§ 92255. — 92255. (Added by Stats. 1982, Ch. 1553, Sec. 2.)

California § 92255.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Title 11.: TITLE 11. CALIFORNIA PASSENGER RAIL FINANCING COMMISSION ACT
• Ch. 5.: CHAPTER 5. Bonds and Notes

Text

(a)
The bonds may be issued as serial bonds or as term bonds, or the commission, in its discretion, may issue bonds of both types.
(b)
The bonds shall be authorized by resolution of the commission and shall bear the date or dates, mature at the time or times, not exceeding 50 years from their respective dates, bear interest at the rate or rates, be payable at the time or times, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in lawful money of the United States of America at the place or places, and be subject to the terms of redemption, as the resolution or resolutions may provide.
(c)
The bonds or notes shall be sold by the Treasurer within 60 days of receipt of a certified copy of the commission’s resolution authorizing the sale of the bonds, except that the commission, at its discretion, may adopt a resolution extending the 60-day period. The sales may be at public or private sale, and for the price or prices and on the terms and conditions, as the commission shall determine after giving due consideration to the recommendations of any participating party to be assisted from the proceeds of the bonds or notes.
(d)
Pending preparation of the definitive bonds, the Treasurer may issue interim receipts, certificates, or temporary bonds which shall be exchanged for the definitive bonds. The Treasurer may sell any bonds, notes, or other evidence of indebtedness at a price or prices below the par value thereof without any limitation on price or prices.

Legislative History

Added by Stats. 1982, Ch. 1553, Sec. 2.