SECTIONS 26485-26488 - California Statutes

GOVERNMENT CODE

SECTION 26485-26488

26485. This chapter shall be liberally construed to carry out its
objects and purposes and to finance the construction of needed public
improvements through the medium of revenue bonds and to protect the
holders of such bonds.

26486. "Bonds" as used in this chapter means the written evidence
of any obligation incurred by the board payable out of revenues as
provided in this chapter in order to secure funds with which to carry
out the purposes of this chapter irrespective of the form of such
obligation whether in the form of bonds, notes, debentures, interest
bearing certificates or other forms prescribed by the board.

26487. "Revenue" as used in this chapter shall mean all fees,
rates, charges, rentals or other income and revenue actually received
or receivable by or for the account of the board from the operation
of any particular project including without limiting the generality
of the foregoing interest allowed on any moneys or securities and any
proceeds derived from the sale of any securities and any
consideration in any way derived from the particular project owned,
operated or maintained by the board.

26488. This chapter shall not be operative in any county until the
board of supervisors, either at a general or a special election,
shall submit to the electors of the county the question as to whether
the board of supervisors shall be authorized to adopt the
revenue-bond method of financing for the improvements referred to in
this chapter.
If a majority of the electors voting upon the question vote in
favor of the revenue-bond method of financing the said improvements,
the board of supervisors may proceed to undertake and finance the
improvements as provided for herein.
If a majority of the electors voting upon the question vote
against the revenue-bond method of financing the said improvements,
the board of supervisors shall not again submit the question to the
electors until a period of at least six months has elapsed since the
date of the last election at which the question was submitted.