SECTIONS 100490-100492 - California Statutes

PUBLIC UTILITIES CODE

SECTION 100490-100492

100490. The district may bring an action to determine the validity
of any of its bonds, equipment trust certificates, warrants, notes,
or other evidences of indebtedness pursuant to Chapter 9 (commencing
with Section 860), Title 10, Part 2 of the Code of Civil Procedure.

100491. All bonds and other evidences of indebtedness issued by the
district under the provisions of this part, and the interest
thereon, are free and exempt from all taxation within the State of
California, except for transfer, franchise, inheritance, and estate
taxes.

100492. Notwithstanding any other provisions of this part or any
other law, the provisions of all ordinances, resolutions, and other
proceedings in the issuance by the district of any bonds, bonds with
a pledge of revenues, bonds for improvement districts, revenue bonds,
equipment trust certificates, notes, or any and all evidences of
indebtedness or liability shall constitute a contract between the
district and the holders of such bonds, equipment trust certificates,
notes, or evidences of indebtedness or liability and the provisions
thereof shall be enforceable against the district, or any or all of
its successors or assigns, by mandamus or any other appropriate suit,
action, or proceeding in law or in equity in any court of competent
jurisdiction. Nothing contained in this part or in any other law
shall be held to relieve the district or the territory included
within it from any bonded or other debt or liability contracted by
the district. Upon dissolution of the district or upon withdrawal of
territory therefrom, the property formerly included within the
district or withdrawn therefrom shall continue to be liable for the
payment of all bonded and other indebtedness or liabilities
outstanding at the time of such dissolution or withdrawal the same as
if the district had not been so dissolved or the territory withdrawn
therefrom, and it shall be the duty of the successors or assigns to
provide for the payment of such bonded and other indebtedness and
liabilities. Except as may be otherwise provided in the proceedings
for the authorization, issuance, and sale of any revenue bonds, bonds
secured by a pledge of revenues or bonds for improvement districts
secured by a pledge of revenues, revenues of any kind or nature
derived from any revenue-producing improvements, works, facilities,
or property owned, operated or controlled by the district shall be
pledged, charged, assigned, and have a lien thereon for the payment
of such bonds as long as they are outstanding, regardless of any
change in ownership, operation, or control of such revenue-producing
improvements, works, facilities, or property and it shall, in such
later event or events, be the duty of the successors or assigns to
continue to maintain and operate such revenue-producing improvements,
works, facilities, or property as long as bonds are outstanding.