SECTIONS 53393-53394 - California Statutes

GOVERNMENT CODE

SECTION 53393-53394

53393. The legislative body may pledge any source of revenues, in
addition to any property tax revenues, to pay the principal and
interest on bonds approved and issued pursuant to this chapter,
including, but not limited to, any fees or charges for services
provided by, or in conjunction with, facilities rehabilitated with
the proceeds of any bond issuance as long as those fees or charges do
not exceed the estimated reasonable cost of providing the service
for which the fee or charge is imposed.

53393.3. The legislative body may proceed under the authority of
Section 53393 only if it states its intention to so proceed and
describes the proposed revenue source in the resolution of intention
to establish the district adopted pursuant to Section 53373 and in
the resolution of intention to issue bonds adopted pursuant to
Section 53387.

53393.6. (a) If the legislative body elects to pledge the revenues
described in Section 53393, it shall require both of the following by
ordinance:
(1) That a specified amount of the proceeds of the pledged revenue
source shall be annually or more frequently, as specified,
appropriated and paid into the Bond Payment Fund required to be
established by Section 53392 in an amount sufficient to pay all or
any portion of the principal and interest payments due on the bond
issuance and into the bond reserve fund, required to be established
by paragraph (2), to replenish that fund, as needed.
(2) That a bond reserve fund be established by the district from
bond proceeds or any available revenue source, including any property
tax revenues paid into the fund pursuant to subdivision (b),
sufficient to pay the principal and interest due on the bonds for the
next fiscal year.
(b) If the legislative body elects to pledge the revenues
described in Section 53393, the county auditor shall pay the property
tax revenues described in subdivision (a) of Section 53392 into the
bond reserve fund established pursuant to paragraph (2) of
subdivision (a), rather than into the Bond Payment Fund as provided
by subdivision (a) of Section 53392. The county auditor shall make
those payments to the bond reserve fund only if that fund has
unencumbered balances at the beginning of the payment period in an
amount less than the amount necessary to pay the principal and
interest on the bonds for the next fiscal year. The county auditor
shall pay any amount of property tax revenues which exceed the amount
necessary for this purpose into the general fund of the city or
county.

53394. The legislative body of a district established within the
boundaries of a city shall reimburse the county for any costs
incurred by the county auditor on behalf of the district pursuant to
this article.