§ 105251. — 105251. (Added by Stats. 2002, Ch. 341, Sec. 4.)

California § 105251.

• Jurisdiction: California
• Code PUC: Public Utilities Code - PUC
• Div. 10.: DIVISION 10. TRANSIT DISTRICTS
• Part 16.: PART 16. SONOMA-MARIN AREA RAIL TRANSIT DISTRICT
• Ch. 6.: CHAPTER 6. Bonds and Other Evidence of Indebtedness
• Art. 5.: ARTICLE 5. Temporary Borrowing

Text

The district may borrow money in anticipation of the sale of bonds that have been authorized to be issued, but have not been sold and delivered, and may issue negotiable bond anticipation notes therefor and may renew the same from time to time. The maximum maturity of those notes, including the renewals thereof, shall not exceed five years from the date of delivery of the original notes. The notes may be paid from any moneys of the district available therefor and not otherwise pledged. If not previously otherwise paid, the notes shall be paid from the proceeds
of the next sale of the bonds of the district in anticipation of which they were issued. The notes shall not be issued in any amount in excess of the aggregate amount of bonds which the district has been authorized to issue, less the amount of any bonds of that authorized issue previously sold, and also less the amount of other bond anticipation notes therefor issued and then outstanding. The notes shall be issued and sold in the same manner as the bonds. The notes and the resolution or resolutions authorizing them may contain any provisions, conditions, or limitations that a resolution of the district authorizing the issuance of bonds may contain.

Legislative History

Added by Stats. 2002, Ch. 341, Sec. 4. Effective January 1, 2003.