California Public Utilities Code ARTICLE 7 - Limited Obligation Bonds

• Section 99320.
  This article is not applicable in a county where the transit district has been provided bonding authority by statute.(Added by Stats. 1971, Ch. 1400.)
• Section 99320.5.
  If the transportation planning agency determines that the cost of an approved claim for capital expenditures for public transportation purposes, excluding highways, within a county...
• Section 99321.
  For purposes of this article, “limited obligation bonds” are bonds payable solely from the local transportation fund of the county. The money, or portion thereof,...
• Section 99322.
  In determining the amount of bonds to be issued, the transportation planning agency may include:(a) All costs and estimated costs incidental to or connected with the...
• Section 99323.
  The bonds and the resolution providing for their issuance shall state that they are limited obligation bonds payable solely from the revenues.(Added by Stats. 1971,...
• Section 99324.
  The term of bonds issued shall not exceed 31 years.(Added by Stats. 1971, Ch. 1400.)
• Section 99325.
  The bonds shall be sold as the transportation planning agency shall determine but for not less than a price which will produce a net interest...
• Section 99326.
  The bonds are special obligations of the county and shall be a charge against and are secured by a lien upon and shall be payable,...
• Section 99327.
  By resolution, the board of supervisors shall pledge, place a charge upon, and assign all or any part of the revenues for the security of...
• Section 99328.
  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 99329.
  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 99330.
  So long as any bonds or interest thereon are unpaid following their maturity, the revenues or the designated portion and interest thereon shall not be...
• Section 99331.
  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 99332.
  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 99333.
  The general fund or any other fund of the county shall not be liable for the payment of the bonds or their interest.(Added by Stats....
• Section 99334.
  The general credit or taxing power of the county, other than the sales and use tax as herein provided, shall not be liable for the...
• Section 99335.
  The holder of the bonds or coupons shall not compel the exercise of the taxing power by the county, other than the sales and use...
• Section 99336.
  The principal of and interest on the bonds and any premiums upon the redemption of any thereof are not a debt of the county, nor...
• Section 99337.
  Every bond shall recite in substance that the principal of and interest on the bond are payable solely from the revenues pledged to its payment...
• Section 99338.
  The bonds and interest or income from the bonds are exempt from taxation in this state, except from gift, inheritance, and estate taxes.(Added by Stats....
• Section 99339.
  In the resolution authorizing the bonds, the board of supervisors may, with the consent of the transportation planning agency, insert any of the provisions authorized...
• Section 99340.
  The transportation planning agency may provide for limitations on:(a) The purpose to which the proceeds of sale of any issue of bonds may be applied.(b) The issuance...
• Section 99341.
  The transportation planning agency may provide for events of default and terms upon which the bonds may be declared due before maturity and the terms...
• Section 99342.
  The transportation planning agency may provide for the rights, liabilities, powers, and duties arising upon the county’s breach of any covenants, conditions, or obligations.(Added by...
• Section 99343.
  The transportation planning agency may provide for the vesting in a trustee of the right to enforce covenants to secure payment of or in relation...
• Section 99344.
  The transportation planning agency may provide for the terms upon which the bondholders or any percentage of them may enforce covenants or duties imposed by...
• Section 99345.
  The transportation planning agency may require the board of supervisors to provide in the resolution for a procedure for amending or abrogating the terms of...
• Section 99346.
  Any resolution containing such a procedure may also provide for meetings of bondholders or for their written assent without a meeting and the manner of...
• Section 99347.
  The resolution shall specifically state the effect of amendment upon the rights of the holders of all of the bonds and attached or detached interest...
• Section 99348.
  The transportation planning agency may provide for any other acts and things necessary, convenient or desirable to secure the bonds or tending to make them...
• Section 99349.
  The county shall pay or cause to be paid the principal and interest of the bonds on the date, at the place, and in the...
• Section 99350.
  During the period that any of the bonds and the interest thereon are unpaid, the county shall prescribe, revise and collect taxes in the manner...
• Section 99351.
