(a)The authority may issue bonds to finance costs of high-occupancy toll lanes or other toll facilities within the County of Sacramento approved by the California Transportation Commission pursuant to Section 149.7 of the Streets and Highways Code, including, without limitation, working capital costs, costs of issuance and credit enhancement, capitalized interest, and all reserves and other fees or costs related to the bonds. Those bonds may be payable from toll revenue or any other funds lawfully available to the authority for such purposes, including sales tax revenue, development impact fees, or state and federal grant funds.
(b)Before the authority issues bonds
payable from toll revenue for a toll facility operated by CARTA, both of the following shall occur:
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(a)
The authority may issue bonds to finance costs of high-occupancy toll lanes or other toll facilities within the County of Sacramento approved by the California Transportation Commission pursuant to Section 149.7 of the Streets and Highways Code, including, without limitation, working capital costs, costs of issuance and credit enhancement, capitalized interest, and all reserves and other fees or costs related to the bonds. Those bonds may be payable from toll revenue or any other funds lawfully available to the authority for such purposes, including sales tax revenue, development impact fees, or state and federal grant funds.
(b)
Before the authority issues bonds
payable from toll revenue for a toll facility operated by CARTA, both of the following shall occur:
(1)
The authority shall enter into an agreement with CARTA regarding the application of toll revenue to pay for bonds issued by the authority.
(2)
The governing board of CARTA shall review and approve a toll facility expenditure plan.
(c)
Bonds issued pursuant to this section may be sold pursuant to the terms and conditions set forth in a resolution adopted by the governing board. Bonds shall be issued pursuant to a resolution adopted by a two-thirds vote of the governing board, which resolution shall state the maximum principal amount of the bonds, the maximum term of the bonds, and the maximum rate of interest to
be paid on the bonds, not to exceed the maximum rate permitted by law. Any bond issued pursuant to this section shall not constitute a debt or liability of the state and shall contain on its face a statement to the following effect:
“Neither the full faith and credit nor the taxing power of the State of California is pledged to the payment of principal or interest of this bond.”
(d)
The maximum rate of interest payable upon the bonds issued pursuant to this section shall not exceed the maximum rate specified in Section 53531 of the Government Code. The rate may be either fixed or variable and shall be payable at the times and in the manner specified in the resolution.