§ 40336. — 40336. (Added by Stats. 1974, Ch. 508.)

California § 40336.

• Jurisdiction: California
• Code PUC: Public Utilities Code - PUC
• Div. 10.: DIVISION 10. TRANSIT DISTRICTS
• Part 4.: PART 4. ORANGE COUNTY TRANSIT DISTRICT
• Ch. 8.: CHAPTER 8. Taxation
• Art. 2.: ARTICLE 2. Transactions and Use Taxes and Revenue Bonds

Text

The district is hereby authorized to issue revenue bonds, payable, in whole or in part, from revenues made available under this article. Such revenues are hereby declared to be revenues of the enterprise for all purposes of the Revenue Bond Law of 1941 (Chapter 6 (commencing with Section 54300), Part 1, Division 2, Title 5 of the Government Code), and the restrictions therein provided against the securing of bonds by the taxing power or the proceeds of taxation shall not apply. The district shall be deemed a “local agency” and the planning, acquiring, constructing, operating, or maintaining of the district’s transit facilities, or any part thereof, shall be deemed an
“enterprise” within the meaning of the Revenue Bond Law of 1941. The provisions of such law not inconsistent with any of the provisions of this article are hereby made applicable to the district, except that no election shall be required for the issuance of bonds under such law which are secured, in whole or in part, by the revenues of the tax imposed pursuant to this article. The resolution or indenture authorizing the issuance of any revenue bonds secured, in whole or in part, by the revenues of the tax imposed pursuant to this article shall provide that use of such revenues by the district to redeem such bonds shall be continued in effect until such bonds are fully paid or provision has been made for their payment in full.
The district may borrow money in anticipation of the revenues made available under this article and may, from time to time, issue negotiable notes for that purpose.
In addition to pledging revenues for
the payment of any revenue bonds, the district may pledge for the payment of such bonds all other income or receipts of the district which are not required by law to be used for other purposes.

Legislative History

Added by Stats. 1974, Ch. 508.