 8521.
  The bonds may be sold as the commission determines by resolution, and the bonds may be sold at a price below par, whether by negotiated...
• Section 8522.
  Delivery of any bonds may be made at any place either inside or outside the state, and the purchase price may be received in cash...
• Section 8523.
  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...
• Section 8524.
  (a) The commission may provide for the issuance, sale, or exchange of refunding bonds to redeem or retire any bonds issued by the commission upon the...
• Section 8525.
  (a) The commission may borrow money in anticipation of the sale of bonds which have been authorized pursuant to this chapter, but which have not been...
• Section 8526.
  Any bonds issued under this chapter are legal investment for all trust funds; for the funds of insurance companies, commercial and savings banks, and trust...

Last modified: October 22, 2018