(a) Notwithstanding any provision of Article 7.7 (commencing with Section 53859) of Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code, the district may borrow money for the purchase of buses and rolling stock, or transportation facilities, or for capital improvement, by the issuance of grant anticipation notes issued pursuant to that article that are payable on the basis of any of the following:
(1) From appropriated state funds.
(2) From other funds committed, but not appropriated, and evidenced by an appropriate document of intent.
(3) On specific dates or events and evidenced by an appropriate document of intent.
(b) In addition to the grant money that may be pledged for the payment of the notes pursuant to Section 53859.06 of the Government Code, the district may pledge as security, on terms that it deems appropriate, the buses, rolling stock, or other transportation facilities acquired with the proceeds of the notes.
(Amended by Stats. 1984, Ch. 153, Sec. 2.)
Last modified: October 25, 2018