SECTIONS 5850-5854 - California Statutes

GOVERNMENT CODE

SECTION 5850-5854

5850. As used in this chapter:
(a) "Bonds" means any bonds, notes, certificates of indebtedness
or other evidences of indebtedness issued after January 1, 1989, by a
public body which is authorized to issue bonds, notes, certificates
of indebtedness or other evidence of indebtedness.
(b) "Public body" means the county, city, city and county, public
district, public authority, public corporation, nonprofit corporation
or other statutorily constituted public entity which is authorized
to issue bonds.
(c) "Governing body" means the governing board, commission, city
council, board of supervisors, board of directors or similar
multimember body which exercises authority over a public body.

5851. Notwithstanding any other provision of law specifying that
interest on bonds is payable semiannually, interest on bonds is
payable at the times established in the resolution, indenture,
agreement or other instrument providing for the issuance of the
bonds.

5852. Notwithstanding any other provision of law specifying that
bonds shall be issued pursuant to a resolution of a governing body of
a public body, a governing body of a public body may authorize the
issuance of bonds pursuant to a resolution, indenture, agreement or
other instrument providing for the issuance of bonds.

5853. The general authority provided in this chapter is intended to
be in addition to, and not limited by, specific provisions
authorizing the issuance of bonds, notes or other evidences of
indebtedness and is separate and complete authority for the actions
authorized in this chapter.

5854. Section 3 of Article XIII C of the California Constitution,
as adopted at the November 5, 1996, general election, shall not be
construed to mean that any owner or beneficial owner of a municipal
security, purchased before or after that date, assumes the risk of,
or in any way consents to, any action by initiative measure that
constitutes an impairment of contractual rights protected by Section
10 of Article I of the United States Constitution.