§ 22850. — 22850. (Added by Stats. 1963, Ch. 760.)

California § 22850.

• Jurisdiction: California
• Code PUC: Public Utilities Code - PUC
• Div. 9.: DIVISION 9. AVIATION
• Part 2.: PART 2. AIRPORT DISTRICTS
• Ch. 5.: CHAPTER 5. Bonds
• Art. 5.: ARTICLE 5. Revenue Bonds

Text

In addition to any other powers of the district to finance improvements and to provide an independent method of financing from that contained in any other sections of the California Airport District Act, subject to the provisions of this article a district may borrow money to provide funds to pay all costs of any public improvement authorized by this part and may issue revenue bonds to evidence the indebtedness created by such borrowing.
Such revenue bonds shall constitute special obligations and evidence a special indebtedness of the district which shall be a charge upon and payable as to the principal thereof, interest thereon, and any premiums upon the redemption of any thereof, solely from such revenues and funds as are specified therein and in the proceeding for their issuance. They shall not constitute general obligations of the district, and they shall neither constitute obligations nor evidence any indebtedness of any other public agency of which the district may be a part or of the State.
All such bonds shall recite upon their face the substance of the preceding portions of this section and shall also recite upon their face that they are issued under this article.

Legislative History

Added by Stats. 1963, Ch. 760.