SECTIONS 67630-67636 - California Statutes

GOVERNMENT CODE

SECTION 67630-67636

67630. The proceeds from the sale of bonds shall be paid to any
bank or trust company designated as the fiscal agent, trustee, or
depositary of the commission, as provided in this chapter. If a part
of the cash proceeds of the sale or exchange of bonds is to be used
for operating funds of the regional transit terminal, such proceeds
or part thereof shall be placed in any fund designated in the
indenture pursuant to which the bonds are issued.

67631. The proceeds of the sale of bonds shall be deposited and
disbursed as provided in the indenture authorizing the issuance of
such bonds.

67632. Any surplus moneys which shall exist after the payment in
full of all costs of acquisition, construction, and completion of the
regional transit terminal or any part thereof for which the bonds
were issued, may be paid out and disbursed as provided in the
indenture.

67633. The commission shall, in any indenture, designate a trustee
or fiscal agent, which shall be a bank or trust company, or banks or
trust companies, duly qualified to do business in this state, to
receive the proceeds of such bonds and to hold the same separate and
apart from all other funds of the commission. Such moneys shall be
paid out and disbursed as provided in the indenture.

67634. The proceeds of the sale of bonds, held by any fiscal agent,
trustee, or depositary of the commission, not currently required to
meet acquisition or construction costs or expenses payable from the
construction fund, or interest on the bonds, may be invested in bonds
and other obligations eligible for investment of surplus county
moneys, subject to such limitations as may be provided in the
indenture. Any income or interest thereon shall be added to, and
become a part of, the particular fund upon which such interest or
income accrues.

67635. All revenues received from the operation of the regional
transit terminal shall be paid over by the authority, to any fiscal
agent, trustee, or depositary appointed by the authority, as provided
in the indenture. The authority may, in its absolute discretion, fix
the terms and conditions upon which the fiscal agent or trustee or
trustees shall receive, hold, and disburse such revenues, and may
prescribe the duties and powers of such fiscal agent, trustee or
trustees or depositary in the indenture.

67636. Notwithstanding any of the foregoing provisions of this
article, the indenture may specify the fund or funds into which any
part of the proceeds from the sale of the bonds shall be paid and the
uses of such fund or funds. The revenues likewise may be payable
into such fund or funds as may be provided in the indenture and shall
be used only as authorized in the indenture.