  After making allowances for contingencies and error in the estimates, the taxes, for the respective purposes hereinafter set forth, shall be at least sufficient to...
• Section 99352.
  A separate, distinct and special account shall be created at or before the issuance of the bonds, which shall be maintained continuously in the local...
• Section 99353.
  All designated revenues shall be deposited in the special account and payments shall be made therefrom as provided in Section 99351.(Added by Stats. 1971, Ch.
• Section 99354.
  The county shall preserve and protect the security of the bonds and the rights of the bondholders and warrant and defend their rights against all...
• Section 99355.
  In order to fully preserve and protect the priority and security of the bonds, the county shall pay from the special account in the local...
• Section 99356.
  The county shall hold in trust the revenues pledged to the payment of the principal of and interest on the bonds for the benefit of...
• Section 99357.
  The county may invest funds held in reserve, or in any sinking fund, or funds not required for immediate disbursement, in property or securities in...
• Section 99358.
  The county shall keep proper books of record and accounts of the revenues, separate from all other records and accounts, in which complete and correct...
• Section 99359.
  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 99360.
  The county shall cause to be published a summary statement showing the amount of revenues deposited which are required as security for payment of the...
• Section 99361.
  The statement shall be published annually, not more than 120 days after the close of each fiscal year. The county shall furnish a copy of...
• Section 99362.
  In the resolution authorizing the bonds, the county may agree that the statement shall be prepared or audited by an independent certified public accountant and...
• Section 99363.
  The duties set forth in this article do not require the county to expend any funds other than revenues pledged to secure payment of the...
• Section 99364.
  A fiscal or paying agent may be appointed as now or as may hereafter be provided in Article 7 (commencing with Section 54550), Chapter 6,...
• Section 99365.
  An action to determine the validity of bonds may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2...
• Section 99366.
  Bondholders shall have the remedies as now or as may hereafter be provided in Article 10 (commencing with Section 54640), Chapter 6, Part 1, Division...
• Section 99367.
  The bonds may be refunded in the manner now or as may hereafter be provided in Article 11 (commencing with Section 54660), Chapter 6, Part...
• Section 99368.
  Without the issuance of bonds hereunder, a pledge or allocation from revenues for the payment of bonds and interest issued or to be issued under...
• Section 99369.
  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 99370.
  All bonds by their issuance in pursuance of the provisions of this article shall by their issuance be conclusive evidence of the regularity, validity and...
• Section 99371.
  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 99372.
  This article and all of its provisions shall be liberally construed to the end that the purposes hereof may be effective. If any section, subsection,...
• Section 99373.
  Proceedings are initiated to issue bonds within the meaning of this article when the board of supervisors, by majority vote, adopts a resolution in conformity...
• Section 99374.
  At its next subsequent meeting, the board of supervisors shall pass an ordinance ordering the submission of the proposition of incurring a bonded debt for...
• Section 99375.
  Propositions for more than one object or purpose may be submitted at the same election.(Added by Stats. 1971, Ch. 1400.)
• Section 99376.
  The ordinance shall recite:(a) The object and purpose of incurring the indebtedness.(b) The estimated cost of the public improvements.(c) The amount of the principal of the indebtedness.(d) The rate...
• Section 99377.
  The ordinance may provide that the estimated cost stated therein of the public improvements includes any or all of the following:(a) Legal or other fees incidental...
• Section 99378.
  The ordinance shall be published once a day for at least seven days in a newspaper published at least six days a week in the...
• Section 99379.
  If an election called pursuant to this article is consolidated with any other election, the ordinance calling the bond election need not set forth the...
• Section 99380.
  Except as otherwise provided in the ordinance, the election shall be conducted as other county elections.(Added by Stats. 1971, Ch. 1400.)
• Section 99381.
  If two-thirds of the electors voting on the proposition vote for it, the bonds shall be issued.(Added by Stats. 1971, Ch. 1400.)
• Section 99382.
  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 99383.
  If any proposition is defeated, the transportation planning agency shall reconsider the application pertaining thereto. Another election on a substantially similar proposition shall not be...

Last modified: October 22, 2018